Southern California Home InfoWill a Loan Mod Work?A loan moidification is not a refi. A loan modification is a modification of terms of an existing loan. Applying for a Loan Modification my impact your credit rating. Applying for a loan modification will not stop or stall the foreclosure process. Being granted a temporary Loan modification will not stop the foreclosure process. The success rate of getting Loan Modifications for the last 18 months has been reported to be around 4%. Half of those 4% the actual payment has been increased to make up for late payments. If you could not afford the payment before, it may not make sense to get a loan modification. Half of those people who actually got a Loan Modification re defaulted again within 6 months. It is my opinion that the time to try to make a Loan Modification is over once the Notice of default has been filed. You should consult with a Real Estate Attorney who works with Loan Modifications for your best advice. The state of California has made it illegal to accept any money upfront to aid or assist with loan modifications. You need to be careful and avoid the scams and the scam artists. When a Real Estate Broker Realtor Lists you home for sale, they do not get paid until the closing of the home, out of the proceeds of the home. This means for the most part, no out of pocket costs. If your home is not upside down you can list your home for sale with a local licensed Real Estate Broker - Realtor. If your home is upside down, owe more than it is worth, I suggest you go to the upside down page and review your options with a Real Estate Attorney and a CPA. There are future implications and knowing your options is a great start. As a California Licensed Real Estate Broker, I can offer to list your home for sale as a "short sale" and in part, ask the lender to accept less than what is owed on the loan. If you would like to sell or Short Sell your house Please email me at Harold@SouthernCaliforniaHome.info with Please put "Sell My House" or "Short Sell my House" in the subject line. |
SO CAL HOMES REALTY
(951) 821-8211 Harold Sharpe is the owner of Harold Sharpe is a
Licensed Harold Sharpe is a Harold Sharpe specializes in Selling Houses, and Finding homes for people. So Cal Homes Realty is the Real Estate Brokerage to assist you in Buying or Selling a House. Feel Free to call Harold at (951) 821-8211 Monday - Sunday 9am - 7pm |
