Southern Oregon Loan Modification or Short Sale?
Concerned, stressed, at wits end. Those are the phone calls I get daily now. Sound familiar? Relax. Take a deep breath, Its going to be all right.
If you own a home or investment property in Southern Oregon and any of its local communities like Ashland, Talent, Phoenix, Medford, Eagle Point, and Grants Pass and are experiencing the emotions of being barely able to keep up on your mortgage payments, or have fallen behind, there is hope.
A loan modification in Southern Oregon is one of the first things I recommend if you want to stay in your house and just need a more reasonable payment to give you some breathing room. One of the first things I recommend if this fits your situation is to call your lender immediately, especially the 1st mortgage if you have a 1st and a 2nd mortgage, but I recommend calling both lenders. The Oregon Attorney General has stated that you can do everything and anything some "loan modification" companies charge you $2,000 or more to try and do. Follow up with your lenders, follow up, and follow up some more. Expect that they will ask you to gather some financial information and put together a little package for them. Also expect that your potential loan modification will get lost several times and they will ask you to refax or resend it several times, and then they will only get part of the package and ask you to resend specific parts. Its all part of the process. I recommend trying to be patient and nice when following up, it can be difficult sometimes.
Another great resource is the www.makinghomeaffordable.com website that the government has in place. This will give you a feel for whether your loan is a possibility to fit into some of the loan modification plans that are available for a Fannie Mae or Freddie Mac loan, and whether or not you have a Freddie or Fannie loan. This program only applies to principal residences, not investment properties.
Now, if your application for loan modification in Southern Oregon and its surrounding communities of Ashland, Talent, Phoenix, Medford, Eagle Point, and Grants Pass is denied or you feel like giving up and just passing over the keys to the bank, resist the temptation, there are other options.
In Southern Oregon and its communities of Ashland, Talent, Phoenix, Medford, Eagle Point, and Grants Pass, another option is a short sale, asking your bank to take less than they are owed so that the house doesn't go into foreclosure. This can be a great option to not have a foreclosure on your credit, and have the risk of a lender coming after you for "their money" and even the possibility of them getting a judgement against you and garnishing wages. A Southern Oregon short sale is also a great plan for investors that are not able to do a loan modification, or for the homeowner that just wants to move on with their life and get rid of the house payment that has felt like an alligator around their neck.
Just as you wouldn't see a podiatrist if you had a heart condition, you'd see a heart doctor, I recommend not finding just any old real estate agent to help you with your Southern Oregon, and Medford Oregon short sale, find someone that specializes in them and has closed numerous short sales. I would be happy to visit with you regarding all of the various options available, without charge, just give me a call or pop me over an email.