Dear Mr & Mrs Homeowner,
How's Your Loan Modification Going? I keep hearing more and more that those that have been working with lenders seem to share the same stories. Here are a few:
1. "The bank has been reviewing my file for 6 months (or longer), but they say as long as I stay current on my mortgage payments they are willing to work with me." - It seems that as long as your current on your loan, why would they feel there was any need to work with you? I am not advocating that a borrower intentionally stop making their payments if they are capable of doing so, but it just seems more and more borrowers are left in limbo "waiting for a loan mod", while they continue to make their payments on time. Maybe it's just me, but 6 months (or more) seems like a long time to get an answer...don't you?
2. "The bank just denied my request for loan modification BECAUSE.....
- ...they said my income was too low, even though nothing hasn't changed from when I got the loan to start with... - Probably because "nothing has changed", why should they change?
- ...they say my credit scores are too low... - Probably because of missed payments.
- ...they say I've accumulated too much debt and my ratios are off... - It happens.
...BUT, they said they I could try again!" - Why? What will change?
3. "The bank keeps asking me for more paperwork, statements and information, which I send them right away, but I never hear anything else, and they won't return my phone calls." - happens a lot!
HAVE ANY OF THESE SITUATIONS HAPPENED TO YOU? Over and Over I hear the frustrations of struggling homeowners who haven't quite given up as they continue to try working with the lenders with no success. If you are behind on your payments, please don't wait until it's too late and the foreclosure notice of auction is posted on your front door.
Short Sale is another option! What is a Short Sale? A Short Sale is a sale of real estate in which the lender agrees to take less than the amount owed on the debt, in return for the sale of the property to a third party, usually at no cost to the borrower and in most situations, the lenders will remove any further mortgage debt to the homeowner.
If you live in the Menifee, Murrieta and Temecula, California and surrounding areas, and you would like more information regarding Short Sales or to see if you may qualify, CALL ME TODAY for a free consultation.
Real estate brokers and their agents cannot give legal or tax advice, please consult with a real estate attorney and your tax consultant for legal and tax advice.
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