Loan Modification.. Understand what you are signing.
Recently I got a call from a past client that had a loan modification with BoA in 2009 and has been paying the new amount since 2009, but in June his payment was returned and when he called he was informed his payment has changed per the modification agreement. He was not aware that his payment will change after 3years and he is now looking for a permanent modification. Another client(a couple) in 2009 decided to sell their house short sale because they could not afford it, and this was with BoA as well.. They were offered modification initially and was tempted to accept the modification, but after carefully examining the terms of the modification they did not accept it.
Fast forward 2012.. my clients that sold their property in 2009 are now looking to buy another house and they qualify for FHA loan. The value of the house is still depressed and they are buying a house about 200K less than what was sold in 2009 and the same type of house with similar amenities. My clients with modification is still in the house and about 150K under water..
I guess another modification will extend the life of the loan for another 30yrs... and keep paying the interest on the loan.
Before you jump at modification make sure you review the fine print, understand your terms and make an informed decision.
If you find yourself in a position like millions of other homeowners who owe more on their home then it's worth call this toll free number 24 hours a day and listens to the free recorded message to find out what you can do. This is a public service message.
1-888-861-3174 ext 205 or visit our website for @ www.MdForeclosurerelief.info you can avoid foreclosure....
Keji Ogunleye, Your Real Estate consultant for Life
Are you struggling with your mortgage payment in Greenbelt, Fort Washington, Clinton, Bowie, Upper Marlboro MD.? Help is available. For a confidential analysis of your situation contact Keji @ 301-613-2043 or Keji@metrohomesrealty.com
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