Maybe a SHORT SALE is not a good option for you. . .
Sometimes, a Loan Modification is great solution for a borrower who wants to stay in their property
A mortgage pay rate reduction is an ideal solution because it will lower the monthly mortgage payment to a manageable amount. Loan Modification is also a solution when the payment has not been made for a while, but the borrower can now afford to start making payments again.
The caveat here is that the homeowner HAVE to qualify again for a loan. The most important factor the bank will check out is your ratios. . .can you afford the monthly payment based on your "reportable" income?
"Reportable" past income history for the last two years. . . reported.
Remember the criteria by your bank that got you that loan in first place. .. is non-existant. The banks NOW want eveidence that you can pay your mortgage payment.
The sad thing here, is that while our politicians blame OTHERS for the current mortgage crisis, the simplest thing to do is to "work" with distressed homeowners and find a solution because . . THEY HAVE TO PAY MONEY TO STAY SOMEWHERE ELSE ANYWAY!!
then again. .that is just me
For a free consultation if a Short Sale is an option for you. .
Direct Number: 240-426-5754
email to: Fernando@ReallyNiceHomes.com
Our Website: www.ReallyNiceHomes.com