loan modification: When to switch from a loan modification to a Short Sale . . .
- 06/10/09 07:13 AM
If you are attempting a loan modification ask yourself this question. When is the last time you made a mortgage payment? If you have not made a payment in three to four months, you should have enough money saved to take on your new modified payments at the end of the process. If you still do not have enough money to make a single payment, that means that even if your loan had been reduced to 25% its likey you still could not afford your home. At this point even a reduced payment may be just delaying the inevitable. The bottom line: If you … (0 comments)
loan modification: Common Short Sale Myths!
- 06/03/09 02:07 AM
Common Short Sale Myths! One of the most difficult conversations I have with potential clients is where I discuss what the current market value is of their homes. Most homeowners have attached feelings of pride and sentiment into their homes, especially if they had worked hard to maintain and improve the property. In our area( Northern Virginia) property values have dropped around 35% since 2005 and we have not hit the bottom yet. I know many other local markets are very similar, and other REALTORS have been saddled with the responsibility of helping many homeowners have a harsh reality check. … (0 comments)
If you are attempting a loan modification ask yourself this question. When is the last time you made a mortgage payment? If you have not made a payment in three to four months, you should have enough money saved to take on your new modified payments at the end of the process. If you still do not have enough money to make a single payment, that means that even if your loan had been reduced to 25% its likey you still could not afford your home.
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