loan modification: More on Loan Modification versus Short Sale
- 02/20/10 09:46 AM
As we talk to more and more homeowners who are in distressed situations with their home loans, an issue that often comes up is the concern and worry that many have regarding their good credit rating. They have worked hard to attain it and don't want to lose it. As a result they have struggled to continue their mortgage payments at all costs, draining their savings, going into higher and higher credit card debt, and some even tapping retirement accounts. In these situations it is clear that the homeowner won't be able to continue making the payments as they are currently … (1 comments)
loan modification: Short Sale or Loan Modification
- 02/20/10 09:43 AM
It is very apparent as we visit with more and more distressed homeowners here in the Huntington Beach and Los Angeles/Orange County area, that most do not have a clear idea of what their options are. Those options vary depending on what the homeowners goal is with regard to keeping their home.In one case, for example, the homeowner refinanced into a negative amortization adjustable loan sometime within the last three years or so, and now is faced with rising payments and an adjusted high interest rate. They always thought they would refinance again, but now have little or no equity required … (0 comments)
As we talk to more and more homeowners who are in distressed situations with their home loans, an issue that often comes up is the concern and worry that many have regarding their good credit rating. They have worked hard to attain it and don't want to lose it. As a result they have struggled to continue their mortgage payments at all costs, draining their savings, going into higher and higher credit card debt, and some even tapping retirement accounts. In these situations it is clear that the homeowner won't be able to continue making the payments as they are currently … (1 comments)
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