Redding CA ~ Short Sales, Loan Modification or Foreclosure!
Redding CA ~ Short Sales, Loan Modification or Foreclosure--Loan modifications continue to be the help that sellers facing hardship need to stay in their homes. Unfortunately, we don't get to know or understand how the bank determines if you can qualify for the loan modification.
If you need to do a loan modification, you will need to provide the bank with a financial statement, letter of hardship, 2 months of pay stubs, Bank statements and 2 years of tax returns.
Redding CA ~ Short Sales, Loan Modification or Foreclosure--While the rationale exist that it is better for both the bank and the seller to allow the seller to remain in their home, the loan modifications that are approved are a small percentage. The banks also remain mysterious on many facets of the loan modifications. While you receive a few details on how the modification will work, you are expected to sign documents that may not be recorded or of a permanent nature. The compelling terms and language you use with the banks can help. Pay a professional Realtor to do a BPO and market analysis of your area and home.
Redding CA ~ Short Sales, Loan Modification or Foreclosure--Let the bank know that by doing a short sale, they will have to sell the home at market value and pay commissions. A foreclosure will cost much more. They will in fact do better by allowing you to stay in your home at a reduced principal and lower interest rate. They may compensate by lowering your principal but not to market value. This may be sufficient to allow you to "weather the storm" so to speak and stay in your home.
Research your options carefully. Speak with family members, an attorney and/or financial professional to understand all your options. There are times when bankruptcy may protect you and a time when choosing foreclosure over the bank's demands will be your best option.
This is in not in any way meant to provide any any type of legal or financial advice but to merely suggest that you MUST become knowledgeable about what choices there are and choose the best choice for your circumstances.
Redding CA ~ Short Sales, Loan Modification or Foreclosure--I have a 100% approval rating in getting my short sales approved. If the short sale is the best option for you, I can speak with you about the nature of the short sale and how it work.
I am Jeanean Gendron, your Redding and Shasta County Specialist. I can be reach at 530 276-7417. I answer my phone.
Visit my short sale sites for more information: Short Sale Information and my Short Sale Blog.
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