Will a short sale or Loan Mod. work for my clients

By
Real Estate Agent with exp realty of California, Inc. DRE 01489731

I have gotten a lot of calls to see if a loan modification is an option. And the answer is "I do not know". There are so many variables to a loan mod or short sale...who is the lender, what is your hardship, what is your financial status, where do you live, how many properties do you own and so on. Just "trying" for a loan mod or short sale can damage your credit and you may be left with foreclosure as your only option. Statistics show that most loan modifications do not work, they are temporary at best.

I just went to a fantastic two day seminar about short sales and found out about this website that gives you a good idea of whether a loan modification or short sale will work in your situation. It costs about $60 and it will analyze all your information to see if this is the correct option. It is a good place to start before you go forward and harm your credit.

info from National Mortgage Consumer Counseling site: link is below

https://www.nmcchelp.com/clients/knowledgebase.php

Comments (9)

Terry Miller
Miller Homes Group - Tyler, TX
Miller Homes Group and Tyler Apartment Locator

Good luck with any short sale scenario, they are a disaster over here. Have great weekend.

Oct 07, 2009 03:21 AM
Shannon Coe
exp realty of California, Inc. - Oceanside, CA
760-586-5268, San Diego Realtor

Just be patient, they get easier! Especially if you work with banks that are short sale friendly. I have had great luck with Wahcovia, Wells Fargo, World Bank, Aurora, Chase (can be tricky), Litton...just to name a few. I think we all know the ones that are more challenging. I do love helping people with short sales, it is gratifying when you get the approval.

Oct 07, 2009 03:30 AM
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

Shannon,

Good post, I agree, short sales are usually a better option than loan modification.  When you consider the low number of successful loan mods being performed, and the staggering number that end up back in default.

Oct 09, 2009 12:59 AM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Shannon,

Welcome to Active Rain and congratulations on your first post! The opportunities to learn and network are incredible here. Best of luck to you!

-Keith

Oct 18, 2009 05:10 PM
Frank Chirkinian
Short Sale Army - Boynton Beach, FL

Never used that website but I will look into it, it looks interesting.

Oct 19, 2009 04:47 AM
Anonymous
mario juarez

my wife and i had tremendous results so far with a company called myhss. they offered a do it yourself kit that seemed to be far superior to most others i saw. they have a helpful staff that basically coached us through our entire submission process. the website was www.myhss.net check it out, hope that helps.

Mario, MD

Nov 06, 2009 04:21 AM
#6
Letitia Stevenson
BHHS Fox & Roach | www.DelawareValleyRE.com - Greenville, DE
Listing Agent DE/PA/MD, Digital Marketer & Coach

Shannon, Welcome to Active Rain! Active Rain is a great place to share your knowledge, expertise and thoughts, as well as network and learn so much from the vast pool of talent already onboard.

Welcome Aboard and Much Success!

Nov 09, 2009 11:01 PM
Anonymous
Mark Schweller, Broker - Keller Williams "Schweller Properties"

As the bank owned inventory continues to decline due to the moratoriums on foreclosures during the 2009 calendar year, short sales continue to be a very good option for home owners that are interested in working with their lender to move out of their current home.  We expect this trend to continue into 2010 and beyond.

Dec 09, 2009 06:02 AM
#8
Shannon Coe
exp realty of California, Inc. - Oceanside, CA
760-586-5268, San Diego Realtor

My first post. It is fun to look back at my first post, I got 8 comments! Wow! And spot on forecast by my local fellow agent Mark Schweller!

Dec 08, 2011 11:33 PM