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Pleasant Hill, California Short Sales- Have You Been Turned Down For A Loan Modification?

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Real Estate Agent with Sellstate Next Generation BRE#01271023 NMLS#1085627

Pleasant Hill, California Short Sales

 

Have You Been Turned Down For A Loan Modification?

A prospective client called me today to say that his lender just  turned down his request for a loan modification. He waited for close to 7 months to find out that they wouldn't modify the terms of his loan. In the meantime, due to being laid off from his job, he has become delinquent on his mortgage. "I'd really like to keep the house, what are my options?" he asked. I get this question a lot. I meet people everyday who, for various reasons, cannot afford their mortgage but want to keep their house. Unfortunately, the answer I give isn't always the one people want to hear.

If you cannot afford your mortgage payment and your lender will not modify your loan to a payment that you can afford, you cannot keep your home. Sure, there are a couple of ways you can stay in the home (temporarily) while you work things out with your lender. But ,eventually, you will have to move. Your focus should now be on ways to limit the damage to your credit while not limiting your future opportunities.

One option to consider is a short sale. This is where you (through your qualified real estate agent) negotiate with your lender to accept an offer for your home for the amount that it is worth now, rather than what you owe on it.

If you are behind on your payments, or struggling to keep up and your lender has told you you do not qualify for a loan modification, give me a call at 707-704-9250 to see if you qualify for a short sale

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Kevin Dwyer | 858-926-3352

Urban Financial of America

 

 

 

 

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