I listed a home this past week in Bradenton, and really she didn't want to sell it. Those are the toughest appointments. It's one thing when the seller wants to move, or has too. But when a seller really loves their home having to put them on the market is not pleasant. In Bradenton and Sarasota foreclosures and short sales are now accounting for more than 60% of the transactions. If we can lower the amount of people having to list that would rather stay it will help stabilize the market's downward path.
After seeing her situation a loan modification really made a lot more sense for her. She was previously denied, but I encouraged her to "try one more time". Since the new HAFA and HAMP program. I thought it was worth a shot. She had two liens, and had been denied on two prior attempts due to insufficient income to qualify. Well, my answer was to try again based on what her income really is, and with a clearly stated hardship try again.
To her, and her attorney's surprise, they approved a loan modification that put the arrears at the end of the loan, lowered her interest rates to 2% interest only, and 4.5% fixed thereafter. WOW!
I am glad that this one fell through, for her sake. Her payment is now lower than what she would have spent to rent an inferior home. The neighbors are happy since this means one less short sale or foreclosure pulling down property values in her Bradenton, fl home.
If you are facing financial hardship, and you want to keep your home my advice is you fight for it. Right now in Sarasota and Bradenton there are over 26,000 homes in some stage of foreclosure. If you want to get a loan modification keep at it. Common sense says that banks like chase get a benefit from doing a loan modification versus a foreclosure and even a short sale. Sometimes we all jut need a little confidence
Here is her note that she left on my facebook.
"Joe Murphy was recommended to us by a friend. After meeting with Joe we where impressed by his knowledge, honesty, straightforwardness, and his willingness to discuss all our options. Joe brought to our attention all the money, time, and hard work we had put into making this house our home. Joe Murphy is the man who gave us the knowledge and courage to fight for what we had worked so hard for. Had it not been for Joe giving us the confidence to do what was needed to save our home and financial future we would be renters with a scarred credit record that would follow us for years to come. Joe Murphy is not just a Realtor, he is a good man and friend who helped us make a good financial decision and for that we will be forever grateful. If you are looking for someone who is not just a Realtor but is a family man with a conscious then Joe Murphy is your man, he is ours and will be for years to come. Thank you Joe!"
If you need help with a short sale or loan modification here in Sarasota or Bradenton please feel free to give me a call. Joe Murphy, Realtor, Coldwell Banker Residential. Short Sale expert for Sarasota and Bradenton.
941-780-3260
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