If you have tried everything to save your home yet your lender is not cooperating to modify your loan—what can you do?
There are so many government programs out there and eventhough, I am not a big fan of these programs because they “claim” to help struggling homeowners—but I feel these programs are a case of: “never have so many done so little for so few!”
Personally, I have not seen anyone who has be helped by these programs but IF YOU WANT TO SAVE YOUR HOME, I think you should explore every option first before doing a short sale. I wrote this post because I received an email from a Congresswoman!
In her email, this congresswoman gives many links and websites about foreclosure and mortgage fraud, and I thought I would share some with you. If you have been a victim of Fraud, and want to know what you can do about it. You can visit these following sites:
Regardless of my opinion about these government programs, I think you should do everything possible to Keep Your Home and if you see that it’s useless, consider a short sale! If you are going to try to modify your loan, be very careful of “Scam Artists” claiming that they can help you “stop a Foreclosure” for a fee. I am a Realtor® who helps homeowners “stop a foreclosure via a short sale”* and I never charge an up front fee to the homeowner. I am also a homeowner who knows how it feels to “spin your wheels” and end up back where you started: struggling with your mortgage!
Many try to blame YOU the homeowner for “that toxic loan” you were sold! When it should have been disclosed to you: that once the “teaser interest rate expired,” your loan payment was going to double! Oh, you should have read your loan docs? They say! A mile high stack of legal sized papers with small print while the signing loan agent was pressuring you to sign or loose your loan. She was in a hurry because she had tons of other loans to sign up! Besides, don’t worry: You can always refinance your way out of this “toxic” loan! They said! But, you couldn’t refinance because you owed more than your home was worth.
If you have tried everything to save your home yet your lender is not cooperating to modify your loan—what can you do? I say, if you have the money—hire a “reputable” attorney to find out what your rights are; but be careful there too, because, believe it or not—there are attorneys who scam people too!
If you have decided that keeping your home with “that” toxic loan is just not possible and you want to “stop a foreclosure *” and WANT to do a short sale, I can help you! If you want to keep your home a short sale will not do that! However, if you want to save some of your credit and your dignity—a short sale may be the better option, at least it’s better than a foreclosure. A foreclosure* is NEVER a good option for you as it will stay on your credit for 7 years and a bankruptcy for 10 years, with a short sale you may be able to buy another home after a short sale in 2 years (According to the guidelines stipulated by Freddie Mac and Fannie Mae as of this writing).
*Disclaimer: This is my “personal” opinion and is not intended to be legal or tax advise, if you need legal or tax advise, please seek the services of an appropriate professional. I have taken special care to provide you with reliable information which may have been derived from another website but I do not guarantee the accuracy of the information on any other website or this post. The intention of my post is to inform not advice you, so nothing in this post should be taken as advice! I am a professional Realtor® and California real estate broker (DRE#00972295) who has been helping homeowners with all their real estate needs in the Los Angeles County area, since 1987. If you need my help to buy or sell a home or investment property, please feel free to call me at: (562) 916-3237. © Aida Pinto 2011