Sherman Oaks Short Sale Myths - Can I negotiate without being late on my mortgage?

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Real Estate Agent with Gilleran Griffin Realty
Sherman Oaks Short Sale Myths

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One of my close friends is trying to get a loan modification.  His property was purchased at the height of the bubble and consequently is worth less that is owed.  The note on the property is adjustable, and my friend would like to get the loan into a fixed product only... that's it... no debt forgiveness at all. 

He also pays every bill on time and has never been late on the mortgage... and the lender won't help him.

He has never asked for a short sale.

There is a common perception that unless a borrower is late on their mortgage the bank won't deal with them.  In the case of a loan modification that may be true... not so with a short sale.

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Negotiation with a bank can start before the payments on the mortgage become late.  The short sale on a Sherman Oaks Home is going to be decided based on hardship of the borrower, asset disposition and ability to pay.  If there is a legitimate case for a short sale action, the lender would like to get it done as soon as possible and would welcome an approach before the borrower starts defaulting.

While it is true that some banks will not speak about a short sale or move the process forward until there are late payments, it is also true that there are banks that would be grateful to a borrower  for being upfront and handling the situation with this kind of sincerity. 

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If there is a true hardship like medical bills, job transfer, job loss, sickness or some other reason that the financial disposition of the borrower will no longer afford them the home, then the lender understands that it will be worse for them to wait until more payments are behind.  The decision a lender makes to approve a short sale is purely financial... they see that there is a legitimate hardship and that it is likely that they will not be repaid on the mortgage, and they know that to get out of the loan as quickly as possible is the wisest course.

Many lenders are grateful that you are being proactive - here's hoping that dispels another of the Sherman Oaks Short Sale Myths.

Peace to you and yours,

V
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Mortgage Assistance Relief Services Disclosure

Gilleran Griffin Realty is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale. With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.

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Rainmaker
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Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

Depending on lender, he can call his lender on the 16th and request a loan modification. Since he is past the 15th, they will transfer his call to the appropiate department. Then he can pay on the last day of the month to avoid a mortgage late.

Another option is to contact HUD to see what program he can fit into.

Mar 28, 2012 04:46 PM #1
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Rainer
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