How Do I Do A Loan Modification?
June 20, 2010 by admin · Leave a Comment
So you want to answer the question, “how do i do a loan modification?” Well that’s a good question, but a better question might be, “Is it worth it to even try?”
What’s the deal with Loan Modifications?
In my previous article, Government Programs For Homeowners Behind On Mortgage, I talked about some of the basics of government interventions.
With the information I’m getting, like less than 1 in 10 homeowners was actually helped by HAMP, I’m starting to really wonder, is it worth it to even try and modify a mortgage. Well, the short answer would be yes, mainly because banks usually require a homeowner who decides to sell their home for less than what they owe (a short sale), the banks want to see that all other avenues have first been exhausted, like a loan modification or refinance (which if you’re underwater on your mortgage, is completely out of the question due to lack of equity).
According to this statistics, less than 1 in 10 homeowners actually achieved a permanent loan modification. Of course, 1 in 10 is better than zero, but if you’re having trouble paying your mortgage due to a financial hardship, then discussing a short sale with an expert may be a sound alternative.
One of the first steps is getting as much information as possible about your options. Should you have any questions about how I can help you sell or buy your home via a short sale, please call me at (631)831-9048.
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By Thomas McGiveron, LSA
