Have You Been Denied a Loan Modification?

By
Real Estate Agent with Keller Williams Realty | Newport Estates

Denial of Loan Modification

Today more than ever before people are being denied loan modifications.  Homeowners for over 30 years are experiencing the stress and uneasy times of what is on their horizon.  Unaware as to what to do about their situation and what their options are moving forward, many are considering losing their home, the possibility of having to short sell the home and walk away from the place called home for so many years, or taking a gigantic hit on their credit score by declaring bankruptcy.  help

Today homeowner's who have been denied loan modifications need to be aware of their options.  The next option after being denied a loan modification is to salvage your credit and do a short sale.  Under current government regulations, the federal government is offering up to $3,000 to homeowners to do a short sale meaning selling your home for less than the remaining amount on the loan.  This option allows homeowners the opportunity to move on from their situation with $3,000 towards whatever they decide to do, salvage their credit score and avoid foreclosure and bankruptcy which can prevent you from buying a house or car for up to 10 years.

Do not let this situation leave you without any options, and avoid the urge to give up and forget about everything to file bankruptcy.  Understand your options.  Talk to your local real estate agent, preferably a short sale expert who will lay out your options so you can make the best decision for yourself.  Save your credit, and take the $3,000 to "start over".  

helpIf you are looking for a short sale resource, do not just flip through the yellow pages for any random real estate agent, you need to find an agent who will lay out the proper options for you and who will negotiate on your behalf to get the short sale completed and hopefully leave you with money left over.  Choosing any real estate agent to short sell your home is like randomly choosing any surgeon to perform surgery on you. 

Posted by

Kevin Simshauser

949.630.8385

Keller Williams Realty | Newport Estates

http://www.kevinsimshauser.com

www.facebook.com/kevinKWnewportbeach

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Laguna Beach Real Estate
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ORANGE COUNTY, CA REAL ESTATE
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denied a loan modification
short sale your home
different options after being denied loan modification

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Rainer
171,789
Lisa Orme
Broker/Realtor, ABR, CRS,GRI, PSCS, SFR, Notary Pu
The Master's Key Realty LLC -Windsor, CT - HARTFORD COUNTY

We've found an interesting thing here in Connecticut with the loan modification requirements. If someone is unemployed AND receiving unemployment, they may still have enough income to qualify for a loan modification. The problem is, they cannot get an verification from the State of Connecticut with terms that a bank will accept for the loan modification. They often don't find out what the problem is until they've been strung along for MANY months with the lender, making modified loan payments, and then still unable to effectively modify their loan.

Knowing the other alternatives and next steps is soo important.. Thanks for posting

July 30, 2010 07:34 PM
Rainer
27,475
Kevin Simshauser
Keller Williams Realty | Newport Estates

Lisa,

It is the same way here.  It is sad to watch these people get strung along for so long, just waiting, hoping, wishing, because they know of no other options.  Thanks for your response!

July 30, 2010 07:48 PM
Anonymous
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