Is Your Loan Mod Coming To Term? Consider All Options Before Reapplying
I wanted to go over loan modifications today because there are a lot of people that have had their loans modified about four years ago and they’re coming up on their fifth year. This means the loan is going to change back to what it originally was or something else. If you talk about loan modifications as if you were talking about going to the doctor, I would say, unfortunately, that a loan modification treats only the symptoms, it doesn’t actually treat the disease. Not a whole lot of loan modifications that we’ve seen have dramatically principal balance on the loan and most of the loan mods may have a lower payment but there’s still the same problem of the home being severely underwater.
What I’d like to encourage you to do is to really think about your options if you are looking at a first time loan modification, or if your loan modification is coming to term and you might apply for another one but aren’t sure if you want to go through the entire process again. Consider what your options are when considering a loan modification versus a short sale or a foreclosure. I want to remind you that it doesn’t cost you anything to pick up the phone and call me or fill out the online request form so we can help talk you through the best decision you can make. Regardless of your situation we’d like to get to know you because at some point in time you are going to want to sell the house, even if it’s years down the road and you may actually have equity again; either way we are here as a resource for you as well as just to be here for you whenever the time is right to sell your house.
