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Tag: short sale vs. loan mod

Is There Life After a Loan Modification Gets Denied?

November 6, 2012

Hi there, I’m Shawn Polston with Keller Williams Realty, one of Tucson’s leading Short Sale teams. It’s interesting because you guys teach me a lot of things sometimes. There was one thing that I ran into the other day that I just scratched my head on. I had never thought about it but it actually kind of made sense. I was out in the neighborhood visiting houses to see how I could help people. I ran into someone that told me they couldn’t do a short sale and their house had to go to foreclosure because they were denied a loan modification. I can guarantee you their lender didn’t tell them that.

They are under the impression because the loan modification wouldn’t work that it meant they didn’t have any other options or consider a short sale. I was able to help this person and we made a phone call to the bank and were able to get this thing turned around. What dawned on me is that I needed to get this out there. If you have been through the loan modification process and you did not get a loan modification, that does not mean that you can’t do a short sale. Actually in most cases, that means you are completely qualified to do a short sale and your lender would rather you do a short sale especially if the alternative is them foreclosing on you. Your lender should probably tell you that. If you know anyone and they have been denied a loan modification, and they say they can’t do a short sale, please tell them to give us a call.

If a loan modification was denied because you have too much money, maybe that would be the case, but unfortunately in most of these cases that’s not why the loan modification was denied. The loan modification was denied because of the opposite because there is just not enough income and there is something else going on where the loan mod is just not going to make sense to the borrower or the lender and the lender is just not willing to do it. That does not mean you can’t do a short sale. We can help you figure that out in a short appointment in my office. Again, I’m Shawn Polston with TucsonShortSale.com and we are one of Tucson’s leading short sale teams and we are here to help. We can help answer any questions you may have and help you decide if you would like to move forward and have a short sale done on your home. Please pick up the phone or fill out my short sale request form and I hope you are having a great day.

Principle Reductions and Information about Loan Modifications

August 30, 2012

Hi there, I’m Shawn Polston with TucsonShortSaleNegotiator.com, one of Tucson’s leading short sale teams. On the loan modification front, the federal housing finance agency released some information recently and they basically control Fannie Mae and Freddie Mac. They are the two largest owners of mortgages in the United States. If you would like to figure out if you have a Fannie Mae or a Freddie Mac loan, we can help you with that. We have an easy way to find out.

The federal housing finance agency just released guidance that Fannie Mae and Freddie Mac are not allowed to do principle reduction loan modifications. What this means to you is if you are submitting a loan modification package and what you are hoping for is that they are going to modify the amount of money you owe them. It’s important for you to find out if you have a Fannie Mae or Freddie Mac loan because you know the answer. Unfortunately that’s their stance on it, and that’s what they are going to do.

We have had homeowners who are late on their payments and they are going through the loan modification process and the clock is ticking. Somewhere in the distance is foreclosure once the payments stop coming in. They go through this loan mod process, the foreclosure process starts and they get down to the end of this loan mod process and don’t get the loan mod they were hoping for. So then they think about short selling the house. By the time they finally come talk to me we have three weeks left or there is an act of foreclosure date that is hanging over their head right now and we are under a time crunch. Once you stop making payments on a mortgage, you only have a certain amount of time before they are going to foreclose.

It is really critical before you wait it out for that loan mod that very well may never come, do some investigations as to who owns your loan. With Fannie Mae and Freddie Mac, they have pretty clear cut guidelines on what they will do and what they won’t do. If you are considering a loan modification and you would like to talk to someone about it, we are always happy to talk to you about it. Again, I’m Shawn Polston, one of Tucson’s leading short sale teams and we are here to help. Fill out the short sale request form or pick up the phone and give me a call. So don’t waste time, come and see us and we will help you out. Thanks and we hope you are having a great day.

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About Shawn Polston

Shawn has been a Realtor since 2006. Prior to becoming an agent Shawn and his wife were active real estate investors. Shawn takes his education seriously; he’s taken over 200 hours of continuing education classes, to keep up-to-date on current laws and trends. Shawn is a member of the Arizona Association of Realtors Master of Real Estate Society and a Graduate of the Realtor Institute. He is also a HAFA certified Short Sales and Foreclosure Specialist in addition to being a National Association of Realtors Short Sale and Foreclosure Resource.

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