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Refinancing and Loan Modifications
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You may ask “What are my options for staying in my home instead of selling?" If you are faced with an economic hardship, as many of us are in this rocky economy and declining employment scene, and if you are currently or will soon be unable to afford your house payments there are some options available to you. You may have heard about short sales and foreclosures as a way to get out from under a housing burden, but there is an important first step you should consider before doing anything else. New federal guidelines are encouraging lenders to try to work out a loan modification or refinancing to adjust borrower's current mortgages to take into consideration reduced incomes and ability to pay. You may be one of many homeowners that pay their mortgage on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of your home. A Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage. To see if you qualify for refinancing follow this link to free government Loan Refinancing information. If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible. To see if you qualify for a loan modification follow this link to free government Loan Modification information. There is no shortage of information available on this subject as well many self help kits, books and firms that can potentially help you, all for some cost or fee. Loan modifications can be accomplished directly with your lender without a fee. The key, however, to a successful modification effort with your lender is to act early! Don’t wait until you are months behind on your payments, as soon as you are aware that there might be a problem is the time to contact your loan officer. The information you need to provide your lender is really straightforward and consists of: - A brief explanation of your hardship (Later in the process, you’ll be asked to put your explanation into a short letter)
- A detailed list of all your expenses, loans, and bills
- Proof of all household income (including your most recent pay stub, tax return or profit and loss statement)
In spite of what you may have heard it is in your best interest and your lender's best interest to keep you in your home! It is not just a moral interest, but a financial interest as well. The costs to lenders, on average, are as follows: - Lender Cost of Loan Modification - 24% of loan value
- Lender Cost of Short Sale – 36% of loan value
- Lender Cost of Foreclosure – 48% of loan value
If you would like more free information on this subject or would like to know how to get in touch with your lender click here to email us. In your email please provide the name of your lender, where your home is located, and any additional information you would care to share. If you have been unable to refinance or negotiate a loan modification and are evaluating short sale options please click here for short sale information and we can tell you how we have successfully worked with other home owners to sell their home and limit the impact on their credit rating. |
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Steve Nagy
CA License #01863790
Cell (925) 407-7853
E-Mail Steve Now
Vickie Nagy
CA License #01363932
Cell (925) 407-7987
E-Mail Vickie Now
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Specializing in "Getting You Where YOU Need to be!"
We're totally committed to your success in your next real estate transaction.
Vickie Nagy, Keller Williams Realty
CA License #01363932
Cell (925) 407-7987
Danville CA Realtor, Pleasanton CA Realtor, San Ramon CA Realtor, Dublin CA Realtor
Steve Nagy, Keller Williams Realty
CA License #01863790
Cell (925) 407-7853
Danville CA Realtor, Pleasanton CA Realtor, San Ramon CA Realtor, Dublin CA Realtor
Keller Williams Realty, 760 Camino Ramon, Suite 200, Danville, CA 94526 |
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