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Hello, we are Derick and Andrea of the Capstone Team. We are the premier Bay Area short sale realtors. This blog is intended to help Bay Area homeowners stay informed of their choices in avoiding foreclosure. Today we would like to confer with you on the subject of loan mods and making sure that you have a backup plan when and if your loan modification doesn’t work. We witness it all of the time: homeowners want to trust that their loan modification is going to be approved and they will get to hang on to their Bay Area home. Alas, the realism is that around 20% of loan mod applied for end up going permanent. If you do submit an application for a loan mod, the numbers undoubtedly are not in your favor. This can be due to numerous factors due to not being employed, being under-employed, poor health and so on. The lender will not give you a loan modification if you can’t make the payments on your Bay Area home according to their guidelines. What are your choices? Your 3 main choices include a conventional sale, HAFA short sale, or Bankruptcy. Their are other options, and if you would like to hear about them, please get in touch with us. Nonetheless, the above options are really the only options left for a lot of people that find themselves in economic distress. This is because by the time many people get to this step of financial hardship, they have reached their credit limits, used up their 401k and any other reserves they may have. The important points to keep in mind, are that A) You may be able to purchase a home again after just 2 years after a short sale, and B) You are likely to end up losing your property. Have a backup plan: if you are working on a loan modification, you have to define when you will give up and sell. A good rule of thumb is that if you have gotten a foreclosure date either in words or through a Notice of Default, you should think about a short sale.
If you are taking into consideration a short sale and have your home in the Bay Area area, call us for more details and to find out if you meet the criteria.
Get more help from short sale Realtors, Derick and Andrea, at The Capstone Team presented by the Short Sale Specialists of the Bay Area