Posted on Dec 5, 2011 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek at Keller William’s Real Estate, your short sale specialist in the Roseville and Sacramento area. A lot of people have contacted me recently with questions about loan modifications, how long they should wait to apply for one, or if they should just do a short sale.

Several of the people that I have talked to are making attempts right now to make their payments even after being approved for a loan modification, however many of them are still behind on their payments. One of the common things I am hearing is that an individual will submit their application package for a loan modification and typically won’t get anywhere with it. They are essentially spinning their wheels waiting for an answer from the bank. If they never hear anything back from the bank, after 90 days of being delinquent, the bank will tell them they can’t approve the loan modification because they have been delinquent too long. Some banks won’t even have the common courtesy to tell you that you haven’t been approved for the loan modification, causing you to become further and further behind in your payments.

The danger with a loan modification is that with some investors, such as Fannie Mae and Freddie Mac, if you are more than 12 months delinquent and you have a foreclosure sale date, they will not postpone it. If you want to give yourself a different opportunity other than a loan modification or foreclosure, you should consider a short sale. The closer you get to foreclosure and your foreclosure sale date, the harder it’s going to be to get your short sale approved.

A short sale can provide you with many benefits such as salvaging your credit and providing you with the opportunity to negotiate with the bank. Please let me know what specific questions you have regarding your situation and how I can be of service to you. I am here to assist you in avoiding foreclosure, saving your credit and short selling your home.

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