Is It Possible to Choose a Short Sale if Your Loan Modification is Denied?

Posted on Jan 13, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, I’m Mark Peek here with Keller Williams Real Estate, one of Roseville and Sacramento’s leading short sale team. I have a lot of clients calling asking about loan modifications. They’re wondering what I can do to help them and if there is any way that the bank is going to approve them. Well, some of the people I’ve talked to are what I call a "career loan mod’er" because they’ve been trying at a loan modification for two maybe three years. Sometimes they’ve even made three different attempts at it.

Depending on the different people I talk to, usually the first offer they got from the bank maybe reduced their payment, maybe it increased their payment. I’ve actually talked to some where their payments actually increased after the loan modification offer. Maybe the second time they were denied or maybe they were put on a trial loan modification. The problem with a trial loan modification is what they’re trying to do is trying to collect more money from you before they tell you that they’re not going to give you the loan modification.

In another situation I have a client who went through the trial loan modification, they denied him and he was continuing to make his trial loan modification payments and trying to apply again. They decided to send him a letter saying they were sorry but they were no longer accepting his payments. He also has a notice of default filed on his property. Well, the bank is saying they really don’t want to give him a loan modification.

In the last month or two I’ve noticed a lot of these folks who have tried for a loan modification for 2 to 3 years I’m seeing the banks step up the foreclosure process on them. They’re giving notice of trustee sales during the loan modification application process and even during the trial loan modification process.

So if you are in that position and you get a notice whether it’s a notice of default or even a notice of trustee sale, give me a call. The sooner you contact me the more of an opportunity we have to get you to avoid foreclosure. Give me a call or you can hit the start here button on the top of the page. Again, I’m Mark Peek with Keller Williams Real Estate, one of Roseville and Sacramento’s leading short sale team and we’re here to help. Thank you.

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Discussing The Home Affordable Refinance Program

Posted on Dec 2, 2011 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek at Keller Williams Real Estate, your short sale specialist in the Roseville and Sacramento area. I am here provide you with information regarding short selling your home should you happen to be in a difficult financial situation.

Today I wanted to talk to you about some of the modifications that have been made to the Home Affordable Refinance Program (HARP). The treasury department has gone back and looked at the success rate of this program and the impact it’s had on homeowners today and decided to make some revisions. The program is over two years old at this point; out of the 5 million people they were targeting for this program, it’s been less than 10% effective for those that are in distress and need to refinance their homes at a lower rate.

You may wonder if the changes they’ve made are going to positively impact the program and increase the success rate. One of the revisions they are discussing is to refinance up to 125% loan value. One of the problems with this is that there has to be an investor that is willing to take a loan like this. There are very few investors out there that are willing to do this, and if they are, they are going to price risk into the rate that you get. They are going to do this by increasing your interest rate. I feel that, unfortunately, this program is going to be a failure like the programs before it. The intentions of this program were meant to be good, but there are very few people out there that are willing to take an investment that is already underwater.

If you have any specific questions about your situation, or what your options are, please check out my website further or give me a call. I can help you avoid foreclosure and failing programs such as the HARP program by short selling your home.

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