Avoiding Arduous Loan Modifications And Executing A Short Sale
Your Phoenix short sale specialist believes that there are better solutions then foreclosure, but loan modification have a very small percantage of success. The loan modification is an attempt to reduce you payments in order to keep the borrower in the home. There are quite a few risks involved with the completion of a loan modification.
****most figures state the nationwide average for a successful loan modification is close to 10%
****Various banks might present a tryout period but in most cases will not divulge upfront that your credit will be affected while doing a trial period loan modification.
*****90% of my clients that I have spoke to have been issued rejection letters from the banks after seeking to do a loan modification.
Banks know that a high percantage of borrowers who attempt loan modification will in time short sale or foreclose. The banks job is to accumulate mortgage payments, and once the bank can get the borrower to consent to a trial period they have achieved their role as the bank. In the Phoenix market, with the high rate of foreclosure, the bank might not postponed auction dates while the borrower is attempting a loan modification. As a short sale specialist, the Steve Horn Team can advise you on all alternatives.
Remember, at Short Sales Done Easy, we work diligently to make your short sale procedure go smoothly. There is no greater benefit to a succesful short sale than having a skilled real estate agent working on your side. Steve Horn is one of the most skilled short sale realtors in the Phoenix area. Get a hold of him now to discuss the options that are available to you.
Get more help from short sale Realtor, Steve Horn, at Homes by the Horn presented by the Steve Horn Team, Short Sale Specialists of Arizona
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