Perhaps you have gone down this path yourself. I had a few clients and referrals attempt a Loan Modification as they were considering a short sale. An unfortunately, the Loan Modification has never worked out.
Yet, this is a good data to understand...even if talking to a friend with questions...you can always forward them to me!
Via Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes (International Properties and Investments, Inc.):
Why is my loan modification being turned down?
That is one of the most asked questions we get. We get calls after homeowners have been trying for months to get a loan modification.
The number one reason that loan modifications get turned down is because of misinformation and the path by which the homeowner takes in order to try to get their loan modification through. Choosing the right advocate is crucial in the loan modification program.
Homeowners need to be very careful on who they choose. Most of the companies advertising on Television are making false promises. If it sounds too good to be true, it is.
The first rule is to never pay up front money to get your loan modification started. The payment for services should be at the successful approval of a permanent loan modification.
In the state of Florida it is illegal for any loan modification company to ask for prepayment for services.
When you call those 800#s you are going to get a person who's job it is to get you into the system. Their only job is to process your information. They are not going to tell you whether you qualify or not.
This holds true with going direct to your lender also. The person who answers the phone is there to get the number of applications up so that they can show the government that they are taking loan modification applications.
You are just a number to them. This is hard to grasp since most of us would never treat another person this way, we would not string people along giving false hope.
Before you ever even call your lender or hire someone to do a loan modification for you there are a few questions that you can ask yourself:
- Are you unemployed? If you do not have a job, you are not going to be approved for a loan modification.
- Is your mortgage payment/taxes and HOA fees more than one third of the income you bring in? If so, you are not going to get a loan modification because of a list of guidelines they go by.
- Are you an investor? If you are going for HAMP or any government sponsored loan modification program you are over 97% likely to be rejected if you are not living in the property that you are requesting the loan modification program for.
These are the simplest of questions that you can ask yourself to see if it is ever worth going through this long drawn out process.
Stop Foreclosure- Learn Your Options. Maybe a short sale is your best option.Florida Foreclosure Options- may be able to help you.
If you are considering the option of short selling your Wellington Fl home in Palm Beach County, Broward County, St Lucie County, Martin County or Miami/Dade County- call us today at 561-753-0135 for a confidential intake evaluation in order to estimate the possible outcomes of your short sale.
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