Mike Rigley Certified Default Advocate,
Distressed Property Expert and your short sale specialist here thank you for
joining us. Today let’s talk about why West
Sacramento Loan Mods Fail
Jon Prior with Housing wire reported this week that
more than 1 Million HAMP loan mods have been cancelled. 1
MILLION! A little over 770,000 borrowers failed to finish either the three
month trial period or were determined to not qualify. Another 229,000 permanent
modifications redefaulted after making the first three trial payments
While this is crazy it certainly should not be
surprising. What is a loan mod really? Rarely is there a principle reduction involved
so in essence a West
Sacramento loan mod is really a refinance program where you
are actually buying your house back for the amount you owe not what it is
worth. This is nuts! Why would anyone pay twice what a home is worth. You
wouldn’t right? But truly isn’t that exactly what you are doing when you get a West Sacramento loan mod. If there is no principle
reduction, and rarely is there, if you get a new low interest loan for your
$400,000 on a house worth $200,000 didn’t you just pay twice what the home was
worth? Sure you did. That is why there are more failed loan mods that actual
permanent loan mods. The only person the West
Sacramento Loan Mod is good for is the Bank. Why wouldn’t
they want to keep you in that loan. They would be crazy not to. Heck, if you
are willing to pay twice what something is worth they have a whole portfolio to
sell you.
Guys, don’t get caught up in the fallacy of a West Sacramento Loan Mod. Unless you are
getting a principle reduction, and less than 1% of those who apply do, you are
getting taken to the cleaners on a West Sacramento
Loan Mod pure and simple.
The window of opportunity to get out from under your
over encumbered property s small . Make hay while the sun is shining and get
out from that Albatross you call a mortgage and get a financially fresh start.
Call me today so we can discuss your options
Is a West Sacramento Short Sale Right for Me?
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free
estimate or call me today for a free no obligation consultation or for the
latest West Sacramento short sale information.
Call me today and sleep better tonight; you’ll be glad you did
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