3 Little Known Facts
About West Sacramento Loan Modifications West Sacramento Short Sale Specialist, Default Advocate, Distressed Property Expert and West Sacramento Short Sale Agent Mike Rigley here
bringing you the latest West Sacramento Short Sale Information. Thank you
for joining us.
West Sacramento Loan
Modifications can be a GREAT option in the right situation, but there are 3
things you need to know before you get started
1. Banks know that less
than 18% of all loan modification applicants will “work out” as a successful
modification after 12-18 months. That’s an astounding number and here is how it
breaks down. Out of 100 applications for a loan modification, about 40 will be put
on a trial loan modification and the remaining 60 either don’t have any income,
have too little income to qualify or have equity in their home and are told to
sell their home. Out of those 40 who are given a trial loan modification, only
about 30 will pay their payments on time for 3-5 months during this ‘trial’
phase and be approved for a permanent modification. After a permanent
modification is approved, about 40% (12) of them will be behind on payments
again within 6-12 months leaving only 18 out of the original 100 with a
permanent modification. It is only a good option for less than 1 out of 5
people who apply.
2. The people who most
need the help won’t qualify. The frustrating thing about loan mods is that only
those who have had a slight dip in income, but still make a fair amount of
money will be helped. Those who most need help staying in their home will
usually be foreclosed upon.
3. Most homeowners put
their ‘best foot forward’ when they apply for a loan modification and the banks
use this opportunity to get an updated look at all of the homeowners income and
assets, so they can plan how to best take that money, if possible. If you are a
logical thinker and understand that the banks do have an agenda… to get as much
money as possible from you and from the property, then you will understand that
they are using this ‘opportunity’ to get a look at ‘where the money is’.
The key is to understand
the process before you start. He formula is simple. Call me today to see if a West
Sacramento Loan Modification is right for you. If not a West Sacramento Short Sale might be? Give me
a call and let’s find out. We also offer a short sale lease back program for those who
qualify allowing you to short sale and stay in your home. Call me
for details
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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