Mike Rigley Certified Default Advocate, Distressed
Property Expert and your short sale specialist here thank you for
joining us.
Bank of America Short Sale – Why Do Loan
Mods Fail? It’s a proven fact that only 21% of those who apply for a loan
modification actually get a true modification. Most Loan Mods are extensions of
the current loan with new terms with the missed payments tacked on to a new 40
year loan.
Once a homeowner figures
out that their new loan mod leaves them still owing more than the property is
worth the vast majority end up defaulting on the new loan mod and opting for
either Short Sale or foreclosure.
Even with the current
appreciation in many of the real estate markets across the country, if your
home is more than 25% upside down the chances of your home appreciating to the
point where you owe what it is worth is remote. Where you are 20% or more
upside down it should then become a business decision for you. If you were
buying your house today, you wouldn’t pay 20% or more for it would you? Of
course not. But isn’t that exactly what you are doing with a loan mod? The
answer is Yes, that’s exactly what you are doing. Without a principle reduction
a loan mod is nothing more than a new loan that still leaves you underwater and
that just doesn’t make good business sense.
Is a West Sacramento Short Sale Right for Me?
Give me a call and let’s find out.
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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