A short sale is the sale of property for less than the outstanding loan obligations on the property. By short selling, the homeowner can avoid foreclosure. A short sale allows the homeowner to sell their property for the current market value. Short selling can offer a homeowner financial relief during a hardship such as a […]Read More

A short sale is a result of a homeowner’s home value being less than the mortgage balance and not being able to bring their mortgage current.  The homeowner may have borrowed too much for the property, or the market dropped, causing the property’s fair market value to be less than the existing mortgage balance. Usually, […]Read More

There are several reasons to consider a short sale rather than modifying a loan or allowing your home to be foreclosed upon. A homeowner can get out from under crushing mortgage debt, experience lesser damage to their credit score, and qualify to buy a home within two years of the short sale.  From the lender’s […]Read More

Any borrower that is behind on their mortgage loan payments and has submitted an application to their lender for a loan modification expects that the request will be approved. However, the decision to approve or deny a loan modification is purely at the discretion of the lender. Usually, it is in the best interest of […]Read More

In the process of a loan modification, one of the last steps to get it approved is to go through a trial modification period. Lenders or banks institute a trial period so a borrower can prove that they will be able to keep paying their mortgage regularly. If the borrower completes the trial period successfully, […]Read More

Some borrowers that are having difficulty making their monthly payments may be under the impression that if they apply for a loan modification, the lender will usually approve it. A borrower has to qualify and complete several steps before a lender will consider granting a loan modification.  The chances of having a loan modification approved […]Read More

All housing situations are different, and people face diverse and unique scenarios that can lead to not being able to pay the monthly payments on their mortgage. One option to remedy the situation is requesting a loan modification from your lender. If you are a homeowner beginning to contemplate applying to change the terms of […]Read More