ARE YOU CONFUSED ABOUT YOUR LOAN AND NEED HELP!
Short Sale Weblink, that might give you some tips on a Short Sale:
You are not alone, there are so many people that are so confused and do not know which way to go and everytime they call their lender 1. They get a different person 2. They have to resend all the info 3. It seems that they are just getting the run around....There is help out there, to help you with the modification process...As I am here to help, I would rather see you stay in your home then to lose it to either a short sale or foreclosure...
Keep in mind it is always best to talk with an Real Estate Attorney or Tax advisor before you make any decisions!
Q: Where Do I start to try and modifiy my loan?
A: First you need to start with your lender, ask about programs they offer for modifications. You can check and see if your loan is backed by Fannie Mae or Freddie Mac
www.loanlookup.fanniemae.com having your loan backed or not backed by Fannie Mac or Freddie Mac will not have an effect on a modification and the counslers are there to help you.
Q: What programs are out there to help me through the government?
program 1. H.A.R.P. (Home Affordable Refinance Program)... Refi program
program 2. H.A.M.P. (Home Affordable Modification Program)..Modification program
program 3. H.A.F.A. (Home Affordable Foreclosure Alternative)..Short Sale program
Not all lenders follow these programs nor do they have to...if you go on the web site above you can look up your lender and see they they are particpating in these programs if they are and they are not working with you, this will give you phone numbers and addresses for contact... if you are at your end, give me a call, I will be glad to sit down with you and call your lender with you there, maybe together we can save your home!
Q: What if my lender is not working with me?
A: Call (888) 995-HOPE... In some cases they can contact your lender with you on the phone to try and help with the modification process...They are there to help you, the home owner...
NEVER PAY UP-FRONT FEES TO ANYONE FOR HELPING YOU GET A MODIFICATION, IT IS AGAINST THE LAW!
Q: What if the Modification that my lender has given me does not fit my needs to help stay in the house?
A: On the web site
www.makinghomeaffordable.com you can contact a counselor to help you and to give you some advice...
The only option after you have exhausted all attemps for a loan mod, is to do a short sale or foreclosure....
A Short Sale has an impact on your credit, but not as bad as an forclosure...
Short Sale; will show up as Paid in Full-paid as agreed or Paid-Settled or Paid-Unrated..if you have kept up all other bills, auto credit cards etc...It can only lower your FICO by 50 points or so
Foreclosure; can lower your FICO score by up to 200 points.....
Q: What should I do if I have done all of the above and I am not getting anywhere with my lender?
A: First SEEK LEGAL ADVICE FROM AN REAL ESTATE ATTORNEY OR TAX ADVISOR! Let them go over your loan papers, to make sure that there is no legal loop hole in your contract, before you decide to either do a short sale or just to walk away form your home. As a short sale or foreclosure should always be your last result!!!
In a Short Sale, you are not protected by the Anti-deficiency law in this state, which means that your lender can go after you for the remaining balance of your loan after the short sale. Under the H.A.F.A. programm the bank can not go after you for the first loan, but if you have a second and it was not used to purchase your home, the second can go after you...SEEK ADVISE FROM AN EXPERT LIKE ATTORNEY OR TAX ADVISOR!!! As an Real Estate Agent, I always advise this before I take a listing on a Short Sale...Give me a call and I can advise you of the short sale process...
Q: If I want to do a Short Sale, what do I need to do?
A: In doing a Short Sale, you need to contact a Realtor, you need to look for someone with experience in this process, as the listing part is very easy, it's dealing with the lender in this process that can be very difficult and that is were a seasoned agent with experience is good to have on your side..