Is Your Loan Mod Failing?
Good morning! We are keyed up about the focus that we are going to talk about today. With a bit of luck we can help some people out during the new year. Is your loan modification not working? 70% of the potential customers that deal with us have tried a loan modification or spoken about doing a loan modification with their lender. Many of those that spoke to the bank understood how hard it is or they were simply denied.
We’ve seen some loan mods where the payment actually went up. The other thing lenders occasionally do is extend your loan. If you have a 30-year fixed loan, the lender might extend your loan to a 40-year fixed mortgage. Some homeowners will be paying their mortgage until they are 80 or 90 years old.
Especially with the Minnesota short sale being such a superior choice, we are amazed by people choosing the loan mod alternative. The lender also surprises us in this because if the bank would be smarter about loan mods, it would be a better alternative. If they made it easier and made the loan modification process work, you wouldn’t need us to help with your Minnesota short sale. Nonetheless, that just isn’t the case. The banks have to get approval from the investor on your loan modification. With the loan modification, there are certain rules, unlike the short sale. Right now, the loan modification process just is not happening for Minnesota homeowners or anybody in the state. Many times the homeowners that actually do get a loan mod are still underwater or still have difficulty making the payments.
If you are thinking about carrying out a loan modification on your Minnesota property, please give us a call or talk with us on our website. We can help you!
Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota
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