It’s unfortunate, but many homeowners caught on the wrong side of a collapsing housing market have found little help or solace in loan modifications. One of our clients saw the value of his house drop by over 50% from the price he purchased it for a few years ago. His mortgage interest rate is fixed for the time being, so at least he’s not facing a higher payment anytime soon, but he struggles to keep up with the payments. Like many struggling homeowners, he tried to get a loan modification through the government-sponsored HAMP (Home Affordable Modification Program) program, but that turned into an endless treadmill of frustration and waiting. Many who have tried to get loan modifications know just how tedious the process can be; it’s not unusual to send the requested income and hardship documentation to the lender, hear nothing from them for weeks, then find out later they never received the documentation to begin with. Lenders are so buried with cases that the loan modification process can literally take months, and success is far from guaranteed!
Fortunately, there is a better alternative for struggling homeowners: the short sale. Unlike loan modifications, which are only temporary, band-aid solutions, short sales solve the core problem of being overburdened with mortgage debt. Because the HAMP program has failed to deliver the expected results, even the government is now getting behind short sales. If you are a struggling homeowner, give us a call! We have some of the best short sale professionals in the business, and they are happy to talk with you and see if a short sale is right for you.
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Need to sell a house? We buy houses for cash, even if you owe more than it’s worth, with no commissions or fees! Give us a call at (714) 583-9004 or fill in the web form on our home page and we’ll get back to you within 24 hours!
