July marks downturn in "Permanent" Loan Modifications completed....
Posted by Rick Goates on Tue, Aug 24, 2010 @ 03:45 PM
Redding Ca News-Redding Ca Real Estate,Homeowners may have relief!
The Governement's plan to help people keep their homes seems to be running out of steam.Permanent loan modifications last month were down considerably.There are many people caught in e a rock and a hard place.
To get loan modification you have to show that you can make the new "lower" payment AND pay all your other bills.Perhaps a more accurate name should be "Make Bills Affordable" instead of making home affordable! If you can show that you can make the new proposed payment you have to be one of the lucky ones that is actually offered a temporary loan mod!
The most important thing to keep in mind is that if you were one of the lucky ones and they gave you a temporary loan mod the next battle is to get it made "permanent". If they don't make it permanent it can go away at a moments notice! Just like the change in your pocket if you have kids!
For those that can't qualify for a loan mod another alternative is a short sale.There are benefits to doing a HAFA short sale if you have a second mortgage.Completing a HAFA short sale means the second can't come after you later...an important thing to know!
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