Before you decide on a Short Sale, have you tried ...

refinancing and/or modifiying your loan with your existing Lender???

There are programs available to assist those experiencing issues paying their current monthly payment: H.A.R.P. – Home Affordable Refinance Program and H.A.M.P. – Home Affordable Modification Program. Information is available at http://makinghomeaffordable.gov. If you're experiencing problems and wish to protect your investment/remain in your home, you should investigate the Home Affordable Refinance Program. Log on to check your eligibility or seek counseling. If you do not qualify for H.A.R.P., investigate a loan modification” Loan Mod” under H.A.M.P. by going to the same website. For many years, Loan Mods have been a great tool for borrowers down on their luck. They couldn’t pay the monthly payment and it was usually due to some economic hardship-lost job, illness, etc. The Loan Mod was the safety valve to keep the American Dream alive – a roof over your head you could call your own. Loan Mods have come to the forefront to help many more borrowers suffering in our economic slump. Their situation is different as they realize that they owe much more than their property is worth. Over 85% of borrowers who apply don’t get a modification approved and for a myriad of reasons: They make too much money or have too many assets, they don’t really have a hardship, just spending/credit problems, they fear reprisals for erroneous information given when they originally applied for the loan, they just don’t like doing paperwork of any kind, they lose faith and just don’t follow up on the process, they fail to make the payments agreed to in the trial phase, they decide to give up as no one will help them and it’s better to live free until someone knocks on the door or have simply walked away and mailed in the keys. These folks have given up on retaining their home and are done with the headaches for now; however, Uncle Sam, the State taxing authority and the credit companies are not going to make anything any easier (Some exemptions may apply). Walking away could just exacerbate the problem. You should speak to legal/tax counsel and you might consider speaking to a Real Estate Agent because if a loan modification doesn’t work for you, the next alternative is the Short Sale. Stay tuned and....... Keep the Faith!





ShortSaleSully