If you obtained a loan modification five or more years ago it may
soon go back up to your pre-modification payment amount. Back in 2008 and 2009
when loan modification first started to gain traction as a viable alternative
to short selling your property or simple letting your home go into foreclosure.
Banks granted some short term and some long term loan modifications in order to
allow homeowners to get back on their feet before making full payments . So
what does this mean? It means not all mod’s are equal Some were for as little
as one year others for as long as five years others are for the life of the
loan. If you obtained a loan mod and are not 100% sure, I strongly suggest that you check your modification agreement ASAP.
Homeowners were happy when they initially obtained a loan mod
thinking that by the time their payment went back up the economy would be back
to normal. Well the unfortunate thing is that the economy still has not fully recovered,
and not all home prices have gone back to being higher than the amount owed on
the home.
Don’t worry, there are several solution, the cheapest is try to
get a new loan modification, call the Bank and see what they say. You could refinance
your mortgage, there are some loan programs that will allow you to refinance your home even if you
owe more than your home is worth. If all else fails, you can always sell your home
or short sell if you owe more than the home is worth and the mortgage payments
are still too high for you to afford.
Please do not hesitate to contact me if you are currently facing
this problem or an increased mortgage payment is just around the corner. I have
close to 20 years experience in Finance and Real Estate related fields, my knowledge
may be able to assist you.
Karl R Schulz
Lic. Real Estate Broker BK 3238831
561-379-7881
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