Many homeowners are looking for ways to cope with the ...
DO I QUALIFY FOR A LOAN MODIFICATION?
Many homeowners are looking for ways to cope with the current housing market, and you might find yourself doing the same. If your life situation doesn’t require you to move and your goal is to remain living in your home indefinitely, you may qualify for a loan modification that will help continue paying your mortgage and avoid foreclosure. Typically there are 8 questions that help you determine if you qualify for a loan modification:
1) Are you currently occupying the property you wish to sell? - If it is an investment property it would not qualify.
2) Are you in a financial position to qualify for a re-finance? - Lenders would rather re-finance than modify the loan.
3) Are you current on your mortgage or adjustable rate mortgage (ARM)?
4) Are you behind on your mortgage? - Some lenders will take this into consideration when making a decision to approve a loan modification.
5) Have your mortgage payments become so high that you will not be able to continue payments in the future?
6) Have you experienced a hardship?
7) Do you no longer have equity in your home?
8) Is your loan backed by Freddie Mac or Fannie Mae? - Your loan must be backed by Freddie Mac or Fannie Mae to be approved for government loan modifications.
Did you qualify? If you are not sure, another option for you may be to short sale. MANY homeowners are getting help (with fewer headaches) by choosing to short sell their home. Seth Pike is NW Washington’s most trusted real estate advisor for helping homeowner’s get the very best results and have the smoothest possible experience when short selling their home.
Give me a call today or send me an email and we will schedule a free 30 minute consultation to talk more about your options!
Seth Pike
PIKE Realty Solutions - Keller Williams Western
120 E. George Hopper Rd, Ste 205
Burlington, WA 98233
Ph: (360) 941-7384
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