Are you wondering if you might be a candidate for  loan modification? Many homeowners – and by many, we mean thousands if not millions – are finding that a loan modification is the right solution for a failing mortgage. How do you know if you should pursue a loan modification?

• Been trying to refinance but can’t. Just about everyone that has an adjustable rate mortgage has attempted to refinance. The problem is that most are getting turned down. Ever since the housing market went into steep decline and lenders began collapsing, it has become seemingly impossible to get approved for a new loan using traditional means. However, many of those same homeowners have been able to get their loan modified in a workout agreement with their lender.
• Got laid off from work or suffered some other hardship. Life happens and there’s nothing you can do about it sometimes. Perhaps you got laid off from work. Maybe there was an illness in the family that required monetary support and kept you from working. Car accidents. Injuries. Unexpected events. Market affected your income. They’re all legitimate reasons that can get you behind on a mortgage that you can otherwise afford. Hardships such as these are often accepted by lenders as justification for  loan modification.
• Home value has dropped. The market is in decline and home values are falling. In many cases, loan modification may not be an option when you get upside down on your home loan. A lot of people in this situation are better off with a short sale. Still, it is absolutely worth your time to at least explore the option with a loss mitigation specialist. At the very least, they can help you get approved for a short sale.
• Simply can’t keep up with the mortgage. In a tough market, many people have seen their income drop substantially through no fault of their own and can’t afford the home they once easily made payments on. You may be able to get a  loan modification that makes that home more affordable. If not, again, a short sale is an option as well.

Do you think you need a  loan modification? Get in touch with a reputable  loan modification specialist that can negotiate on your behalf. You have options, but they only exist if you pursue them. Don’t waste any time getting help.

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Take advantage of this nice home without haggling with a bank.

No Credit Checks and No Red Tape!

With all the media attention, you would think this would be driving buyers to their doorstep. However, it appears their issue is more of a problem that the pricing or terms doesn’t make it attractive.

We already know the home has been on the market for quite a few months now. Lets take a look at the additional details to their home situation.

• The Couple paid $260k for the home in 2006
• Asking price is now $325k
• There are a lot of homes for sale in this area right now

What will probably happen is that it will sell, it’s just a matter if they can wait for the market to come around.

Here’s my advice:

If they can afford it, they can just keep it maintainted until then. If it becomes a draw for them, instead of continuing to make payments on the property for months or maybe even years, it may be a good idea for them to find a renter to help cover the payments until the market rises.

I hope they can get it sold and not have to add a messy foreclosure or short sale to their existing drama.

Ref: MyFoxPhilly

In these difficult times, even he has had challenges getting his home sold. However he found a temporary solution making a smart decision to do something rather than deny or ignore the problem.

Here’s how it went down and how he made it work:

• On the market since February 2009 at $1.635 Million
• Later reduced to $1.575 Million
• Now has it rented for $7500 a month.

I doubt that $7500 a month is completely covering the payments on the $1.25 Million in mortgages nor the $27000 a year in taxes. However it is something,  and something is part of what you need to help ride thru this recession.

Ref: Google News

After they’ve called every Joe Investor in the Thrifty paper who offered them about half of their asking price, they were surprised to get a letter or phone call from us about buying their house.

See the way we make it work is that we understand the market challenging people with different reasons. In these times sellers can’t afford to budge on their asking price because it’s what they owe to the bank. so how do you get around that as an investor.

What we do is takeover the payments. If the payments are low and we could rent it high we could make some money monthly. If the payments are high and we can only rent it at that amount then we make no money but we know that sometime over the next few years the market price will increase at least enough for us to make some money from selling the house.

That’s what we do, we take over the waiting. We trade the sellers worry for our confidence in the way the real estate market history has proven to work.