Fairfax VA – I recently saw an amusing video about loan modifications. In it the guy called Wells Fargo “Hells Fargo.”
Evidently, it can sometimes be difficult to get a loan modification because they’ll often lose your paperwork.
You have to talk to people in other countries where English IS NOT their first language. The people at the lenders treat you like dirt.
Plus, you’ll hear how much they love their customers but then wait for several hours on the telephone for a straight answer from a representative.
If you have experienced this, then you know how frustrating it is. But is the loan modification process really worth all of that stress?
I don’t think so. Most of these loan modifications won’t even reduce your payments. While it’s true that some do, most just cause the home owner more heartache.
A better solution would be to rent a similar home for less money. Here is one example of this. A homeowner gets a loan modification from her lender.
She borrows money from family for the upfront payment. Then, she suffers for a year while she pays a payment that is more than she can afford.
Money is so tight she can barely afford to pay for food. Little does she know that she could rent a similar house for 30% less per month.
I see this story happen more often than not. People don’t realize how competitive the rental market is today. They also don’t know how much better off they will be mentally. If you are experiencing a loan modification horror story, then stop.
You do have options. There may be another home you and your family can rent. Then you can short sale, wipe out the upside down debt, and move on with your life.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny.
Thanks for reading this,
Thierry is a Real Estate Agent at RE/MAX Premier, and Host of Talk Radio’s, ‘Inside Real Estate’
Phone: (703) 322-0600.
Thierry is an advocate for Homeowners in Distress. Thierry has made it his personal mission to help as many people as possible avoid foreclosure and keep their home.
Thierry Roche specializes in loan modifications and short sales in Fairfax Virginia. Fairfax Loan Modification Help. Fairfax Short Sales. Fairfax Short Sale Realtor. Fairfax County Short Sale Realtor. Fairfax VA Short Sales. Fairfax Realtor.
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This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Roche’s personal views and do not reflect the views of RE/MAX Premier. This information is provided as a courtesy to our viewers to help them make informed decisions.