If you cannot modify your home loan then consider listing it as a short sale.

The Palm Beach Post is reporting that there have only been 8,405 permanent loan modifications in the State of Florida. Overwhelmed lenders and home owners failing to qualify are reasons given for the low number of permanent modifications. The government has offered incentives to lenders that encourage modification instead of foreclosure so please if you want to keep your home and are in a distressed situation, contact your lender immediately.

If you have been turned down for a home loan modification you do have other options that may help you avoid foreclosure. One such option is listing your home subject to a short sale. The short sale process involves negotiating with the lender to accept less that you owe on the house.

The short sale process can be time consuming. You will need to complete several documents that will then be sent to the lender for review along with an accepted contract from a qualified buyer.

If you are interested in learning more about the short sale process, give me a call. 407-204-0255.


Related Florida real estate blog posts on loan modification

House worth less than mortgage?

Are you caught in a situation where you owe more on your mortgage than your house is worth? Have you recently lost a job, been ill or faced some other hardship that now has you behind or about to fall behind on mortgage payments? Don't give up, there may be help available for you.

Call your lender immediately. It may be possible for you to make arrangements to catch up on missed house payments or even modify your existing mortgage reducing your monthly obligation.

Speak to a HUD approved housing counselor. The Government have programs in place designed to assist home owners facing foreclosure.

Talk to a short sale expert. As a Certified Distressed Property Expert, I can walk you through the process of selling your home for less than owed on the mortgage with your lender's approval.

Call me for a confidential discussion about your personal situation.

Greg Staker
407-304-0255
Watson Realty Corp.