You Owe More than Your Home is Worth. Now What?

Deciding to sell your distressed property in order to avoid foreclosure is an important choice, and one that can only be arrived at by you and your family. However, enlisting the services of a qualified realtor can ensure you have the right advocate to help guide you through the process. I’m a realtor in Westchester County, NY. It is my goal to help families through their time of crisis. If you are a distressed homeowner who has decided they need help to find an alternatives to foreclosure, I can help to make it happen.

One of the best tactics for dealing with a distressed property, outside a short sale, is a loan modification. Loan mods can help you find alternatives to foreclosure. Essentially, a loan modification is when a borrower is able to get the lender to agree to alter the terms of a loan in an attempt to avoid a looming foreclosure lawsuit. By altering the specific terms, borrowers can then buy a bit of time while the lenders don’t have to worry about lawsuits.

The problem is that in 2009, a large percentage of property loans are held in securitized form. This means loan modifications are now more difficult to achieve than ever. The irony being that loan modifications would in all likelihood actually limit lender losses.

The average loan mod takes anywhere between sixty and ninety days. This is due to the inability of a lender to make a decision without getting approval from a chain of management going up at least a couple of tiers. In addition, approval is needed from the investors who actually own the loan. In some instances, these investors are unable to be easily reached. They may be out of the country or incommunicado. The loan may have also been split between several different investment pools.

If you owe more than your home is worth and you’re looking at a loan modification to help you find alternatives to foreclosure, hiring a realtor is probably your best bet. A professional realtor has the specific training needed to work through the process and continually check up on the lenders who are often too busy to return phone calls or emails. Loan mods are getting more difficult to get, but that only means you might need a little extra help.

I service all of Westchester County, NY and I would love to assist. Contact me today. I’ll get to know your needs before I contact your lender to make the burden of your distressed property a more manageable. Just because you’re facing the possibility of foreclosure doesn’t mean that hope is lost.

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