Borrowers are angry and bewildered by the loan modification process. Many of my short sale clients previously tried to modify their loan. They were plagued with denials, large lump sum payments, HIGHER payments instead of lower payments, and other tribulations.

Just the other day a seller who I am helping with a short sale told me “I tried a loan modification, they screwed me, they had their chance and blew it.”

Borrowers are trying to do the right thing for themselves and for the bank

A successful loan modification:

* Keeps the borrower in the home
* Reduces the bank’s losses
* Helps the neighborhood and the economy avoid another foreclosure

Failed loan modifications foster mistrust of banks

* Borrowers feel that the banks didn’t explain the low likelihood of approval
* Borrowers feel that the banks didn’t explain the perils of the loan modification if it gets approved with unsustainable terms

The mistrust of banks causes borrowers to doubt the bank’s sincerity of other foreclosure avoidance options, such as a short sale. Many borrowers just give up and unnecessarily let the house and their financial destiny go down the drain.

A professional short sale Realtor can get the lender to approve a short sale even if the loan modification was denied. In a short sale, the lender accepts an amount short of the amount owed. Ideally the lender forgives the shortage.

Even if your loan modification did not work out in Louisville KY, please call Dave Halpern, Realtor, to explore the short sale option.

Submit Your Information Now or Call Us at (502) 664-7827

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