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Should I do a Loan Modification or Short Sale?

Sep 11, 2012
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There is a lot to consider here, and the answer is FULLY dependent on your specific situation. We will NEVER suggest a short sale if a loan modification is right for you. I will discuss some of the variables in this article, but strongly suggest that you call me directly at 801-805-4900 for a complete, private, and FREE consultation.

If you desire to keep your home and could afford to make modified monthly payments, then a loan modification MAY be right for you. Factors such as the amount of reduction needed, the possibility of you needing to relocate for employment or family reasons in the next few years, and any chance of needing to sell the home need to be considered. It is important to create a detailed budget, and know the maximum amount you can afford as a mortgage payment. If the bank can not, or is not willing to get your payment to that point a loan mod is NOT a good idea. If there is a chance that you will need to sell in the future, and your home is upside down in value, you may want to do a short sale now and begin rebuilding your credit, rather than waiting and having credit issues down the road. The key is knowledgeable planning.

Facing a financial hardship that threatens your home can be an emotional and challenging prospect. Often it is helpful to share your thoughts, and plans with me. I will take an objective look at the possibilities. As the founder of the Utah Matters Coalition my primary goal is to help you stabilize your finances, and promote long term financial health, NOT push you into a short sale so that I can make a commission.

Call me at 801-805-4900, fill out our Rapid Response Contact Us Form, or complete our Distressed Loan Questionnaire to get started.

Read 1399 times Last modified on Thursday, 07 March 2013 17:29


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