Save money, time and your credit
September 6th, 2008 Categories: Carlsbad 'best of', Carlsbad Business Community, Carlsbad Real Estate
SAN DIEGO– I was recently surfing the net looking for something to perk my interest for my blog. I happened to go to the Department of Corporations website, not sure why, and what I found there is encouraging.
I am working on a market campaign, the pictured is a rough idea, reaching out to homeowners in trouble. The worst thing homeowners facing a money crunch can do is hope the problem goes away and it seems their biggest hurdle is reaching out for help. I realize it is hard to talk about these things, but you HAVE to and the sooner the better.
There is a huge window of opportunity right now to get either a loan modification or a short sale.The government, federal, state and local are all over lenders to do everything they can to help homeowners stay in their homes. Currently it is estimated that up to 60% of the homes banks have already foreclosed on are NOT on the market. The average monthly case load
for a full time loss mitigation manager in the state is approximately 150 files a month. Again there is a huge incentive for financial institutions to try to help as they are getting buried.
What the survey showed to my surprise is that approximately 20% of all loan workouts initiate in the state are granted loan modification or forbearance. This is GREAT news. Another 25% close escrow through foreclosure/REO sale or short sale. However, short sale closings are less than 10% of this group. This tells me homeowners have a GREAT chance of getting a loan modification if they initiate the process soon enough and have a real reason for the need.
Lastly, I am here to confidentially help you with your situation. We will work together to try to come to the best solution for you. I am working with a lender that can help with the loan modification process. Feel free to email me or call 760–415–3329.
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