A Common Orlando Loan Mod Mistake
“I have a first mortgage for $197,000. That was my original loan from when I bought my home. I borrowed $250,000 on a second mortgage for a remodel.
My house has dropped dramatically in value. It used to be worth over $500,000, but not the value is more like $250,000.
With the recent decrease in value, I would like to get a modification on my second mortgage. I would like to get that reduced to $250,000.”
We talked to this fellow and found out some other information. He mentioned that he was having a hard time paying the second mortgage.
He did mention that he was saving up $7,000 to settle a $25,000 debt on a credit card. That was the shocker. Why would you pay $7,000 to a credit card rather than paying your mortgage?
That will cover his second mortgage payments for almost a year. He thought it was the best opportunity he would ever have to avoid repaying the $25,000.
This was when I told him about a client we helped with a short sale. This seller had been chased down by a credit card judgment for over 3 years. However, they couldn’t levy her bank account or garnish her wages. Why not?
She found a state law that forbids garnishments when a person is a head of household. This is good news for the guy who wants to pay $7,000 to the unsecured credit card.
How does that impact his loan modification? It doesn’t. He still has to go thru the excitement of negotiating that. But, it does free up his finances dramatically.
Here is the bottom line. You don’t always have to choose between keeping your house and getting your wages garnished. If you are considering a loan modification, then first look at what other debts you can stop paying. Thinking about a loan modification?
Our Orlando loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at email@example.com to request a Free Copy.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 407-359-2220
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thanks for reading this, Tom Mack.
Tom is a Real Estate Agent at eXp Realty. Orlando Short Sales Realtor:
Phone: 407-359-2220. firstname.lastname@example.org.
View My homes for sale at Homes-Orlando.com.
Tom Mack specializes in loan modification assistance and short sales in Orlando Florida. Orlando Loan Modification Help, Orlando Short Sales. Orlando Short Sale Realtor. Altamonte Springs FL Short Sale Realtor. Casselberry FL Short Sale Realtor. Lake Mary FL Short Sale Realtor. Longwood FL Short Sale Realtor. Oviedo FL Short Sale Realtor. Sanford FL Short Sale Realtor. Winter Park FL Short Sale Realtor. Winter Springs FL Short Sale Realtor. Apopka FL Short Sale Realtor. Eatonville FL Short Sale Realtor. Maitland FL Short Sale Realtor. Ocoee FL Short Sale Realtor. Orlando FL Short Sale Realtor. Windermere FL Short Sale Realtor. Winter Garden FL Short Sale Realtor. Kissimmee FL Short Sale Realtor. Orlando FL Short Sales. Orlando Realtor.
Tom Mack, eXp Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Tom’s personal views and do not reflect the views of eXp Realty.
This information on A Common Orlando Loan Mod Mistake is provided as a courtesy to our viewers to help them make informed decisions.
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