Getting Your Home Down To Value: Homeowners Need to Think Outside the Box!

Getting Your Home Down To Value: Homeowners Need to Think Outside the Box!

Not too many years ago most homeowner's goal was to pay off their home at retirement. Now the priority has completely changed, many homeowners would like their home just at value. They have lost all their equity and/or down payment. They are devastated. Is Loan Modification an answer? MAYBE!

But the only way to find out is to try. Lenders are changing their guidelines every month. The main lenders that we have seen forgive principal are BofA, Wachovia and Select Portfolio Services. BofA recently released a press release promising to come out with new programs to cut principal. We have yet to see this, but we are hopeful that something will transpire and this will lead to other banks following suit. There are other possible alternatives if Modification is not the answer.

Both of the below options do not require any type of credit guidelines. Foreclosure, Bankruptcy and short sales are acceptable on the credit report. There is no credit score requirement. The underwriting is based upon solid income documentation and the fact that the client can afford to maintain the payments on time. It gives the motivation back to the client to keep the home and do what they have to in order to maintain their payments on time. Their credit will get rebuilt by maintaining on time payments.

"Short Pay Refi" can obtain the clients goal of lowering the principal balance of the loan down to value. In this situation it is ideal due to the fact that the homeowner will be able to retain their current home and refinance with a private investor. The key to this solution is finding the private money, but it is out there. Also, there is additional program that I have been researching. A private investor would come in a purchase an acceptable property and finance the property for homeowner at only 10% down. Go for the Modification first, allow 3-12 months and hopefully you will get what you are looking for.

If this does not work then look at alternatives to achieve your long term financial goals. Try to give your self plan A, B and even C. There are choices out there, but you have to obtain experience and professional assistance of a Loan Modification Lawyer

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