Staurt Short Sales: Over Half Of Stuart Loan Modifications Will Re-default Within A Year

The re-default rate of loans modified in the first quarter of 2009 was 51.5 percent

by the end of the year, according to the Office of the Comptroller of the Currency and the Office of Thrift Supervision.

Assistant Treasury Secretary, Herb Allison gave his opinion. "Borrowers were more likely to re-default when their monthly payments aren't reduced enough in modifications to make staying in a home affordable. Our data show that when you reduce payments by 20 percent or more you have a tendency for lower re-default rates," he said.

This is bad news. If you are looking for Stuart Loan Modification Help, don't become a statistic. Here is why this is happening. Many homeowners get desperate and accept a loan mod they can't afford.

Are you negotiating with your lender to reduce your monthly payment? Before you start, run your budget. Figure out what you can afford to pay each month. Decide on the highest monthly payment you will accept. Draw a line in the sand. If you can only afford $800 a month, then don't accept a $1,200 payment.

The second loan modification is much harder to obtain. Lenders are reluctant to reduce your payment a second time, because they think you will default a third time around.

Review all your options to avoid foreclosure. Research your local housing market. Many people have been able to rent a house for much less than their mortgage payment. Here is one example. A couple owned a house with a $1,400 monthly mortgage payment. The home's value had dropped by 50%. Their lender wouldn't reduce their payment.

They found a nicer house to rent for $850 a month. This is one option. If you want to keep your home, you need to negotiate for a payment you can afford. Do not let your lender push you into an unaffordable payment.

Not being able to afford your home is tough. You are stressed out. You and your spouse might argue over money. You might think about your problems when you are at work, which might affect your ability to do your job. You then risk getting let go. Where will your lender be at that point? This is why it is in the lender's best interest to reduce your payment where you can afford it.

Our Stuart Loan Modification kit has the information on how to make the argument. We show them that they will make more money by accepting your loan modification versus foreclosing on the house. They're in the business of making money, right? That is why this strategy works.

Thanks for reading this, Roberta Pickens.

Roberta is a real estate agent at Warm Weather Homes.

Phone: (772) 286-9996.

Roberta Pickens and his team specializes in loan modification assistance and short sales in Stuart Florida. Stuart Loan Modification Help, Stuart Short Sales.

by: Roberta Pickens

POST COMMENT

Boost Up Your Sales Through Social Shopping Will I Owe A Deficiency Part Two: Stuart Short Sales Stuart Short Sales: Will I Owe A Deficiency After A Short Sale Successful Sales Training Melbourne Programmes Now Offered By Sales Recruitment Agencies Will I Owe A Deficiency Part Three: Stuart Short Sales Training The Sales Force Using Client Run Meetings Potential Dropship Disasters, How Shipping Could Sink Resellers Handle Objections And Close More Sales With Hypnosis Secret Selling Power - Is Covert Hypnosis Possible As A Way To Increase Sales? A Selling Tool-how Hypnosis Works In Sales A Powerful Sales Closing Technique-myths About Hypnosis I'm Not Selling Nonsense - Using Mind Control To Benefit Your Sales System Is Possible! Be Careful Who You Listen To - Sales Tips For Selling Success