subject: Why Was Your Trial Loan Modification Rejected? [print this page] I know you want to keep your houseI know you want to keep your house. You wouldn't have applied for the loan modification if you didn't have a sincere interest in trying to remain in your home. Unfortunately, it may not be in the cards. Realistically, your lender isn't going to reduce the balance of your mortgage. With that in mind, even if you are approved for a loan modification, you are going have to agree to pay way too much for your house all over again. Why are you so ready to repeat the same mistake just because you may get more attractive financing? Wouldn't you be much better off selling your home for less than the loan balance, renting for a couple of years and buying something in the same neighborhood at a huge discount? With all of the new programs, including HAFA, designed to assist homeowners in getting their home sold for less than their loan balance, it doesn't make much sense for most homeowners to even attempt a loan modification, much less follow through! Do some research on short sales, find a certified specialist and get that giant mortgage monkey off your back!
