Tim Murphy is a great friend of Red Phoenix who gives powerful insight to you my readers and I thank him for his contributions. His contact information is listed below his content, reach out to Tim with questions.
Over half of Savage Minnesota Loan Modifications will re-default within 1 year?
The re-default rate of Savage Mn loans modified in the first quarter of 2010 was 45.2 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 shows 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 Savage MN 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 Savage Mn 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. Get more info on this strategy and the tools you need for a successful loan modification by clicking here.
Thanks for reading this, Tim Murphy.
Tim is a local Savage Mn real estate agent @ Re/Max Results.
Phone: (952) 223-0999.
P.S. Please feel free to call or e-mail me at anytime for a FREE No Cost, No Obligation Consultation. My goal is to help as many people as I can in 2011.
Get the tools you need for a successful loan modification by clicking here.
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
View my homes for sale at www.HomesMN.info.
Tim Murphy, MN & WI Licensed Realtor
Metropolitan Home Team
RE/MAX RESULTS
Phone: 952.223.0999
E-mail: TimMurphy@MetropolitanHomeTeam.com
Website: ForeclosureHelpMN.info
We specialize in loan modification assistance and short sales in Savage MN. Savage MN Loan Modification Help, Savage MN Loan Mod Help, Savage Minnesota Loan Modifications, Savage MN Loan Mods, Savage MN Loan Mod, Shakopee MN Loan Modification. Burnsville MN Short Sale, Savage MN Short Sale, Burnsville Minnesota Short Sales, Prior Lake Minnesota Short Sale, Savage MN Short Sales.
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