If you have an up-side down loan that is causing you a true hardship, never just walk away!
A foreclosure will follow you long after it is finally removed from yourcredit. If you ever apply for a loan, a job, etc. you will see thisquestion staring you in the face -Have you ever had a foreclosure? Ifyou say "no" it is fraud.
Applying for a Loan Modification or Short Sale can betime consuming and stressful. However, by going through the process anddocumenting that you tried your best and were still turned down, you canuse this documentation to apply for another home loan later.
Ways todemonstrate your willingness to work with the bank can include:
1. Picturesof your home, showing how well you maintained it.
2. List your home forsale ASAP, preferably before you miss payments.
3. List it with an agent so they can enter it in the MLS for maximum exposure.
4. Price it right - include a comparative market analysis.
5. Showthat the bank would not participate inthe HAFA Program.
6. If you are turned down for a Loan Mod or a Short Sale, ask for a reason in writing.
You will need an experience realtor who specialistsin Loan Modifications and Short Sales to find a buyer and negotiate withLoss Mitigation on your behalf.
A foreclosure will follow you long after it is finally removed from yourcredit. If you ever apply for a loan, a job, etc. you will see thisquestion staring you in the face -Have you ever had a foreclosure? Ifyou say "no" it is fraud.
Applying for a Loan Modification or Short Sale can betime consuming and stressful. However, by going through the process anddocumenting that you tried your best and were still turned down, you canuse this documentation to apply for another home loan later.
Ways todemonstrate your willingness to work with the bank can include:
1. Picturesof your home, showing how well you maintained it.
2. List your home forsale ASAP, preferably before you miss payments.
3. List it with an agent so they can enter it in the MLS for maximum exposure.
4. Price it right - include a comparative market analysis.
5. Showthat the bank would not participate inthe HAFA Program.
6. If you are turned down for a Loan Mod or a Short Sale, ask for a reason in writing.
You will need an experience realtor who specialistsin Loan Modifications and Short Sales to find a buyer and negotiate withLoss Mitigation on your behalf.
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