If your reading this blog, chances are you have tried a loan modification and found that the terms offered to you by your lender are not going to do enough to allow you to keep your home. Let’s face it, the hype of loan modifications gave us all hope in some way…that lenders, our government “loan modification companies”…had the ability and would use it to keep people in their homes.
The last six months or so have proven otherwise. Unfortunately, are experience lately, has been that people have spent a month or more waiting to find out if they in fact were going to be granted a loan modification and what the specific terms would be….only to realize the terms offered just don’t do enough to make it possible to stay in the home. And in many cases, the default process has been started by the lender.
So, now what?
First, try to let go of the emotion of “Loosing” your home. It’s now become a reality; you must think of this as a business decision. You want to recover from this, and will.
Get started right away, have your home listed for sale with a realtor that can prove to you they have been successful with their short sale listings, ask lot’s of questions. Find out how many short sales they have had accepted and sold over the last 6 months for example…
Once you have listed your home for sale, believe it or not, a huge sense of relief is going to hit you like a ton of bricks! Finally, a start to putting closure on an out of control situation. Now you can start moving forward, most likely you will be a happier person just knowing that the nightmare of “not knowing what to do” has ended.
Finding a place to settle in for a few years will be easier than you think, the rental market has gone crazy. You have so many opportunities to live in beautiful homes it will surprise you, in most cases the monthly rent will be less than what you were paying for your mortgage payments.
