Last Updated on Sunday, 24 August 2008 11:24 Written by Clancy Fort Friday, 21 March 2008 13:18

{mosimage}I have been dealing with distressed properties for the last year and a half which can be very depressing. In the process of working with Short Sales and Foreclosures, I found a better way, Mortgage Modification.

Everyone would agree that this is not the best time to sell a home. There is way too much inventory on the market and the buyers aren't looking for just a deal, they are looking for a screaming deal. Prices for the most part are dropping.

The folks that have to sell are going to accept a lower price than they probably hoped in order to get the property sold.

Here's where the mortgage modification comes in. If you are having financial troubles keeping your home because your mortgage has adjusted, there is a way for you to keep your home. A mortgage modification is where your current lender comes to an agreement with you to give you on a lower, fixed interest rate for a up to 3 years so they don't have to foreclose or deal with a short sale on the home.

THIS IS GOOD FOR EVERYONE.

1. You get to keep your home.

2. The bank doesn't have to take a foreclosure or short sale loss.

3. Stabilizes property prices in your neighborhood by taking inventory off the market.

4. Helps stabilize the financial markets that back mortgages.

There are risks involved but for the most part, if you qualify, your current lender will fix your mortgage to keep you in your house.

Mortgage mitigation works in conjunction with the potential sale of your property. It may or may not be right for you. It depends primarily on you current income and debt load.

Mortgage Modification is not refinancing your home. It is negotiating with your current lender to fix your current mortgage.

In order to determine if you may be eligible for a Mortgage Modification, please feel free to give us a call to set up a free consultation at 888-801-6050.

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