Westminster CO – I received a note the other day from Andrew. He was upset that I would tell people that are upside down on their house to ask for a principal reduction from their lender. Here was his email.
“I saw your blog post about how the banks won’t approve principal reductions for people who are struggling financially.
You recommended that anyone upside down should short sale their house because that is the only way to get the amount they owe reduced.
These people took out a loan and made a promise to do everything in their power to repay it. I think it is wrong that you would openly recommend them break that promise.
All that does is make it harder for someone responsible to get a loan. They banks have lost so much money because people walked away from their mortgages that they are making it impossible for responsible people to get a mortgage. Andrew.”
Here was my response to Andrew’s email.
“Andrew, thank you for your opinion. Fortunately we live in America and everyone is entitled to their opinion.
I can understand that you are frustrated. It sounds like this has affected you personally when you tried to borrow money. But, let me ask you this.
I meet a homeowner named John. John’s company went under during the economic crisis and John lost his job. He was out of work for six months and burned up all his savings and retirement accounts trying to stay afloat.
Today John is working 2 jobs, but making less money than he did at his previous 1 job. He cannot afford his mortgage payment. His lender will not reduce the payment to where he can afford it.
If he pays it, then he can’t pay for groceries. He makes too much money to qualify for food stamps. So, what should he do?
Should he get a third job, work until he burns out, and then lose everything? Or, should he move to a more affordable house and try to get his life back on track?
I think he should do whatever he can to get his life back on track, whether that be a loan modification or short sale. I know you may think he should work 80 or 100 hours a week until he has repaid every single debt in full.
Ultimately John and his family have to do what makes sense for them. Fortunately, America gives you the freedom to make your own decisions on what is best for you. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at firstname.lastname@example.org. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 303-910-5655
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Westminster loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Steven Robertson.
Steven is a Real Estate Agent at RE/MAX Alliance. Westminster Short Sales Realtor:
Phone: 303-910-5655. email@example.com.
Colorado Distressed Property Consultant
View My homes for sale at www.MetroDenverRealEstate.com.
Steven Robertson specializes in loan modification assistance and short sales in Westminster Colorado. Westminster Loan Modification Help, Westminster Short Sales. Westminster Short Sale Realtor Westminster CO Short Sales. Westminster Realtor.
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Steven Robertson, RE/MAX Alliance, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Steven’s personal views and do not reflect the views of RE/MAX Alliance.
This information on Yes, I Do Think A Westminster Loan Modification Is The right Thing To Do is provided as a courtesy to our viewers to help them make informed decisions.