|
|||||||||||||||
|
CalHomes |
|
|||||||||||||
|
Are you underwater on your home value? Don't know if you are qualified for Short Sale or were recommended to foreclosure... Loan modification: It works if your home value is consistent with your loan amount. Let us say if your home value is $300k and the loan amount is $500k, is it worth to do loan modification - No. It is better to do a short sale and then buy a home in 2 years probably cheaper than the loan amount you owed before. Short Sale vs Foreclosure If you are qualified for Short sale it is better to do short sale and move on. Most of the cases your credit is about 70 to 110 points down with short sale as the lender indicates to credit bureau as amount paid but agreed for less. Most cases within 2 years you can rebuild your credit. In foreclosures your credit is affected more and also it will take about 5 to 7 years to rebuild. It will stay on your credit report for that period which will affect your ability to buy a new home. Let me know if you like to discuss more about your current situation and help you decide whether shortsale or loan modification is the right one for you. No fees involved. If your current loan is with Wachovia then we can get your short sale approved in 1 to 2 weeks and close with 30 to 40 days. |
|
|||||||||||||
|
|||||||||||||||
