Looking for Help from a State Mediator?
State and Federal help for homeowners can be found but use caution when applying to their programs.
We Buy Houses - Fredericksburg VA: There are few things scarier than the thought that you could lose your home. Going to someone you think can help might be very tempting. Are they really that much help or could you be wasting precious time on a wild goose chase? States have people in position to help those who could use some advice about their financial inability to pay the mortgage and what to do about it. The problem with many of these offices is that they are government funded and government run.
They can offer you the loan modification program started by the federal government over a year ago. The program is designed to help you change the terms of your loan so that it is more manageable. In most cases the modification will mean that you will pay less each month for your mortgage. That’s a pretty noble idea and would be very helpful if it did indeed work.
Be sure to leave your other options open in case it doesn’t work out for you.
There are problems with the program, though, as millions of strapped homeowners can tell you. With all of the restrictions they have in place for what they can tell you about the status of your application, whether or not you will qualify when all is said and done, and more, you will be in the dark until the last days of the process. If you apply for this program and continue to seek other avenues as well, it might make sense to at least try.
Whatever you do, though, don’t think you have been saved from losing your home because you’ve been allowed to apply. Even when you have made it through the next few steps you may not get the modification in the end. What happens then is why the program has been threatened with shutdown by members of Congress. The fact is that the lenders must see a viable payback program that will get them paid off eventually. When the loan to value of the house is analyzed, which is the very last step, many people are denied the modification.
By this time, it could be close to the deadline for foreclosure proceedings and if you haven’t got any alternative options, you could lose the house. The programs works for some, but if you apply make sure that you leave yourself room for other options as well. If you would like to sell the house quickly for cash, try calling a real estate investor for an offer.
 Judy and David - DJJ Properties LLC We Buy Houses Mid-Atlantic If you have a house that is not selling or you need a fast solution to sell a house quickly, contact us today for a free, no obligation offer on your house for sale! “We like to help people solve problems in real estate”
Contact us at 703-376-8027 or complete our Home Seller Questionnaire for your easy solution to selling a house fast!
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Filed under: House Selling Tips
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