2017 Update! This original post was written about Santa Clarita Short Sales during the real estate crisis period when many homeowners were facing foreclosure and short selling their homes! Please keep in mind, the home Matt is sharing about is no longer listed for sale but we will keep this post, if only to enable our visitors to look back at market trends during the time period and possibly make their own future predictions regarding Santa Clarita short sales and real estate. Should you have any real estate related questions, please contact us today, Matt 661-347-6955.
Here is the post as it was written in 2010
In the video below you will see Matt Gregory, a Certified Distressed Property Expert, discuss Loan Modifications at one of his short sale home listings in Santa Clarita, CA. If you’d like more information about the home please contact us and we’ll be happy to set up a private viewing just for you. If you’d like to see some other properties we have available please visit our Gregory Real Estate Group website!
The mortgage history of the home where Matt’s making the video above, is a very common occurrence as far as loan modifications go. The homeowner was one of the lucky 4% that actually received a loan modification and it lasted one year before he defaulted. As many of you know, most folks who receive loan mods end up defaulting within the first year! the actual percentage is 67%. Yes that’s right! 67% of those lucky people who actually receive loan mods end up defaulting within the first year. One of the reasons the percentage is so high is because a loan modification is not right for most mortgages. It’s an ok solution for those that only had a temporary problem such as illness or loss of job. It’s not for those that are way upside down on their loans or those that can’t make their monthly payments.
Why Choose a Loan Modification?
The reason so many are turning to loan mods is because that’s all we’re hearing or reading from the MAIN STREAM MEDIA and paid advertising! It’s one way the lenders can get a little more money out of the borrower before the loan defaults! They suck you dry and then they default the loan! This just makes me sick! I’ll tell you right now, the solution for most people is not a loan modification! The real solution is usually a SHORT SALE!
Explore All Your Options
Contact the team here at ExtremeShortSale.com and we’ll help you explore your options for FREE! If your best option is a loan modification, we’ll provide direction as to how to take your first steps and a professional reference. As always, with any loan modification or Santa Clarita short sale, the submittal package to your bank is critical! If your submittal package is not complete, it will be filed away and never seen again. Don’t expect the courtesy of a phone call or email either! You can expect to spend many hours and days trying to contact them only to find out a month later that you must re-submit! We obtain and pay for a professional negotiator for all our short sales and if you list your home with us, it’s FREE!
Consumer Beware of SCAMS
PLEASE, do not pay money to anyone up front for a loan modification. Beware of the SCAMS and if it sounds to good to be true it probably is! By the way, don’t count on the whole business about a Forensic Loan Audit or a Check for Securities Violations. They cost $3000.00 to $5,000.00 and there’s less than a 5% chance of finding anything significant enough to help your cause. Let us help you, help yourself! That’s what we’re here for! Contact us today! Matt, 661-347-6955
We look forward to hearing your thoughts and comments regarding this topic, Santa Clarita Short Sale.