Chicago IL – A lot of people in today’s lending market are stuck. They locked in their interest rate when rates were higher. Now, they are barred from refinancing because they are upside down on their house.
Whenever they apply for a new loan, the first thing the lender says is, “The current property value is less than what you owe. We can’t lend you enough money to pay off your old lender.” Do they have any options?
Their best option is probably a loan modification. Their lender is more than likely to work with them since their home dropped in value.
They may have to stop making payments before their lender will approve a loan modification. But, some lenders are even modifying loans that are current.
I’ve heard of homeowners stuck with a loan where the payments are going to gradually increase over time. Their current interest rate is 6%. But, it is going to increase by 1% a year until it hits 9.5%.
They can afford the home at the current interest rate. But once it goes higher, they will have to do something. Why not do it now?
Take the onetime credit hit and lock in a reasonable interest rate. Some people have been able to get their interest rates on jumbo loans reduced to between 4% and 5%.
Many loan modifications will even reduce your interest rate as low as 2% for 5 years. But, stick to your guns and lock in a reasonable rate for the remainder of the loan.
You don’t want to have to apply for another loan mod in 5 years. (Most people don’t see how interest rates could possibly go any lower.)
We offer a loan modification guide to consumers. Here is what we cover in the Stop Foreclosure Institute’s Loan Modification Insider Secrets Guide.
* An easy to understand, Step By Step Guidebook.
* How to write a Hardship Letter that gets your loan modification approved.
* Three big loan modification mistakes and how to avoid them.
* Loan Modification from the lenders point of view.
* How the Making Home Affordable Program can help you.
* What not to do so you don’t risk being carted off to jail.
* How to calculate your budget properly to increase your chance of success.
To request this kit, please click here to request a copy.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. 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 (312) 953-6725
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Remember to visit my Chicago short sale blog Short Sale Super Man for great tips and information on short selling in Chicagoland www.ShortSaleSuperMan.com
Thanks for reading this, Phil Buoscio.
Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc.. Chicago Short Sales Realtor:
Phone: (312) 953-6725. email@example.com.
View My homes for sale at www.BetterLivingRealty.com.
Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. 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. The views expressed here are Phil Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc..
This information on Chicago Short Sales: How To Lower Your Mortgage Payment Without A Refi is provided as a courtesy to our viewers to help them make informed decisions.