One of the many issues with loan modification is that you must "qualify" for the modification. A modification is complicated with a good amount of red tape. Many home owners sit and wait, not knowing their housing status fate, just to find out that they get denied due to one of many factors including but not limited to: "not enough income".
When your Loan Modification gets Denied, you have Options
You basically have 3 options after a denied loan modification:
- Find a way to Pay the Mortgage and stay put. Many go this route if they still have the income to support the mortgage, albeit barely enough income.
- Short Sale and move to something Cheaper. If you just can't pay and you value your credit score, do a Short Sale. Move to a rental house that is probably nicer than your house for less monthly expense and then buy a home at the new values in a year or two when you get back on solid financial ground.
- Don't pay and Walk Away = Foreclosure. Unfortunately, this is happening way too often. Don't go this route! You can most likely do a Short Sale which is far better on your credit report than a Foreclosure.
To get more information about doing a Short Sale on your house in Jacksonville Fl or Ponte Vedra FL, contact the Brad Officer Real Estate Team or read our full Guide To Short Sales in Florida.
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Give us a call at 904-234-5196 if we can help you buy or sell real estate in Jacksonville, FL.
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Listing information last updated on July 20th, 2019 at 4:23pm EDT.