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Why Hollister Loan Modifications Are Bad: Family Rents Bigger House for $550 Less Than Old Home

Hollister CA – It's sad that the banks aren't willing to give anyone a principal reduction. The banks' reasoning is that if they start granting principal reductions, then every single upside-down homeowner will want one.

Click here to discover how other sellers successfully executed a short sale and avoided foreclosure.

As a result, people are stuck overpaying for their upside-down homes. Take an example of a family that bought its home at the peak of the market with a monthly payment of $1400.

Their lender agreed to forgive their missed back payments but wouldn't reduce the monthly payment. So, this family started looking at other options.

The family had recently had a first child and wanted to move out of a townhouse to a house with a yard. They found a bigger home with a large yard for their daughter.

The new home even had a two-car garage that the townhouse didn't. They liked the new home, but they liked the payment even better. The rent payment was $850 a month.

That's a 39% reduction in their monthly payment. Even worse, it would have taken 25 years for their house to be worth what they had paid for it.

Let's say they had accepted their lender's offer and agreed to pay $1400 a month. According to my calculations, they would have paid their lender $165,000 extra above what they pay for rent.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at israel@ighomes.com. 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 (831) 636-8858.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification?Our Hollister loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail to israel@ighomes.com to request a Free Copy.

Or, click here to request a copy.

Thanks for reading this.~Israel Gonzalez.

Israel is a Real Estate Agent at Beale Properties.

Phone: (831) 636-8858. israel@ighomes.com.

View My homes for sale at www.bestREOhomes.com.

Israel Gonzalez specializes in loan modification assistance and short sales in Hollister California. Hollister Loan Modification Help, Hollister Short Sales. Hollister Short Sale Realtor Hollister CA Short Sales. Hollister Realtor.

Important Notice

Israel Gonzalez, Beale Properties, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Gonzalez's personal views and do not reflect the views of Beale Properties.

This information on "Why Hollister Loan Modifications Are Bad: Family Rents Bigger House for $550 Less Than Old Home" is provided as a courtesy to our readers to help them make informed decisions.

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