Sacramento Real Estate Views

Sacramento Real Estate Loan Modifications

Sharon Wallace

Today I was out looking at property for a client when I happened on a very nice lady who had a nice story to tell.  It seems her mortgage had gotten a little out of control and she had written to her lender asking for a modification of her loan terms.

Within a couple days or weeks, she had a new packet at her doorstep with all the terms she needed and a little more.  Another homeowner who is able to stay in her home due to a loan modification.

By her own admission, Sharon was very fortunate and blessed.  It was nice to meet her and hear her story.

This Is Happening All Over the Region

I’m hearing more and more stories about people who have been getting loan modifications to help them stay in their homes.  With the new law signed today, many more people will be able to get help to stay in their homes.  It’s about time.

A word of caution: There are many “companies” out there right now claiming to know about loan modifications touting that they can help you for an advanced fee.  My advice is to never pay anyone for a service before you’re absolutely confident in their ability to help you.  There are many scammers out there right now preying on vulnerable people who are seeking aid in staying in their homes and avoiding the foreclosure process.

While there are many stories out there like Sharon’s, there are equally many horror stories out there as well.  Get a referral from someone you know and do your homework.

Related posts:

1. Home Loan Interest Rates Down
2. Foreclosure Cancellations Continue To Rise

Tags: loan modification, sacramento real estate

This entry was posted on Wednesday, February 18th, 2009 at 9:43 pm and is filed under Market Commentary, Sacramento Mortgage Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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