Loan modifications in San Diego County are a rare bird. By the end of 2009, 33 percent of San Diego County homeowners owed more on their homes than the property was worth. Due to the fact that our property values have dropped so extremely it makes little sense for the banks to grant modification on homes in our county. I have seen people wait for a year with no response from the banks, and other professionals. If you were considering a loan modification as a solution to your financial struggles you need to examine this carefully.
There are new regulations from the federal government beginning in April 2010. It remains to be seen because of our high home values how this new government program will play out. Loan modifications and short sales in San Diego will still remain to be a moving target.
What is a loan modification?
A loan modification is when the lender modifies your current mortgage in order to work with you because of a hardship. These days that can be due to job loss or a sub prime mortgage readjustment.Usually it is in the form of a rate reduction and fixing the rate for a certain amount of time. Due to recent legislation There are new regulations from the federal government beginning in April 2010.I will update as I see things cnange.
If you are considering your options to put your financial problems behind you, call us. Hundreds of people like you have become debt free. You will speak to a lawyer, who will but all your options on the table, then you can decide what your next step will be.
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