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It seems as though everyone in the world is offering to do loan modifications including traditional lenders, attorneys, Realtors, and even third parties that have just sprung up out of nowhere. It is tempting to believe their promises of lowering your payments and helping you keep your home and live happily ever after. The reality is your lender wants every dime they can get from you! Loan modifiers advertise to lower your interest rate, extend your term and even lower your principal balance. But the truth is your lender will only lower your principal balance as an extreme last resort. Most loan modifications that are successful only add your missed payments and penalties to what you already owe, lower your interest rate or extend the length of your loan. This only delays the inevitable because you are still upside down. Loan modification companies, lenders, and politicians like to talk about how they are helping you. I think you´re smarter than that. If you are upside down $100,000 or more, you would be crazy to continue to put good money after bad. It will likely take 10 to 15 years to have a dime of equity in your property. Why? You can do a short sale today and buy another home of equal or superior value for a deep discount of what you currently owe on your home now. Don´t believe the fairy tale ending they are telling everybody. You have been through enough financial hardship. TAKE CONTROL OF YOUR FINANCIAL SITUATION. Take the direct and intelligent path to financial stability and control. Call Ed Kittle. |