Check out what Bob McCormick at KCAL 9 News says about short selling your home. This report is from 7/13/2009 news cast. He talks about considering how long it will take to get back to break even on your loan, other issues around short sales. His report reflects the issues we walk you through with regard to our real estate program for short sale and loan modification.
http://www.cbs2.com/video/?id=108588@kcbs.dayport.com
Tags: kcal 9 news, Loan modification, Short sale
I am a home owner. I have a CALHfa loan FHA. I can’t get this loan modified by my mortgage company because they said that they can’t lower the interest in this type of loan. I don’t understand why there would be such a loan that you can’t do anything to it when you are having financial hardship. I am behind in my mortgage 3 months. The only thing I was told that they could do if I qualify is to put the 3 months late on the end of my loan. But, this doesn’t help me to be able to lower my mortgage so I can pay my mortgage and not loose my home. I spoke to another lender and i was told that this kind of loan is tricky to modify but it can be done if I ask to have it done as a “subordinate loan”. I don’t know if this is really true or not. I haven’t been successful yet to get some help. I know that there has to be away some how. I just don’t know who to talk to that really know about these types of loans. I spoke with several people at the CALHfa agency but they can’t answer my questions. I keep getting “I think” or “I’m not sure” answers. If you can help, please let know what I should do or talk to. Thank you for your immediate attention to this matter.
Catherine