Loan Modifications In San Diego

The declining housing market and the weary buyers, San Diego real estate agent had to adapt to the changing market.  One way is doing a Loan Modification for clienteles that’s about to lose there home or unable to refinance because they are upside down with there mortgage.  The Obama stimulus plan allowed Loan Modification to be more of an avenue for home owners.

What is Loan Modification?

Loan Modification is another tool San Diego real estate agent can utilize to save there clients home or investment homes.  Ways this is possible is by modifying loans to reduce the interest rates, payment and sometimes the balance (Mortgage Balance Short Sale).  One example is by reducing the loan to 2% for 5 years and adjusts to 5% for the remainder life of the loan.  Not all loans can qualify for a loan modification, especially with the Obama Stimulus Plan.  Homeowners that are 105 LTV can qualify for a loan modification but what about the majority.  In the stimulus plan, it was determined that loan modification is not meant to stop foreclosure but to reduce it.

Besides short selling, San Diego real estate agents can now use loan modification to help there clients stay in there home.  But be diligent in doing the research on the company that’s doing a loan modification and make sure “You Are In Caring Hands”.

Michael Carter
San Diego Real Estate Agent
MTC Future Realty
(619) 488-5774