Save Your Property
My Options
In the event that a Loan Modification is not an option, Modern Realty is the leader in safe and successful Short Sales. Our team has closed 800+ Short Sales, with a 93.2% Short Sale success rate since 1991.
Loan Modification: Do I Qualify for a Loan Modification?
Perhaps a loan modification is what you need to save your home from foreclosure. Our team will determine whether this option is a possibility for you, and manage every step of the process.
A Loan Modification is when a lender agrees to modify any or some of the terms of your mortgage, making it more affordable for you. These changes may include:
1) Reducing or modifying your interest rate
2) Extending the term of your loan
2) Changing your monthly payments
4) Combining any of the above
A Loan Modification will give you a fresh start, bringing your mortgage up to date after capitalizing any delinquent interest, escrow, fees, and other costs based on investor guidelines. In order to keep your losses to a minimum, Modern Realty Foreclosure Specialists will need to develop a plan, document your current financial situation, and contact your lender to begin negotiations on your behalf in order to stop foreclosure and save your home.
Modern Realty Foreclosure Specialists may also help you with these alternatives to avoid foreclosure and help keep you in your home:
Reinstatement: Occurs when the property owner pays off the amount in default to bring the loan payments current in order to stop the foreclosure process and return to the original terms of a loan. After identifying that a reinstatement is the best and most feasible foreclosure alternative, Modern Realty Foreclosure Specialists will work with you to determine how best to produce the funds.
Repayment Plan: This foreclosure option lets you repay part of your delinquency each month, in addition to your regular monthly payment. A repayment plan is the perfect option for someone that experienced momentary financial hardship, but is now back on their feet. Modern Realty Foreclosure Specialists will negotiate with your lender to spread the past-due amount over a specified period of time.
Forbearance: In order to stay in your home, a lender will agree to delay or reduce payments for a short period of time, with the understanding that another option will be used to bring your balance current. Modern Realty Foreclosure Specialists will negotiate to get you the time you need to determine the best solution for you and, in many cases, will succeed in combining a Forbearance Agreement with a Reinstatement or Repayment Plan.
Short Sale
What is a Short Sale?
A short sale occurs when a lender agrees to allow a homeowner to sell the home for less than the mortgage owed on it. The lender either absorbs the difference or requires a borrower to pay it back in a lump sum judgment or payment plan.
This allows homeowners to walk away from their houses without going into foreclosure and seriously damaging their credit.
Why should you Short Sale?
Banks grant short sales for 2 reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth. Short Sales can occur for many reason - Divorce, Job Loss or unemployment, Bankruptcy are just a few.
To Qualify for a Short Sale you must:
- Prove Hardship
- Get a letter of Authorization which allows your realtor to speak to the bank
- Provide 2 months of bank statements
- 2 Years of W-2's & Tax Returns
- 2 most recent paystubs
- HUD-1 sheet
Contact a Modern Realty Short Sale Specialist
IMPORTANT NOTICE: Modern Realty is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
