Hello everyone Kelly Cook here with the KC Real Estate team, your Phoenix short sale specialist, thanks for checking out my blog. Our team specializes in helping homeowners in the Phoenix area avoid foreclosure through the means of a short sale. If you have questions about your underwater property, or are already considering a short sale, take a minute to browse my website or give me a call to discuss your options.
Today I wanted to talk about comparing a short sale versus a loan modification and what might benefit you the most. This is a questions I get often from Phoenix homeowners who want to stay in there house but can no longer afford their mortgage. In my opinion the only time a loan modification is your best option is when a principal reduction occurs. Unfortunately, not many of the Phoenix area lenders I have worked with are allowing this to occur for several reasons. Frankly most lenders across the nation are being incentivized to complete a short sale thanks to programs like HAMP and HARP. Because of these government run programs your Phoenix lender has no reason to consider a reduction of principal. If there are no options for a principal reduction you are not solving the bigger problem of your underwater home. If you would like to attempt a loan modification stop by my website and download our packet to get you started on the application process.
If you have any questions on your options for avoiding foreclosure give me a call today to find out what is right for you. Our team has the experience and dedication to work with your lender to help you avoid foreclosure today. I am Kelly Cook with the KC Real Estate Team, thank you for your time and I hope to hear from you soon.