According to studies done by the Department of Housing and Urban Development, over half of the people who get a loan modification end up re-defaulting within six months. This, coupled with the increasing difficulty in obtaining a modification, indicates it is the not always ideal solution to pursue or obtain.
“The number of loan modifications being approved is on the decline. In 2012, 31% less loan modifications have been approved than at the same time last year. Moreover, 70% of people who get a loan modification end up in more debt that they were before. How is any of this a good thing?,“ asks Michaels. Loan modifications guidelines generally benefit those who fall into a very narrow and specific set of circumstances. In general, they were designed for those who have a temporary hardship. Unexpected illness and unexpected property repairs and are examples of temporary hardships. For homeowners who know that their financial difficulty is temporary problem, a loan modification may suit their needs.
For most people experiencing financial difficulty, however, these circumstances do not apply. Their financial issues are often larger and beyond the scope of what a bank will consider for a loan modification. For these homeowners, Michaels notes, that it is important for them to be educated on their options.
“For some homeowners in danger of losing their home to foreclosure, there has been a lot of incomplete information out there. For example, many believe that a loan modification is a ‘cure-all.’
“Loan Modification Secrets,” can be downloaded for free from Michael’s website at: http://michaelsrealestate.com/
Tania Michaels is a certified Las Vegas short sale agent who carries the Certified Distressed Property Expert (CDPE®) designation. CDPE’s have been trained to be knowledgeable of the entire landscape of foreclosure avoidance options and are distinctly qualified to negotiate with banks and help struggling homeowners regain peace of mind and a sense of stability for the future.
“I want everyone to own a home,” says Michaels. “Even if you have to short sell the one you have now, I want to set you up for the best possible future. To me, your best possible future includes owning real estate because a property owning republic is a republic where people have freedom. That’s why homeownership is the cornerstone of the American Dream.”
Certified Las Vegas short sale agents are those who have proactively sought out the most respected designations and networks in the industry to help clients within the complicated and highly charged default property arena. Tania Michaels is a certified Las Vegas short sale agent with the CDPE® designation. Adept at negotiating with lenders, Michaels is considered an expert in the short sale industry by her clients and her peers.
Tania Michaels is a REALTOR® and a Las Vegas CDPE® short sale agent. This multilingual, multifaceted, award-winning 16-year real estate professional in Las Vegas, specializes in representing sellers in the sale of their property (including short sale negotiations)
If you have an interest in selling your Las Vegas real estate, Tania can be reached through her website at: MichaelsRealEstate.com