858-345-3825
You’ve heard the term loan modification in San Diego, but most of you know the truth behind a loan modification in San Diego. Very few banks are willing to negotiate on both interest rates and principal reductions for the mere reason that the national unemployment rate is still hovering around 10%. This along with the high percentage of homes with negative equity indicates to bankers that a short sale or foreclosure may be the only way to recoup assets. Chase, Bank of America, Wells Fargo and Wachovia are just a few of the bigger banks that are working with clients on loan modifications in San Diego.
The government recently launched a new program called HAFA to help push the loan modification process as many homeowners still carry very dangerous loans such as option arms and interest only loans. Currently these loans are manageable for many owners regardless of their equity position, but if rates changes (and they will) this could spell trouble for those that need to modify their existing loans.
This leads us back to the root of the problem, which is whether a loan modification in San Diego is an effective solution for you. We suggest you speak with an attorney to help guide you through the process. Here at The Approval Experts we can also help you understand other options such as a short sale in San Diego, which can help steer you away from the foreclosure process. A loan modification in San Diego is always an option and we believe it’s the first step in avoiding a possible foreclosure, but we know how the banks feel about these and that’s why we believe a short sale can be excellent alternative.
The Approval Experts is located at 2121 Newcastle Ave. Suite F in Cardiff, CA. The majority of our clients are located in North County San Diego, but we currently have transactions throughout San Diego County. When exploring your options and looking for a group of Realtors experienced in handling short sale transactions be sure to call The Approval Experts at 858-345-3825. Jeran Fraser and his team can help give you a better understanding of a loan modification in San Diego, foreclosures and short sales. We are the distressed property experts.
