I lost my job 3 months ago and I'm now behind on my mortgage on my home in Olathe, Kansas. I knew there was a possibility that I would lose my job so I started working on a loan modification a couple months before I lost my job. I have not heard anything about my loan modification for the past 3 months and then yesterday I received a notice that my lender is starting to foreclose on my home. What are my options?

Question: I lost my job 3 months ago and I'm now behind on my mortgage on my home in Olathe, Kansas. I knew there was a possibility that I would lose my job so I started working on a loan modification a couple months before I lost my job. I have not heard anything about my loan modification for the past 3 months and then yesterday I received a notice that my lender is starting to foreclose on my home. What are my options?
Danny F. from Olathe, Kansas


Answer: Sorry to hear about your problem, Danny. According to AmHerst Securities Group who has monitored thousands of mortgages, 95% of the mortgages that are 60 days delinquent never were brought current nor where successfully modified. If a mortgage is 90 days delinquent, the percentage of mortgages never brought current or successfully modified was 99.2%.

Danny, if your mortgage falls into anyone of these categories and you have been trying to negotiate a loan modification and have been unsuccessful, I would suggest negotiating a "Short Sale". 


If you decide that a short sale is the best path, the Dowell Taggart Team would be available to assist you. If you decide to interview real estate agents, keep in mind the two most important questions when hiring a short sale agent.


The two most important questions when interviewing a short sale agent are:
1) How many short sales have you successfully completed? (If the answer is 15 or less, you might consider looking further)
2) How is the BPO process handled? (If the real estate agent says something like "it just happens" or "the lender orders the BPO", then you may consider looking further)


Why look further? An experienced short sale agent may not have the best path for you to successfully negotiate a short sale on your behalf.


Have any short sale questions, feel free to contact the Dowell Taggart Team. We would be happy to answer your questions.




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