Did you know that a majority of all homeowners that attempt a loan modification end up completing a short sale in Mesa? We're here today to talk to you more about why short sale experts in Mesa want you to think long and hard before making the final decision on which foreclosure alternative is best for your situation. Many homeowners are unaware about the extremely low success rate of loan modifications and are against completing a short sale in Mesa because the feel a loan modification is the answer for them without even thoroughly looking at the option of a short sale in Mesa.
So, why are loan modifications so unsuccessful? First of all, you have to apply for a loan modification through your lender. This process alone can take weeks or months because banks are currently slow at processing their loan modification applications. In fact, some homeowners never even get a response to their applications. Second, loan modifications often don't help the homeowner where they need it most: with a principal reduction. Instead, the lender will alter some type of loan term, such as the monthly payment amount or the interest rate but they just add this amount onto the back end of the loan. Homeowners that do get approved for a loan modification sometimes don't end up getting the financial relief that they were looking for and still end up defaulting on their loan. This is when they turn to the option of a short sale in Mesa.
If you are considering a loan modification or are facing foreclosure, short sale experts in Mesa want to urge you to thoroughly research all of your options before you decide which one is best for you. If choose a loan modification because you don't have enough information about completing a short sale in Mesa and the loan mod ends up not being successful, wouldn't you just want to save yourself the time and money and choose a short sale in Mesa from the start?