Florida Foreclosure Help in Hollywood, south Florida short sales

In the news this week have been stories about those who have been working on loan modifications with their lender but getting their homes sold out from under them at the foreclosure auction.

The case of Stephanie Lulko loan modification from Oklahoma City is particularly disturbing.  JP Morgan Chase agreed to a trial loan modification under the HAMP program.  She made monthly payments for 6 months and then the bank said she earned too much to qualify and will have to pay $5000 or the bank will foreclose on her home.  She has been unemployed since August.  Today’s edition of The Wall Street Journal cites numerous other cases in which banks messed up loan modifications for borrowers.

The government gave false hope to millions of homeowners by promoting a loan modification program that few could qualify for.  They aimed to help 3,000,000 homeowners with a loan modification.  1.4 million were approved for a temporary loan modification but  more than half of those dropped out because they didn’t qualify.  That means that less than one quarter of the people the government program was supposed to help were actually helped.

A loan modification can be a great benefit  You should begin by going to the government website to see if you qualify.  But, even if you do on paper, it still depends on whether or not the bank follows the government guidelines and whether they process your application properly.  You will have to be on top of the case.  http://makinghomeaffordable.gov/modification_eligibility.html

You should also consider whether or not it is better to keep the house or unload the debt in a short sale.  Try this short sale calculator http://www.myshortsalecalculator.com/

For more information on the pros and cons of short sales see www.BelroseProperties.com

Related posts:

1. Are Loan Modifications a Government Scam?
2. Foreclosure Crisis – What are the Numbers?
3. Foreclosure Crisis – Another Wave Of Foreclosures To Hit South Florida