Phoenix Loan Modification

Your Phoenix short sale specialist believes that there are better options then foreclosure, however loan modification has a very small percantage of success. The loan modification is an attempt to lower you payments in order to keep the borrower in the home. There are several risks involved with the completion of a loan modification.

****most statistics state the national average for a successful loan modification is close to 10%

****Many banks will offer a trial period but in most cases will not disclose upfront that your credit can be affected while doing a trial period loan modification.

*****90% of my clients that I have talked to have been issued rejection letters from the banks after attempting to do a loan modification.

Banks understand that a high percantage of borrowers who attempt loan modification will eventually short sale or foreclose. The banks job is to collect mortgage payments, and when the bank can get the borrower to agree to a trial period they have accomplished their role as the bank. In the Phoenix market, with the high rate of foreclosure, the bank may not postponed auction dates while the borrower is attempting a loan modification. As a short sale specialist, the Steve Horn Team can advise you on all options.

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