By Manny Singh, PA
If you are trying to make a decision to keep your property, you might want to take into account the following issues:
1. Value of the property. Is the property worth keeping? You need to get an accurate valuation for the current market value and compare it to what you owe.
2. What would be your alternative? If you were to rent another property, how much would it cost? You need to do a dollar-to-dollar comparison. Would it be cheaper or more expensive for you to rent? If there would be a positive savings, you could use this towards a new home.
3. Affordability of the modification. Can you even afford to pay the modified amount as it is offered now? If you cannot afford the new payment, then entering into any kind of an agreement with the modification company will also end up as a further loss for you.
4. What will the final permanent modification numbers be? This will depend upon what the final offer is from the bank. From various reports, some banks are not offering permanent modifications even after successful trial modifications, and some are offering deals that may or may not work for you. It is, again, a question of affordability and what the final permanent modification is that may be offered to you.
5. As a last consideration, if you stayed in the property for several months with a foreclosure defense, would that be more beneficial than your keeping the property with the negative equity and other factors listed above?
6. Will you be able to purchase another property if you do not keep this property? I have been informed by several mortgage brokers (you can verify this on your own) that you can get another property after two to three years, under certain circumstances, and it may be longer if you have a federally insured loan.
Ø The Law Offices of Manny Singh can handle short sale. We can also refer you to brokers who can list your property and work with investors ready to buy.
Ø The Law Offices of Manny Singh can provide your foreclosure representation. Please note that a response is usually due within 20 days from the date of service.
Ø The Law Offices of Manny Singh handles both Chapter 7 and Chapter 13 Bankruptcies. A Chapter 7 is a liquidation plan and a Chapter 13 is a repayment plan.
Ø The Law Offices of Manny Singh can help you restore your credit.
Ø Please contact our office for free initial consultation if you have any questions or we can be of assistance to you
Ø Please contact our office for free initial consultation if you have any questions or we can be of assistance to you
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