If you do not qualify for a Loan Modification, what’s next?

SHREWSBURY, Massachusetts – Even though the Federal Housing Finance Agency has come up with a plan to help millions of homeowners from losing their homes to foreclosure by working out new payment terms, there are still many people out there who will simply not qualify for this assistance. If you are finding yourself in this predicament, there are some things you can do to improve your situation.

Before anything else, give your lender a call to try and work out a payment arrangement that works better for you. This is your first move, however if this is to no avail you do have other options.

You might consider a short sale, which is when a lender will accept less than what is due on the loan. In this instance you will avoid foreclosure, but you risk the possibility of having to pay taxes on the short.

Another option is to transfer your title in exchange for the cancellation of your debt, otherwise known as a “deed in lieu of foreclosure”. This is an arrangement in which the owner of a home turns over the deed to their home rather than going through the foreclosure process. This saves you the stress of having your home foreclosed upon and allows you to make arrangements ahead of time, and it saves the bank the time and money of the foreclosure. You will lose your equity, but you will not damage your credit.

About Steve Levine

For nearly three decades, Steve Levine of REMAX Professional Associates, has been one of the top Real Estate agents in the Central Massachusetts.  A ten-time honoree as #1 REMAX Agent in New England, he brings to the table the experience that comes from working successfully with over 2000 Buyers and Sellers, through all types of real estate markets.  Adept at everything from land development, to custom home building, to residential single family and condo sales, his “can do” approach has made him one of the most sought after agents in the region.

A consummate marketing aficionado, and recognized as one of the most innovative Realtors in the industry, he has spoken nationally on many occasions, training other real estate agents on customer service, marketing, and web presence, and is currently developing a suite of instructional videos designed to enable agents to take their business to the next level.

When not out selling Massachusetts’s real estate, Steve is a passionate photographer, musician and writer, and is constantly looking for new ways to express himself.

For a private consultation on your Massachusetts real estate needs, he can be reached by email at steve@shrewsbury.net, by phone at 508 735-4663.

You can also check out his photography website at www.stellarimages.us .