Erin Newington, Elk Grove Realtor (916) 548-9198

Should I short sale my Elk Grove home or do a loan modification?

Every homeowners instinct is usually to try and save their home from foreclosure.

They try everything they can to save their home. Borrowing money from family, racking up credit card debt, renting a room, or getting another job.

Many of my clients look to a loan modification as a way to save the day their home. Did you know that over 90% of loan modifications fail?

Believe me... I wish this would solve the problem for my client. Although I make my living assisting people negotiate a short sale with their bank... At the end of the day I have a huge heart and I want to see these homeowners save their home.

Unfortunately, sometimes there are no options for the homeowner to avoid having to move. Many look to a loan modification to save the day.

So why don't loan modifications work?

The biggest reason ---------> Homeowners accept unaffordable loan modification terms!

I hear it all the time... It's OK Erin... We were able to negotiate a loan modification and they gave us a 2% interest rate. Wow! That seems like the problem is solved and we can all go about our business. BUT then I ask the client... So for how long is that reduced interest rate good for? The answer I hear most often is 2 years. Well... How is that going to solve your problem? What happens in 2 years when your loan terms convert to your previous terms? Sounds like you will be right back where you are now???

I think the homeowner hears the 2% and they jump for joy that they get to stay in their home.... Well for now.

No one wants to loose their home... No one wants to move... No one wants a foreclosure hanging over their head... No one wants to tell their family, friends, and neighbors that there may be a problem.

The idea that they can quietly renegotiate their loan terms must seem like a dream come true. BUT is it? Or are they just putting off the inevitable?

Keep in mind that most loan modification result in a higher loan balance to the homeowner too!

If you are behind on your payment, there are past due payments and fees that are stacking up. When you do a loan modification, these back payments are usually tacked to your loan balance. If you have a mortgage balance of $300,000 and you are $10,000 behind in payments and fees... Your new loan balance will be $310,000.

So they're adding to your loan balance and offering you a short term lower payment.... Hmmmm Do those numbers add up to you?

If you are in the process of doing a loan modification for your Elk Grove home... It's really important that you run your numbers!

If this is an option you are looking at, please give me a call and we can sit down together and run those numbers! What is your best case option and what does that look like? Will the best case scenario for a loan modification solve your problem long term?

Get your answers and let's get you moving towards your financial recovery. I want to find a way to help you make the loan modification work... But if we can't find a way... I'd love to help you negotiate your Elk Grove short sale and make sure your other assets are protected.

This Elk Grove Short Sale Agent is ready to go to work for you!

Laguna West Homes for sale

Have you visited the Laguna West homes and real estate portal: Your single stop for finding a home in Laguna West. Here you can search every available home for sale in Laguna West a popular neighborhood in Elk Grove.

This great area of Elk Grove is very popular with my buyers. I recently sold a short sale located just 1 block from the lake! Find out more about this Laguna West short sale >>

As of today there are many homes and properties for sale that are available to search. The number of homes for sale in Laguna West changes daily, so be sure to keep coming back right here, to the best site for Laguna West homes for sale.

Make sure to sign up for my FREE Listing Alert Service! Find out when new homes in Laguna West in Elk Grove come on the market. I have lived and working in Elk Grove for over 30 years. I would love to show you around town and help you find a bargain this year.

Laguna West real estate portal: Search every home for sale in Elk Grove!

Looking for a HUD condo for sale in Elk Grove?

This HUD home just came on the market in Elk Grove! The absolutely stunning 2 story condo with 3 beds and 2.5 baths located in Laguna Pointe HOA. Impeccable design with an amazing floor plan. You will fall in love with this almost new home and the low mortgage payment!Take advantage of the low interested rates now and buy your first house in Elk Grove!

7515 Sheldon Rd #27103, Elk Grove, CA 95758 – $139,000
3 bedrooms
2.5 bathrooms
1757 Sqft
Built: 2008

See more pictures of this Elk Grove HUD condo for sale >>

HUD homes can be a great way to get into a condo without the hassles that come with FHA financing. If you use FHA financing to purchase this home, you can cut through all the red tape and get this one financed with out issues with the HOA.

Contact me today to schedule an appointment to see this home! I am here to help you buy a HUD Home this year!

Erin Newington
Elk Grove HUD Approved Realtor
Keller Williams Realty
(916) 585-3858

Sacramento HUD Homes for sale

I love working with first time home buyers here in Elk Grove and throughout the Greater Sacramento Area.

They are great clients to work with because the entire process is exciting to them!!! They are looking to buy their first home in Elk Grove and they want to embrace the entire process. As a Elk Grove Real Estate Agent it just makes my job that more fun! I get to watch from start to finish as they realize that this will be their new home!

It's not just finding the perfect home that exciting to them. I find first time home buyers are engaged at each step of the home buying process. They listen to my guidance and leverage my experience to get the the best deal we can.

Meet Travis and Elizabeth! They just bought their first home and will have a mortgage payment that is cheaper than their rent.

I would like to help you too get into a home in Elk Grove? If you are looking to buy or sell a home here in Elk Grove or the Greater Sacramento Area... Call me! This Elk Grove Real Estate Agent is here to help!

This great house in Carmichael closed without much stress at all... Yes it was a short sale!

I sold this home to an investor after the short sale was approved by Bank of America. It took about 3 months to get all of the numbers finalized, because there was a mortgage insurance company involved.

My clients were able to wait it out and they picked up a great house in great condition! They are going to have instant cash flow from this super clean investment home. In fact, they were able to pick this one up for less than appraised value. All the inspections came out pretty good considering the age of the house and nothing big came up during the transaction.

I have to say this is one of the more relaxing short sale transactions that I have been involved with in 201 as an agent! See just goes to show you a short sale … doesn’t have to be that painful!

If you know of someone who is struggling to pay their mortgage. I ‘m here to help! A short sale could be a way to get from under that payment you can no longer afford! Contact me and we can sit down and discuss if it makes sense to short sale your Carmichael home (or Sacramento for that matter)! Or you can call me at (916) 585-3858 and we can talk right now!

I'd love to help you through this mess! I'd love to apply for the job of being your Carmichael short sale real estate agent!