Having trouble keeping up with your Mortgage Loan Modification payments? You're not alone!
According to a report recently released by the Treasury and HUD, almost a quarter of the borrowers who entered into the Home Affordable Modification Program (HAMP) over the last two years have been disqualified. This is significant because the HAMP program is the most generous and stable of the Modification options out there and has had the highest success rate.
According to the report, almost 11% of those disqualified ended up in foreclosure.
However, over 12% successfully pursued a foreclosure alternative such as a Short Sale.
As a distressed New Hampshire homeowner it is important for you to know that New Hampshire is what is known as a DEFICIENCY STATE. In a Deficiency State, the lender has the legal right to go after the borrower who is foreclosed upon to recoup the difference between what was owed and what the lender ultimately nets on the sale of the property after the foreclosure.
In a properly handled Short Sale, the deficiency is forgiven! This allows you to move forward and begin the process of recovering both emotionally and financially.
If you are having difficulties making your mortgage payments and you have come to the difficult conclusion that you can no longer keep your property, the worst thing you can do is nothing. Don't bury your head in the sand! If you truly need to "walk away", consider pursuing a Short Sale.
For more information about Short Sales, in particular, and Real Estate, in general, you can contact me at 603-490-5344.