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Answers (4)
- JoEllen Ufner - ABR,GRI,SFR, "jufner"
- Contributions:397
It depends on the contract/paperwork you signed...I would recommend referring to your paperwork for when you can sell without penalty...there may not be provision and if that is the case you can sell anytime.....best of luck...or call the lender and ask....
- Andy Linss, "AndyLinss"
- Contributions:122
In my opinion it doesn't matter what money you have into the house or loan modification. What does matter is what your current situation is compared to your future potential. In other words look to the future, not the past. Your house is worth what it is worth. If you'd prefer a different house or can find a home that fits your family and finances better, make a plan to make that happen. Do some homework so you are sure you are making a good decision. Get a few Realtor opinions on what your home can actually sell for and look over the comparables they provide carefully to make sure you agree. (there are specific techniques to doing this). Investigate homes that might seem more suitable and try to imagine yourself actually living there and paying the monthly cost. If it still seems right, make it happen. (There is a lot more to this, but perhaps not right for this forum). Find someone to advocate for you!
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
I agree, you have probably plunked down some money to do that loan modification, in the hope that it will amortize itself out, if you turn around and sell, it will probably not be a great move for you financially.
Talk to a mortgage lender or your financial advisor or sit down and look at your numbers.
Talk to a mortgage lender or your financial advisor or sit down and look at your numbers.
- Lola Jefferson, "PleasedToBeYourAgent"
- Contributions:70
You can sell whenever you'd like. But you should probably make sure you can at Least break even on selling the home. If you will lose money, you will have to ask the bank to allow you to short sale the home.
Just after a loan modification, how soon can one sell?
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