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Bryce Schumacher's Advice

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Bryce Schumacher wrote:

Can a foreclosure occur before the bank makes a approves/denies my loan modification?

The answer is yes unfortunately. The Zielinski's are right where two different segments of the bank can move towards foreclosure and your modification. Make sure to check the HAMP website as mentioned before by Josh. The same thing goes on when a prospective buyer looks to purchase a short sale and then often times that property they put an offer on goes to foreclosure. Bryce SchumacherJ. Rockcliff Realtors
April 03 2012

I am in Livermore California (94550 zip) and have a question regarding a short sale vs staying put.

Well. Depends on your situation, long term goals and patience. It sounds like the 6% rate is still pretty high still. Chase is good lender who proactively participates in short sales. If you can get the short sale approved you will be back in the market assuming your credit is clean in about 36 months to get an FHA or conventional loan. You may be better off financially with this move vs. seeing where home values are in 15 years. At that time it could be another housing bust.
April 03 2012