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Is There Life After a Loan Modification Gets Denied?

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Hi there, I’m Shawn Polston with Keller Williams Realty, one of Tucson’s leading Short Sale teams. It’s interesting because you guys teach me a lot of things sometimes. There was one thing that I ran into the other day that I just scratched my head on. I had never thought about it but it actually kind of made sense. I was out in the neighborhood visiting houses to see how I could help people. I ran into someone that told me they couldn’t do a short sale and their house had to go to foreclosure because they were denied a loan modification. I can guarantee you their lender didn’t tell them that.

They are under the impression because the loan modification wouldn’t work that it meant they didn’t have any other options or consider a short sale. I was able to help this person and we made a phone call to the bank and were able to get this thing turned around. What dawned on me is that I needed to get this out there. If you have been through the loan modification process and you did not get a loan modification, that does not mean that you can’t do a short sale. Actually in most cases, that means you are completely qualified to do a short sale and your lender would rather you do a short sale especially if the alternative is them foreclosing on you. Your lender should probably tell you that. If you know anyone and they have been denied a loan modification, and they say they can’t do a short sale, please tell them to give us a call.

If a loan modification was denied because you have too much money, maybe that would be the case, but unfortunately in most of these cases that’s not why the loan modification was denied. The loan modification was denied because of the opposite because there is just not enough income and there is something else going on where the loan mod is just not going to make sense to the borrower or the lender and the lender is just not willing to do it. That does not mean you can’t do a short sale. We can help you figure that out in a short appointment in my office. Again, I’m Shawn Polston with TucsonShortSale.com and we are one of Tucson’s leading short sale teams and we are here to help. We can help answer any questions you may have and help you decide if you would like to move forward and have a short sale done on your home. Please pick up the phone or fill out my short sale request form and I hope you are having a great day.

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