Recently my business partner, Jenny Castaneda, and I have been fielding questions about Benicia, CA loan modification and short sales.

We have counseled clients who are trying to obtain a loan modification and ones who have sent money to a businesses who "tout" they will do your loan modification for you.

First off...please know you DO NOT have to pay someone to do a loan modification.  It is not rocket science.  It does take tenacity and resiliency.  There are free counseling services through the government to assist you. 

The most cumbersome part is gathering the papers the bank wants to see.  Just like in a Benicia, Ca Short Sale the banks are asking for your latest pay check stubs, most recent bank statements, a completed financial form and a hardship letter. Keep a pad of paper by the phone and document every time you talk with the bank and who you talk to.  Keep a log of when you fax or send documents to the bank. This builds a case if the bank is not responding and you can refer back to when you spoke to them.  and by the way....when you do call, the rep almost always says "this call is being recorded and we may be attempting to collect a debt."  I have found that this can work to your advantage, especially when a rep says there is no record...point out you spoke to so and so on this date and by the way, if YOU check your archives of recorded messages you will hear what we talked about. 

The major difference between a loan modification and a short sale is the homeowner is trying to stay in their home and not sell it.  BUT the process is the same to get your bank's final approval to either modify your loan or to short sell it. 

We counsel our clients to talk to a CPA and attorney.  In the case of a loan modification having an attorney, CPA or even a trusted Realtor review the terms may highlight something you did not understand and might not want to do.  Always have another set of eyes to see the terms the bank is offering to you.  In a short sale there are tax consequences and depending on how the letter is written may be a bigger impact than you thought.  

Our mantra is "Be Informed, Be Educated, Take it one step at a time."  This is your home!!  Please do not hesitate to call Jenny or I about Benicia CA Short Sale Questions or Loan Modification questions. Need to know how to write a hardship letter? Don't know what a financial worksheet is or you need one? We are always happy to assist!