Posted by: Meena Gujral | March 15, 2009

Loan Modification, Short sale or Foreclosure, What are your options?

It’s a tough economy out there today and homeowners around the country, in numbers never before seen, are struggling to stay afloat. Job losses, declining property values, a mortgage that now exceeds the home’s value – all of these can create a financial situation that requires some tough decisions.

When you can no longer make your mortgage payments, you have three options:

  1. Loan Modification: If your loan payments are too high, loan modification might be an option for you. For example, you could qualify for a lower interest rate. Loan modification is a solution that enables you to keep your house without negatively impacting your credit rating.
  2. Short Sale: In a short sale, your bank or lender may agree to let you sell your home for less than the balance owed on the loan in order to help you prevent foreclosure and help the lender avoid a larger loss on your loan.
  3. Foreclosure: In the event that a short sale or loan modification is not the right option for you, the next step is foreclosure. Foreclosure is a process whereby your lender takes over your property for nonpayment of the mortgage. In California, this can occur after two or three months of delinquent mortgage payments.  The timeframe varies depending on the lenders guidelines.

Regardless of your situation, you need someone who can help you understand what your choices are, help you take the step, and work with you to negotiate with the right lender to get the best deal.

That’s where I can help. With 22 years of real estate experience helping clients navigate through the process, I will work with you to understand your situation and help you choose the option that best fits your needs. I can show you how to negotiate a loan modification with your lender. I can help you find a buyer for a short sale and help you get the best offer possible. And if foreclosure is your only option, I can work with you to help you take that next step. If your home is located in the greater Bay area or the East Bay, I would be happy to help answer any questions you have.                                          You can reach me 510-279-9580.

These financial strategies are complex and you need someone you can trust. Someone who has your best interests at heart, and who has the experience, expertise, and the focus on delivering excellence that will move this process along for you as quickly as possible.


Meena Gujral


Help-U-Sell Achievers Realty

HUS logo


  1. Great 3 options.

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