Loan Modifications & Short Sales: The Importance of Being Realistic

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Loan Modification Expert, Michael Gaddis, J.D., recently discussed the importance of being realistic when attempting to obtain a loan modification or short sale from lenders such as Wells Fargo, Bank of America, Nationstar, Select Portfolio Servicing, etc. during his weekly radio show on San Diego’s KCBQ AM1170 The Answer.  Michael Gaddis, J.D. stated during the show that he receives numerous calls every week from homeowners throughout the State of California seeking his advice on loan modifications.  Loan modifications have become more and more difficult to obtain in the past year or two.  The problem for homeowners is that increasing property values have decreased the risk of loss to investors which, in turn, decreases their motivation to provide overly aggressive loan modifications.  Another problem is that many homeowners have already received one or more loan modifications which narrows their options.  Every loan modification scenario needs to be addressed subjectively, on a case by case basis.  Out of 10 people that contact Michael Gaddis, J.D., he is only able to help, on average three to four.  Another huge problem is that homeowners have unrealistic expectations about what can be achieved through a loan modification.  Unfortunately, many homeowners just cannot afford to stay in their home no matter what the lender does.  Michael Gaddis, J.D. points out that when faced with the proposition of losing their home, homeowners become desparate allowing themselves to become susceptible to scammers that take advantage of desparation.  Michael Gaddis, J.D. warns homeowners to not believe in leprachauns and unicorns.  They do not exist.  Michael Gaddis, J.D. has been assisting homeowners with loan modifications since 2008 and since that time has helped over 2,500 homeowners keep their homes.  When it comes down to it, loan modifications come down to mathematics.  Resolutions that defy math have an extremely low probability of success.  Michael Gaddis, J.D. encourages homewners to take emotion out of the equation and look at their housing situation as if it where a business decision.

Watch the video and you will see just how passionate Michael Gaddis, J.D. is about helping homeowners make the right choice when faced with losing their home.  For more information about Michael Gaddis, J.D. please visit