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A Common Northeast OH Loan Mod Mistake

Northeast OH – The Stop Foreclosure Institute recently received a question from a person attempting a loan modification on their home. Here was their question.

“I have a first mortgage for $197,000. That was my original loan from when I bought my home. I borrowed $250,000 on a second mortgage for a remodel.

My house has dropped dramatically in value. It used to be worth over $500,000, but not the value is more like $250,000.

With the recent decrease in value, I would like to get a modification on my second mortgage. I would like to get that reduced to $250,000.”

Get my Free, Step By Step Loan Modification Guide by clicking here.

We talked to this fellow and found out some other information. He mentioned that he was having a hard time paying the second mortgage.

He did mention that he was saving up $7,000 to settle a $25,000 debt on a credit card. That was the shocker. Why would you pay $7,000 to a credit card rather than paying your mortgage?

That will cover his second mortgage payments for almost a year. He thought it was the best opportunity he would ever have to avoid repaying the $25,000.

This was when I told him about a client we helped with a short sale. This seller had been chased down by a credit card judgment for over 3 years. However, they couldn’t levy her bank account or garnish her wages. Why not?

She found a state law that forbids garnishments when a person is a head of household. This is good news for the guy who wants to pay $7,000 to the unsecured credit card.

How does that impact his loan modification? It doesn’t. He still has to go thru the excitement of negotiating that. But, it does free up his finances dramatically.

Here is the bottom line. You don’t always have to choose between keeping your house and getting your wages garnished. If you are considering a loan modification, then first look at what other debts you can stop paying. Thinking about a loan modification?

Our Northeast OH loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at to request a Free Copy.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (440) 348-5500

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: (440) 348-5500.

View My homes for sale at

Andy Morris specializes in loan modification assistance and short sales in Northeast OH. Northeast OH Modification Help, Northeast OH Short Sales, Northeast OH Short Sale Realtor, Northeast OH Short Sales. Northeast OH Realtor, Northeast OH Stop Foreclosure, Northeast OH Foreclosure Prevention, Prevent Foreclosure Northeast OH, Northeast OH Foreclosure Defense, Northeast OH behind in Payments.

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