Harold Sharpe

Loan Modification Harold Sharpe

(951) 821-8211

Harold Sharpe is the owner of
So Cal Homes Realty.

Harold Sharpe is a Licensed
Real Estate Agent, since 2001.

Harold Sharpe is a
Licensed Real Estate Broker,
since 2005.

Harold Sharpe specializes in
Selling Houses, and
Finding homes for people.

So Cal Homes Realty is the
Real Estate Brokerage
to assist you in Buying
or Selling a House.

Feel Free to call Harold at
(951) 821-8211

DRE LIC #01312992

Monday - Sunday 9am - Dusk

After Hours E-Mail

Schedule to see Houses in Person Before they Sell!

Buy Homes

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Cant Make House Payment

Upside down mortgage options.

Notice of Default

What is a Notice of Default?

Notice Of Default - Avoid The Scams

Loan Modification

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Loan Modification

First and foremost Do not sign your deed over to anyone!
Stay away from the scams!
Know your rights!

There are Two Types of Loan Modification

There is a Temporary Loan Modification and a Permanent Loan Modification.

If you are feeling the pinch of your Loan Payment there is a Loan Modification Calculator to see if you qualify.

Calling a Government HUD office is a very good idea as well. They are there to help you. They are free! SEE Government links on the Home Page.

If you cant make house payments, or are upside down, you may want to see what your options are.

A Loan Modification may help in reducing you payment usually by, a reduction of interest, or extended you loan term to 40 years. For those of you who think, the bank will reduce the principle, the amount owed on the home, you are in LA LA land. A reduction of Principle is highly unlikely.


Some banks say they will give you a temporary loan modification in which you will work into a permanent Loan Modification. BEWARE - Many have fallen into this made the payments only to have the home Foreclosed upon anyway.

If you are going to try a Loan Modification do it BEFORE the bank(s) file a
Notice of Default. If you do it after you are in jeopardy of foreclosure and they wont even tell you. I hear about it time and time again, even for the few that make all of their temporary loan modification payments on time. Be Careful!

What is a Notice of Default ?

For many once the bank has filed a Notice of Default this is the beginning of
a foreclosure process. You should highly consider a "short sale."
You should consult a Real Estate Attorney, and a CPA immediately. DONT WAIT! The clock is ticking and the banks do not answer the phone and do anything that day or that week.

Some of you may have noticed the commercials for Loan Modification have come to an end. If you don't know why, it is simply because most of those doing loan modifications, were taking people's money, a deposit for services, and performed little to no services. In other words, they scammed people who need help the most. Some did it with the commercial "attorney backed" etc.
In October 2009, the State of California passed a law saying you could take no money up front.
If they really were trying to help you, why argent they still? Just because there
is no money up front shouldn't change much right? Well they are pretty much all gone. You do the math.

You Can Do Your Own Loan Modification.

Call your lenders and try to work out a Loan Modification.
Up front I will tell you it is not a scary process, however, many are afraid because they are really afraid of the situation they are in. This is not the time to bury your head in the sand.

Communicating With the Bank for a Loan Modification.

When a person listed on the loan, calls the bank, the bank has certain responsibilities to answer truthfully and honestly. This is not the case when you hire a loan modifier or a real estate agent to help or assist you.

Have patience, expect the run around, and have your information ready:
Recent pay-stubs
Property Tax bill
2 years tax returns
Mortgage statements
A reason why you need this loan modified.

I caution you here and let you know it is not wise to state that nothing has changed since you purchased the home and you committed fraud on your original loan documentation. Have a verifiable reason, and have it in writing.
A short half page will do. The Banks do not want your life story!
The banks don't care. Banks are an entity. While it may be a frustrating process, think of the money you may save. Think of the house you may save.

When you have your 5 items above, call your local HUD Office and make an appointment. The counselors are there to help you.
Taken from the HUD site- January 2010

SPRINGBOARD- HEMET Phone: 800-947-3752
Toll-free: 800-947-3752
Fax: 951-781-8027

1555 West Florida Avenue Hemet, California 92543
- Mortgage Delinquency and Default Resolution Counseling
- Pre purchase Counseling
- Renters Assistance
- English


SPRINGBOARD- TEMECULA Phone: 800-947 3752
Fax: 909-781-8027
27715 Jefferson Ave Ste 113 E
Temecula, California 92590-2660
- Mortgage Delinquency and Default Resolution Counseling
- Pre purchase Counseling
- Renters Assistance
- English

HUD knows what banks are more likely to accept and help you.

If you don't have it all together get it. Go to HUD and be ready for a process.
Be Patient.

You will be sending the bank a package. MAKE SURE IT IS COMPLETE!!!
Make sure your loan number is on every piece or scrap of paper!
Banks loose information faster than clothes dryers loose socks.
It is up to you not HUD to follow up with the bank. at minimum, WEEKLY! Confirm they have the package. Ask what exactly is the next step. then next week verify it even if they said 4 weeks. Get use to calling the banks every week.

The bank will tell you they will call you back. hahahaha
You will contact them for an updated status every week!

You are not alone!
If you are here you are one of the intelligent ones who is doing something
about it. 70% think they should JUST file Bankruptcy. There are other options that make sense.

A short sale can be the path to a fresh start.
Imagine not having that upside down house payment hanging
over your head anymore. Imagine the relief you will feel in a few months.
A short sale may be the wise choice if you are in a bad situation.
Consider all of your options. Consult with and attorney, and financial advisor.

A Real Estate Agent is licensed by the State of California.
That may not make them miracle workers but they will divinely try.

Stay away from the scams!
Do not sign your deed over to anyone.
Know your rights!

I Wish You All the Best

Harold Sharpe - Broker
So Cal Homes Realty


The aforementioned is meant to serve as a guide to most people in most situations. Everyone's situation is different and you should get legal and
financial advice from qualified people. It is beneficial to get legal and financial advise in all situations from experts in their field.


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