Chance Gates' Blog

Being house broke or house poor which ever you prefer, is when the majority of your income goes toward paying bills.

I talked with a loan modification expert this morning, and learned something new (I like it when that happens).

If you are working and have 75% to 125% of your income going to pay bills, you might qualify for a loan modification. This could reduce your interest down between 2-4% for the next 5 years. If you are upside down in your house (owing more than the house is worth) the loan modification might even be able to reduce your principle. The nice part about it is you don’t even have to be behind in your payments.

As a Reno/Sparks real estate professional, I encourage all questions or comments on the Reno/Sparks real estate market or any of the articles posted.  I can be reached by email at  chance at ballard-company.com or http://www.myspace.com/chancegates