Posted by: terryorealtor | February 14, 2009

What about Loan Modifications?

We are definitely starting to see more lenders work with homeowners to perform loan modifications…..the caveat we have seen so far is it appears that banks that retained the notes(Did not sell to Investor’s) are working more closely with the homeowner.

Understand you may have a bank that has your loan but they may be the servicer NOT the holder of the note.

What also appears to be the case, those homes listed as short sales takes twice as long to come to an agreement when investors are involved vs when the bank solely retains the note.

Perhaps our government should come down on the investors to play ball as well in order to bring about some sanity to this spiraling economy.

If you are a homeowner in distress call your bank. Do not take NO for an answer until you get maybe 5 or more  solid no’s.

Call back  and call back again. Ask to speak to a manager. Ask to speak to the office of the president if that does not work.

I realize the hassle and emotions involved but TAKE consistent action until you know you have exhausted all means.

Most of those individuals answering the phones up front are unskilled, cheap labor hired to screen and be a barrier to getting further into the system. Many have absolutely no people skills and absolutely no knowledge of what they are speaking about. They read from computer screens.

You may have to go to google and look for specific numbers. If the bank is local , walk into a branch and ask to speak to someone in charge about your situation.

If  loan modification fails, first speak to a Real Estate Tax Attorney or qualified CPA before making a decision to do a short sale and/or foreclosure.

If a short sale is  indicated as the best option and you live in the Greater Walnut Creek , Ca area and surrounding communities , then give us a call.

We  are experienced short sale specialists and will be more than happy to list your home , procure a buyer and oversee and negotiate a short sale of your home.


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