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Another Loan Mod bites the dust! My New Listing (again!)
Another Loan Mod bites the dust!  My New Listing (again!)
Back in the summer of 2010 I listed a home.  It was a HAFA short sale deal where the bank had already given us the price and approved the seller, I just had to find the buyer.
We got a buyer within the first week, but before the seller could even sign the contract, an attorney contacted her and told her that he would be able to do a loan modification for her and let her keep her house at a payment she could afford. (remember she had already been turned down for a HAMP mod, that's why we were in the HAFA program!).
Well, guess what? Friday I got a call from her, and Monday evening I re-listed her home.  Want to know what the attorney was able to get for her?
Her old mortgage payment was $1,650 per month.  The Mod that the attorney negotiated?  If she sends the bank $3,200 down, they will lower her payment to $1,634.  Yes, you read that right.  She gives them $3,200 and they will lower her payment by $16 per month.  Wow, that's really a help to her budget I bet!
Don't ... more

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