Since we at foreclosehelp have so many short sale packages in the works with virtually every lender in the mortgage industry, we have the "inside track" on the latest lender trends.  Some of these trends can work to our advantage, while some work to our disadvantage. 

One such trend we have noticed in the past few months is that a handful of lenders have begun pushing for loan modifications over short sales, even going as far as using our submitted short sale packages to prequalify our clients for loan modification.  One such lender that is using this tactic is Indymac.  In just the last two weeks we lost four potential short sales with offers due to this tactic by Indymac.  Another lender is OCWEN, and they have been using the same policy for about three months now. 

We are concerned that other lenders will begin to follow the same trend.  Although we are happy that this policy allows clients to continue their dream of home ownership, it also creates yet another hurdle in the already complicated short sale process.  We have now made it our policy for sellers with those two lenders to receive a written letter of rejection for a loan modification before we begin to process a short sale with them.

If you have any questions about these trends or about short sales in general, please call Phil Williams at 1-866-820-4357 ext. 25 or e-mail him at phil@foreclosehelp.com