I'd like to see how other realtors are handling Loan modifications. In my state (NJ), We cannot legally charge for processing loan modifications therefore I have to refer to attorneys or those who are doing loan modifications for living. What I sometimes do is analyze the person's situation to see if the bank would consider them for Obama's help for homeowners program. Most of those who came to my office do not qualify. I have suggested them to do a short sale, but they refused because they believe somebody could still help them therefore they end going somewhere else where somebody tells them they can do it. At the end, they end up doing nothing for them and the homeowner ending with even less money they had. I have also seen homeowners who have been paying on time, no hardship, no change in their financial situation who stops paying hoping that their bank will reduce their payment because someone in the road told them or they determined themselves to take advantage of Obama's program. The result of this is that they are in a deeper hole where they cannot get out of it.
My Only recomendation to these homeowners is to BE CAREFULL and analyze your own situation.There are many companies that have been closed because they were found taking advantage of this homeowneres who are seeking help. Modifications can be done by the owner themselves. Another thing I do for these homeowners is to encourage to do it themselves and use me as a support.
Some other options are:
•· Repayment Plan
•· Forbearance
•· Loan Assumption
•· Short Sale (Pre Foreclosure Sale)
•· Deed in Lieu
•· Bankruptcy
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