There are many things that people need to know to make wise decisions.In the area of short sales a owner needs to know that once they start the Foreclosure process they don't stop it.Even if you have a loan Mod in place the lender has not given up their right to Foreclose! If the loan mod doesn't work out then you may end up losing your home the next week...day etc!
What this means is if you are in the middle of a loan mod and they have not made this permanent yet the lender has the right to Foreclose at any time if you don't do exactly what they say!
There have been people that were doing loan mod's that ended up finding out that the bank sold their homes!
Having the right info is critical if you having problems with your lender and or making payments.
Knowing your options and making wise choices is also critical or you could end up losing your home.
There is one bank in particular that is making money each and every time they foreclose on an owner.They have a pretty sweet deal with the Government.For each home they foreclose on the government pays them back between 80-95% of the original note price....NOT what they paid for it!!!! In some cases they paid .37-.55C on the dollar......pretty good racket I must say myself!
A short sale may indeed be the best option for many that can not continue making their scheduled payments.
As with anything get with a Real Estate Professional that is an expert at short sales if that is what you need...anything less and you might be very disappointed! Short sales are not for the inexperienced or new agents.
If you need neck surgery you don't go to a General Practitioner....or hopefully not!
I have heard of people that were doing or in the process of a loan mod that thought they were fine only to find out that they had their homes sold at the court house steps!
Get with an experienced knowledgable Realtor or Attorney right away if you need help!
Regards,
Richard Goates
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