Are lenders REALLY looking to help on the short pays
Elgin makes some good points in his post
It is amazing. As some lenders get it, and start to really work with sellers on short sale situations, others are in the dark ages and/or reverted back to previous policy. You have some lenders that are asking minimum documentation, offering relocation help, using desktop BPO's, and then you have the others. Dragging people along, not helping them at all, lying lying yes I said LYING to the consumer and agents, and KNOW THEY ARE LYING. There is no intention of helping the homeowner.
I again tell you as a consumer if you need help trying to do a loan modification go to the www.naca.com website and seek help. If that does not work IMMEDIATELY start working with a Real Estate professional that is KNOWLEDGEABLE working with short sales. Probably the most important factor after that is to have a plan b. Be prepared that this may not work. Regardless of what you and your realtor do. I realize this is tough talk, but it needs to be said.
My personal feeling is the banks on the short sale are not really looking to help in most cases. If they were the problems could have easily been resolved along time ago. At any rate get with a professional as quickly as you can. That is your best bet.
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