Is Your Loan Mod Or Short Sale Taking Forever To Be Completed?

Why does it take so long to get a loan modification or short sale completed? Here are some of the many reasons for the delays:

1.     In many cases it is very difficult to collect all the necessary documentation from borrowers. This could be because the banks have misplaced them along the way or it could be because the borrowers take time to respond to the request for documents.

2.     Often, no matter how many times the borrower calls they can’t speak to the person in charge of the file.  In most short sale or loan modifications several different departments must touch the file.

3.     Although the borrower and agent may never speak to the investors, they are the ones who often make the decisions.

4.     Because of the large number of files and stressful environment, many short sale and loan modification departments are overwhelmed and often have new employees starting weekly due to volume and turnover.

5.     The listing agent may not know all the necessary steps that need to be completed in order to get the file finished.

6.     It is up to you to be persistent. Many times nobody is consistently following up with anybody else.