Loan Modification Doesn't Stop The Foreclosure Clock
February 18th, 2011
I especially enjoyed the beautiful weather last Saturday while out in my stomping grounds in Menifee, CA. Many of my past clients came out to say hello and were thankful that I was able to provide personalized support by taking the time to listen to their current Real Estate needs and concerns. But some of our conversations brought up issues that I think need addressing.
I would like to place emphasis on the subject of Loan Modifications and how there seems to be an overall misconception that needs to be cleared up. It appears that the vast majority of homeowners are unaware of the fact that even though a homeowner has applied for a Loan Modification, it does not stop the Foreclosure Clock. The Homeowner needs to be proactive with their frequency of calls to the bank. These calls need to be well documented in a conversation log with the bank and the representative with whom they have spoken. A well documented Conversation Log will help the homeowner prove their track record of correspondence should the multiple servicing departments not be communicating at their banks. If the bank gives instructions of when the homeowner should reach out to them with a follow up response, then the homeowner needs to mark it on their calendars and do just that. If my clients need guidance with the process they are always welcome to call me for this support.
Another area that is becoming a rule of thumb is that some homeowners are making choices not to pay their HOA dues. To do this is inflicting personal sabotage. If a homeowner is not paying their mortgage, then they should (in most normal scenarios) be able to afford the HOA dues they committed to when they purchased their home. Most homeowners are unaware that the HOA can place a lien on their property. Then when the homeowner gets the okay for their Loan Modification, they have now created another obstacle on themselves. The homeowner has vested themselves with the modification only to now have the HOA have the rights to place a Lien on the property and they themselves can Foreclose on the homeowner. This could have been avoided altogether if they had reached out to a Qualified, Caring Distressed Property Expert to be well informed on how to set themselves up for success.
If you are a seller or buyer in Menifee or one of the surrounding communities and would like more information on how I can help you with your real estate needs, contact Kristi Harden at 951-704-6370 or KristiHarden1@gmail.com. Together, we can identify all possible options and achieve the optimum results for you and your family.
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