In my opinion, loan mods are very tough to negotiate with large lenders like Bank of America, Wells Fargo, JP Morgan Chase, or SunTrust. The reason is because you are treated like a number.
In addition, in most cases the lender doesn’t own your loan. Someone else does. So when they negotiate with you, it is simply to go thru the motions.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
No, common sense does not apply in these situations! The good news is that common sense does apply when you are dealing with a small, local lender.
I remember hearing a credit union in my town run ads about how they didn’t treat you like a number.
The ads said something like, “When you bank with X Credit Union you aren’t a number. We talk to you on a first name basis.” I didn’t see the benefit then, but I do see it now.
I talked with a recent homeowner about how he negotiated a loan modification with a small, local lender. At first the lender played total hardball with him.
“Either pay us in full or we will foreclose”, they told him. They were firm on being paid in full. The said if he didn’t pay they would file foreclosure right away.
He was pretty and paid in full for a while. Six months later he grew tired of being dead broke (which is how his finances were after giving his lender most of his earnings every month.)
So he decided to “play chicken” with his lender. He stopped paying. His lender continued to play hardball. Finally, he consulted a bankruptcy attorney and had them take over the negotiations with his lender.
The lender backed off. They total changed their tune. No longer were they playing hardball. Now, they wanted to “work something out with him.”
Wow! What a difference that one simple thing made. Notice he didn’t have to file bankruptcy or anything.
But, the threat caused them to change their tune. In my next blog post I’ll explain why. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770-875-4268
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:
Phone: 770-875-4268. bion@bionsellshomes.com.
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Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Powder Springs GA Short Sales. Powder Springs Realtor.
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Important Notice
Bion Grady, Maximum One Realty Greater Atlanta, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.
This information on How To Get Your Loan Mod Approved When Negotiating With A Local, Powder Springs Lender is provided as a courtesy to our viewers to help them make informed decisions.
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