It seems to me that a lot of people have been coming from out of nowhere to "help" financially distressed homeowners. I've done loans in the past, and I haven't been able to see any miracles out there for the distressed. The majority of these owners have negative equity in the property. I have advised these to first talk to their lender and a lawyer to seek a possible modification for which the lender will qualify you based on hardship. If that does not work, a short-sale may be possible, but check with your tax consultant and a lawyer for any financial and/or legal consequences. But recently, owners have been approached by third parties to do the financial packet on the owners "behalf" for a fee. Could this be a scam? Ex. a lender that had sold the loan to another company approached my client. For a fee from a lawyer that they would forward your file to, that lawyer would negotiate a loan modification with your new loan company......pretty confusing, huh? Has anyone else heard of this?
From what it sounds like, it seems that an 'investor' may have purchased the note from the lender at discount and is now in control to negotiate with your client. Why they would charge a fee at this point is unclear. But as hard hit as the California central valley has been hit with property devaluation, it doesn't seem that 'miracle cure' is likely.
You should follow up with your client to get all the details. It would be to their benefit.
Thanks Marshall,
I have spoken to my client....and with the way things are going advised her to do nothing over the phone and to negotiate directly with her lender. It's sad that so many people have had to get burned to learn to trust their insticts and ask questions, but it is necessary in the end to make borrowers and homeowners aware......
Thanks again,
Julie
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