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Short sale/loan modification help

By Abacus Properties, Inc. DBA Apple Dream Homes

Real Estate Broker/Owner with Abacus Properties Inc.

November 15, 2008 04:58 AM

My seller has 2 loans. The first loan agreed on short sale because they could not do a loan modification with my seller's situation. The 2nd loan was with B of A. B of A was trying to modify the loan. However, during a process, they sold the loan to someone else. When my seller contact the new loan holder, they were very nasty and demand she pays her late payments right away or they will not consider short sale or loan modification! My seller was understandably shaken...she's been late BECAUSE she cannot afford the payments anymore.

Has this happen to any of you? and how can we remedy the situation and help the homeowner out?

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Konnie Mac McCarthy

MacNificent Properties, LLC - Cobb Island, MD

Broker/Owner - VA & MD "Time To Get A Move On!"

you see the main stream media has it wrong, they are reporting that lender are working with people, then you hear real life stories like this, when it's not happening the way it is supposed to...it's rediculous.

Nov 15, 2008 05:55 AM

Gaby Hall

Processing Specialists, Inc. - Fort Lauderdale, FL

When a HELOC gets sold it goes to a collection agency, sounds that is what happened in your case. They are much mjore diffucult to deal with, yet not impossible. I don't suggest your client handel them herself. We offer modification and short sale services. www.processingspecialists.com

Nov 15, 2008 07:03 AM

Abacus Properties, Inc. DBA Apple Dream Homes

Abacus Properties Inc. - San Diego, CA

Gaby, thanks for the info. Sounds like B of A just gave up and threw my seller to the wolves...

Nov 15, 2008 10:38 AM

Anonymous

beachdude

Loan modification mortgage is a process whereby a home owner's mortgage is modified and both the lender and homeowner are bound by the new terms of the new mortgage. The most common loan modifications are listed below:

lowering the mortgage interest rate
reducing the mortgage principal balance
fixing adjustable interest rates within the mortgage
increasing the loan term throughout the mortgage
forgiveness of payment defaults and fees
or any combination of the above

Check out this Public site at http://LOANMODIFICATIONMORTGAGE.ORG

Nov 27, 2008 09:22 AM

Thanks, beachdude.

Nov 29, 2008 11:58 AM

Short sale/loan modification help

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