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Short sale/loan modification help

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?

Posted by Kathy Low on 11/15/2008 12:58 PM

Comments (5)

Short Sales in the ActiveRain Channel

loan modification

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5 Comments on Short sale/loan modification help

NOV

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.

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

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

NOV

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

Thanks, beachdude.

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