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Short Sale and Loan Modification Nightmares - Week Two!

By Thom Abbott

Real Estate Broker/Owner with MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living 272617

January 07, 2009 01:35 PM

Ok, it is more like week three, but we need some more stories from the trenches that can be sent on to Congress. I'm still getting the calls from our Congressman and unless you post your stories to our group, and allow us to put them together as one post, then we can't help our country get out of the grips of the banks.

So, if you have a short sale or loan modification nightmare, then please include the post in our "Short Sale and Loan Modification Nightmares" group. We need to get back to selling real estate and not fighting with the banks.

We only have a couple entries this week, but here we go:

This is from a new member to our group Richard Zaretsky a Florida Real Estate Attorney wrote a great post about the home program called, "Hope For Homeowners Act a Failure" and it shows really how much things have changed in the last 6 months.

Amy Salisbury West Virginia Realtor wrote a great post about her opinion of what is going on in the financial arena and what we can do about it in her post called, "The Nightmare of the Short Sale Saga". I suggest you check it out.

Please feel free to send this on to your congressman in your state and help spread the word that their 740 billion dollars is being misspent by these banks who aren't really helping homeowners at all!

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Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

I got my canned response from one of our senators just yesterday on my letter about the auto bail out. I've been writing my representatives for quite a while now about drilling for oil, the VA failing my veteran husband who was in need of surgery, bailouts, bailouts.... I've come to the conclusion that some staff member just says...

ah this subject... gets this canned response.

I have no idea what it might take to get things in a better direction in this country, but I personally won't be sending anyone currently in Washington back to Washington in any future elections. I have been so bummed by their failure to care about what I've writtento them. Even when I was writing to say the VA's failure to get my husband surgery in a timely manner was putting his life in jeopardy I can some BS canned response about the rules of the VA.

While I agree the bailout money is being misused I think we might need to just storm Washington on foot and bust up in the capital to get their attention... letters just don't seem to do the job.

Jan 08, 2009 12:40 AM

Susie Blackmon

Ocala, FL

Ocala, Horses, Western Wear, Horse Farms, Marketing

I haven't heard anything good about banks anywhere lately. I'd rather sell my belongings on EBay before having to deal with them.

Jan 08, 2009 02:56 AM

Marilyn Harrell

Better Homes and Acres - Beaverton, MI

Wixom Lake - Beaverton MI

I wrote an offer in November 2008, sellers accepted, contigent upon bank approval for short sale. I am told it could be 30 to 90 days before we get an answer. The answer could be YES - When can we Close? (it's a cash offer), or NO - you wish! or a Counter offer to be presented to the buyer. (YEAH RIGHT!- Don't waste your time!) We still don't have any answer and this kind of service, OR LACK OF, I should say, is not helpful or pleasing to anyone. The seller is STRESSED, yet hopeful, after a while, the buyers' thinking FORGET IT - If you won't even give me an answer, I'm OVER it! Yet, the buyer would be wise to at least stick it out for the answer, but only time will tell, and the clock never stops.

Regarding comment above, about rather selling on EBAY,

GOOD ANSWER!

and the comment above that - I feel your pain and even anger.

Some one I loved (who has been a US citizen her entire life, as are/were her children, all her relatives, her parents, grandparents and greats etc., ALL TAX PAYING CITIZENS of the United States) was diagnosed with a rare form of cancer, I traveled with her and her spouse and her mother to a hospital in Chicago, it was their third trip and she was beleiving that she would be receiving her first cancer treatment that day. Everywhere we went, she endured people staring at her, as the open sores were on her face and disfiguring her nose. I stood in horror and disbelief as the doctor came into the little room we were all squeezed into and stated:

"WE CANNOT TREAT YOU - YOU HAVE NO WAY TO PAY"

GOOD-BYE

I know, I KNOW! I wouldn't believe it either if I hadn't been there to witness it with my own ears and eyes.

That was only one severely painful and dissappointing day she endured in the two and a half year battle with cancer. Her nose did miraculously heal, so she didn't have to look hideous all that time.

Cancer may have won the battle, but She won the war! May she rest in peace. I love her.

Jan 08, 2009 04:30 AM

Josh David

Bridgeview Bank Mortgage - Tampa, FL

Purchase Specialist... www.joshdavid.us

Hello Thom, I belong to a group "Carpe Diem Partners, LLC', Carpe Diem will negotiate your short sales for FREE and there is NEVER an expense to either you or your clients.

Carpe Diem is a buy and sell company, not buy and hold. They have completed over 500 successful short sale transactions, and they currently hold over $37M in escrow.

The process typically takes 60-120 days. You are still entitled to your 2.5% commissions on all of your listings. You will list on the MLS, once we have an end buyer, CDP will buy from bank and sell to end buyer. Their proven strategy is proven to eliminate the title seasoning that is sweeping the nation.

If you are interested, I would love to talk to you about getting started. I simply provide you with an informational lead sheet, you send it back w/a CMA and we will have an approval w/in 24-48 hrs.

Sound good?

Cheers to "09"

Jan 09, 2009 12:15 AM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

Thom,

Thank you for posting this for us this week and I really hope congress gets the hint that the banks aren't doing what they said they were going to do and are really just stealing from the American people.

Jan 10, 2009 01:43 AM

Fred Chamberlin

Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA

Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Great job Thom, keep this in front of people so we can get our congress critters to finally pay attention.

Jan 10, 2009 02:31 AM

Amy Salisbury

Leading Edge Properties - Charles Town, WV

West Virginia Realtor/Jefferson/Berkeley

Thom, thanks for including me in your post. This is such a frustrating issue!!! As one of the many Realtors in this country who has to deal with distressed homeowners on a regular basis, I'm tired of being the constant bearer of bad news. There are no good options out there, and our government has thus far, turned a blind eye. When there has been attention it has all been finger pointing and the blame game directed at these beleaguered homeowners. Enough!!!

Jan 10, 2009 09:35 PM

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