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Sellers Succeed In Doing Loan Modifications to Keep Their Homes!
I was speaking to an agent last week that said he believes loan modifications are just a stall tactic from the banks.  He believes they are not really successful at all and probably just reduce payments by a minimal amount like $13.00 per month.
I have heard otherwise from 2 sellers that I had their homes listed. One of the sellers asked if I would take his home off the market, so he could do a loan modification and see about keeping the home if possible.  It was a gorgeous home.  Of course, I said yes.  Why would I want to sell a home that the seller didn't want to sell?  I received a call some time later saying that his monthly payment had been cut in half.  Of course, I never saw the proof, but I certainly believed him.  We had an offer on another seller's home, but he turned it down and said he wanted to do a loan modification instead.  He was able to negotiate a sizeable reduction in his monthly payment, according to him, from both the first lender and the 2nd. 
This sounds like a wonderful solution to the problem of having too many foreclosures for sale.  What is ... more

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