Despite the government’s best intentions, the banks, are not helping. Possibly because of being overwhelmed or because of poor staff, training, they are taking way too long to process. And then so often they are rejecting the application or offering a trial period, then rejecting the package.
Real Estate Guy has hears many times of instances where a loan modification, has ended, and often resulting in a major penalty … (0 comments)
Offer for $150,000, loans for $160,000 Monona State Bank, Fannie Mae and Mortgage Insurance and $80,000 with Guaranty Bank. BPO value $155,000.
Both loans short, negotiated $5,000 payoff to second. Primary mortgage amount was sufficient to be automatically approved by Fannie mae (85% of BPO). Time frame 6 weeks. Offer to approval. 3 weeks to close. Congratulations to our sellers Reid and Cara for being able get … (1 comments)
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The government, in its attempt to help distressed home owners has set up a program with funding, to encourage banks to modify home loans of people who are in distress.
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