"House Rules" and Loan Modifications

Real Estate Agent with Keller Williams Realty

"House Rules" and Loan Modifications

You remember playing Monopoly on a Saturday afternoon... and making up "House Rules" as the game progressed -- just to keep everyone it it? I found this fascinating quote today that reminded me of those "House Rules":

Modifying a bank-owned mortgage loan is sort of like working out a deal with your local bank in the good old days. Because the bank owns your loan instead of merely servicing it, the bank owners can make a decision without having to consult investors, because they are the investor. While the bank may have a list of eligibility requirements and guidelines regarding standard concessions it's willing to make, it is more able and apt to make exceptions based on extenuating circumstances. The bank owner can make a case-by-case determination faster than when the servicer must consult a third-party investor.Loan Modification Blog | Keep My House | Mortgage Modifications, Feb 2009

You should read the whole article.

- Julianna Hind, Realtor and Stager, Keller Williams Realty


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