Loan Modifications - Be Careful who is doing it!

By
Real Estate Agent with Nicholas Real Estate

I'd like to see how other realtors are handling Loan modifications. In my state (NJ), We cannot legally charge for processing loan modifications therefore I have to refer to attorneys or those who are doing loan modifications for living. What I sometimes do is analyze the person's situation to see if the bank would consider them for Obama's help for homeowners program. Most of those who came to my office do not qualify. I have suggested them to do a short sale, but they refused because they believe somebody could still help them therefore they end going somewhere else where somebody tells them they can do it. At the end, they end up doing nothing for them and the homeowner ending with even less money they had. I have also seen homeowners who have been paying on time, no hardship, no change in their financial situation who stops paying hoping that their bank will reduce their payment because someone in the road told them or they determined themselves to take advantage of Obama's program. The result of this is that they are in a deeper hole where they cannot get out of it.

My Only recomendation to these homeowners is to BE CAREFULL and analyze your own situation.There are many companies that have been closed because they were found taking advantage of this homeowneres who are seeking help. Modifications can be done by the owner themselves. Another thing I do for these homeowners is to encourage to do it themselves and use me as a support.

Some other options are:

•·       Repayment Plan

•·       Forbearance

•·       Loan Assumption

•·       Short Sale (Pre Foreclosure Sale)

•·       Deed in Lieu

•·       Bankruptcy

Comments (9)

Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Hugo,

Welcome to Active Rain and congratulations on your first post! The opportunities to learn and network are incredible here. Best of luck to you and Happy Holidays!

-Keith

Dec 26, 2009 03:26 PM
Alexandria Virginia
Featuring Susan Craft, CRS, REALTOR® - McEnearney Associates - Alexandria, VA
Real Estate Editor

Welcome to ActiveRain. This is a great to meet people in the industry and to learn more about the industry, the vendors and contractors that support it.  Don't get stuck in the trap of posting pictures and nonsense for points.  Concentrate on real content that is relevant to your audience.  Email me if you have any questions.  Info@OspreyCove.us

Dec 26, 2009 11:20 PM
Jason Rose
123 ConEd LLC -- Michigan real estate continuing education - Farmington Hills, MI
www.123ConEd.com

Welcome to ActiveRain, Hugo, and congratulations on your first post! This is a great website that's full of interesting and insightful information.  Have fun and enjoy!

Dec 27, 2009 01:39 AM
Jean Terry
Keller Williams Realty Spartanburg, S.C. - Spartanburg, SC

Hi and welcome to Active Rain, a great site to network, share, learn, and have fun. Good luck.

Dec 28, 2009 01:02 PM
Sergio Rebollo Jr.
Real Estate TeamMates - Miami, FL

Welcome to ActiveRain. This is a great community to network with others as well a great place to learn from other's experiences and knowledge. I've enjoyed it; I hope you enjoy it as well.

Dec 29, 2009 10:29 AM
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Hi Hugo,
 
Welcome to Active Rain!   
 
Active Rain is a great place to learn anything you need to know about the real estate business or about getting the most out of blogging and marketing yourself on line.
 
If you have any questions just stop by my blog.
 
I am an Ambassador so I am here to help you get the most out of Active Rain.
 
Katerina

 

Dec 30, 2009 12:51 AM
Steve and Jan Bachman
RE/MAX Gateway, Reston, Herndon, Ashburn, Sterling, Fairfax - Herndon, VA
Realtors - Northern Virginia

Happy New Year and welcome to Active Rain Hugo... Congratulations on getting in the game. We have not seen many loan mods go through unfortunately. We joined AR primarily for the outside blog feature. It has helped us get better placement on Google searches within neighborhoods…(Localism is a great tool, make sure to check it out)…..A side benefit of AR, is seeing what agents around the country are doing to build their businesses. A good way the best ways to use AR is to read the blogs of the AR staff and the “ambassadors”. We look forward to reading your work on AR, Best wishes, Peace, and Success in the New Year,

Dec 30, 2009 01:13 AM
Yvette Gardner
Keller Williams Realty, Spartanburg, SC - Spartanburg, SC

Welcome to Active Rain and congratulations on your first post.  It looks like you're off to a great start.  We hope you enjoy A/R as much as we do.  There are many opportunities to share your knowledge and learn from others. Take care, Yvette & Dennis

Dec 31, 2009 12:45 PM
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, simply follow these steps:

1. At the very bottom of this comment click "Omaha Real Estate & Omaha Homes for Sale - The Trumm Team (Keller Williams Real Estate)" which will take you to my profile.

2. Click My Blog

3. On the right hand side click the Tags dropdown menu and select "Welcome to Active Rain"

This will take you to my blog on how to get the most out of ActiveRain.

If you ever have any questions, just let me know.

Troy Trumm, Trumm Team - 402-943-9494, Omaha NE

Omaha Homes For Sale

Omaha Real Estate

Jan 02, 2010 12:57 AM