Are they crazy, lazy or what? As a realtor working to make a living in an unusual market I take assignments from Titanium Solutions. These assignments have me talking to homeowners in all stages of home loss. Some are hopeful of getting a loan modification, some are in the dark about what has happened to their loan mod application, some know they won't get their loan modified and are ready to consider short sale but by far most don't have a clue about what is going on with the lender.
Lenders (all of them!) send duplicate paperwork, tell borrowers they are approved and then foreclose, offer a short sale solution and then turn around and resend the paperwork for a loan mod. They reverse foreclosures, they deny short sales, they discard very good offers on short sales and they foreclose and sell at auction for a fraction of the price. One has to question, who is minding the store, for any of them.
Today's assignment is classic mismanagement withing Freddie Mac. I was asked to visit a home that had been foreclosed and sold at auction to see if the borrower still might be interested in a loan mod. What? I had accepted the blind assignment so I had to go. I visit the house and find the bank has already done the trash out, and the painters are there making it ready for an REO resale. So, clearly the REO department is not talking to the loan mod department, the eviction lawyer doesn't know the home is already assigned for resale. Is it any wonder the poor homeowners are either staying put until the sheriff shows up or running for cover at the first sign of trouble. I don't blame them, but of course I think if they had an agent advocate the homeowners would get a better result.
Maybe it is just Murrieta and Temecula in California but I would love to hear from others facing the same silly run around. For homeowners still willing to try to figure it out or get some help you can still get my short sale book free.
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