One of my good customers asked me for my help about four months ago. They wanted to do a loan modification and had tried three other times without success.
I have a software product that puts a loan mod package or soft sale package together for the bank. It was put together by a group of attorneys and it is a great tool.
My customer submitted the loan mod package produced by the software, and was approved in two weeks. As with any loan mod approval, there is a three month probationary period.
After the three months probationary period was completed, and the customers made the payments on time for the entire three months - DECLINED - DENIED - UNAPPROVED BY THE BANK!
The reason the bank denied the permanent loan modification is that the customer had $12,000 in a money market account.
Had another client denied because they had no money in savings.
What is the deal with the bank - too much money - no money - DENIED!
The bank told them to do a short sale or deed in lieu of foreclosure.
The banks want the property sold, period. Just tell the truth...
Home Affordable Modification Program is a complete failure.