I was speaking to an agent last week that said he believes loan modifications are just a stall tactic from the banks. He believes they are not really successful at all and probably just reduce payments by a minimal amount like $13.00 per month.
I have heard otherwise from 2 sellers that I had their homes listed. One of the sellers asked if I would take his home off the market, so he could do a loan modification and see about keeping the home if possible. It was a gorgeous home. Of course, I said yes. Why would I want to sell a home that the seller didn't want to sell? I received a call some time later saying that his monthly payment had been cut in half. Of course, I never saw the proof, but I certainly believed him. We had an offer on another seller's home, but he turned it down and said he wanted to do a loan modification instead. He was able to negotiate a sizeable reduction in his monthly payment, according to him, from both the first lender and the 2nd.
This sounds like a wonderful solution to the problem of having too many foreclosures for sale. What is your opinion? Have you had experiences you'd like to share? Please let me know.
When you do want to buy, sell or refer, please call Janet at ERA at 435-865-1019 or email email@example.com. You'll find lots of helpful information on my website including the MLS at www.homesincedarcity.com. I'll work hard to help you reach your real estate goals.