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Is it really worth, trying any loan mondification?

By
Real Estate Broker/Owner with Weichert, Realtors® - SBA Group 9074493

I am in the real estate industry since 2002 and have worked with many hard working clients obtaining American Dream, my own home. In recent economic turmoil and loss of jobs in the area, many felt behind on paying mortgages but there are few who despite their financial losses are paying monthly mortgage in time. There are people with the fear of losing their sweet home and trying to work with the banks. Just recently, a couple approached me who bought their house three years ago with me. They are left with one year two retire. This will significantly reduce their earnings so they contacted the bank to explain this financial situation well in advance and seeking any help so they can keep their house. The bank told them a) they are not in default, and b) the property is not worth the same as it was 3 years ago. The result, bank can not modify their loan and advise them to do a Short Sale. Would this table turn around anytime where the banks really listen and understand real situation before they through anyone under the bus. If they do the same practice again and again, how could they get a different result. The situation I mentioned above is no the only one but really mind shaking.

Suzanne Gantner
Realty Texas - Round Rock, TX
GRI, E-Pro, SRES, SRS, ABR, CNE, REDS, CPS, WCS

There is so much of this going on it is not funny.  The banks cannot get it together, they can't keep staff, they can't make a decision unless it is NO we can't help you, they don't answer their phones, emails or return phone calls.  The entire banking system is in deep poop, there needs to be regulations put in place, systems put in place and this whole mess needs to be cleared up.    

Jan 22, 2011 02:12 AM
Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

I hear this all the time as well!   And many won't look for solutions...they only string a person along!   It is so very frustrating! 

Jan 22, 2011 02:45 AM