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The Bank Is Against Me- Cobb, Fulton, Cherokee County GA

Services for Real Estate Pros with PalmerHouse Properties Realty

When working daily with homeowners who are in hardship, I hear plenty of stories of how particular lenders are unwilling to cooperate with the sellers.  Many homeowners feel like saying, "My Bank is Against Me". Have you heard that before?

I have seen this case many times where the owner has attempted a loan mod because they had fallen behind on payments and looking for help to reduce their interest rate.  I can't go into the entire process of each particular lender and what qualifications they are looking for but a majority of these so called loan mod's fail.

I have seen a number of times where the homeowner was behind on payments and they ended up withdrawing money from a 401K or another retirement plan to catch up the payments. This is a repectable decision and one that is a major sacrifice to people.  This kind of action makes the lender think they have enough money now to keep loan payments current.... so the loan mod is denied.  On top of that I have then seen lenders create a new mortage payment that is HIGHER than the payment they just had. I have a hard time understanding the logic behind this to be honest and most homeowners are now stuck with a payment they REALLY can't afford. 

The lenders are so overwhelmed with loan mod requests that I think the quality of service is hard to maintain.  As homeowners, you have to right to ask your lender for assistance if circumstances call for it.  If you can clearly state a hardship or lose in income, then don't be afraid to call your lender up.  As agents, we need to be solution minded for our clients and think about ways for them to save their credit, any available cash and home throughout the process. 

It's very easy to get complacent as an agent and just accept that all distressed homeowners are short sale candidates.  Sit down and figure out solutions and if a short sale is the best answer, then by all means move forward with it.

If you live in North Metro Atlanta or Cobb, Cherokee or Fulton County, I would be glad to talk with you.  Feel free to reach me directly at 678-402-5701.


Eric Wanck is a short sale investor/real estate agent located in Atlanta, GA. He works with Nextage Peachtree Realty and specializes in helping homeowners and buyers through the short sale process. You can reach him at 678-402-5701 or contact him at http://activerain.com/atlshortsalepro/contact.

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