It Is Ridiculous.....

By
Real Estate Agent with La Rosa Realty

'....it is ridiculous to see homes selling for a whole lot less than what I paid for mine'  that was the sentiment of one frustrated homeowner recently during a conversation with me.  What hurts them the most is seeing their exact home few blocks down selling for half the price and it is eating them up.  I suggested that they contact the bank and see what the bank is willing to do for them.  They did not believe the bank was willing to even listen to them.  They stated we see on the TV all these people who said that the bank is not listening to them.

I suggested that they called anyway.  A few days later, I was told that they were able to get in touch with the bank and the bank is sending them some papers for them to fill out!

Wow....yes, that is the first step.  Do not ASSUME the bank will not listen to you.  Do not listen to negative remarks about the bank, each bank is somewhat different and many have caring people working for them.  The bank is not interested in having their homes sit vacant and to lose value.

Yes, many banks are ready and willing to work with you.  Unless you take the initiative, you will never know.  Remember this is your interest, be determined to get the answer you are looking for. 

So though it might seem ridiculous that the home down the street is selling for a lot less, it is not ridiculous for you to get in touch with the bank and ask them to reconsider your loan information.

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Rainmaker
286,905
Dave Woodson
Dave Woodson - Chesterton, IN
Not the Average Agent

I have said the same thing to people.  it never hurts to ask. 

May 25, 2008 01:17 PM #1
Rainmaker
341,671
Eric Reid
Renaissance Realty Group of Keller Williams Atlanta Partners - Lawrenceville, GA

Ditto just this week we wrapped up a loan modification for a client with US BANK

They dropped the interest rate from 9.25% to 6.25%  and forgave all past due fees and forgave$50,000 on at 435,ooo note.

They could not be happier when it looked like they could lose the house they have been able to cut almost $1200 a month off their payments and feel that the loan match the current value. .. Oh and the house is less then 1 year old.

And remember I am really in the business of selling homes

May 25, 2008 01:19 PM #2
Rainer
218,585
Lisa Friedman
Alliance Realtors - Bedminster, NJ
Central New Jersey Real Estate

Eric - wow, that is an amazing success story. It is great to see that these things can happen after all the horror stories I have heard. Wonder which bank it was that was so smart.

May 25, 2008 01:33 PM #3
Rainer
45,581
Joe Virnig
RE/MAX Gold Coast REALTORS, Ventura County, California - Ventura, CA
No Ordinary Joe

It's frustrating to see other homes sell for less, but if you can afford your payment and you're not behind I don't think the banks should do anything.

May 25, 2008 01:46 PM #4
Rainer
91,292
Jimmy McCall
JimmyMcCall.com - Cunningham, TN
The Ex-Mortgage Consultant

Netta,  What exactly are you having the clients ask the bank?  To reduce the loan amount?  I am lost here.

May 25, 2008 02:03 PM #5
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Rainer
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Netta Blackwood

REO/BPO Expert
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