Archive for the ‘ Loan Modification ’ Category

Wanting to Stay in Your House Can Lead You to Foreclosure

Monday, July 2nd, 2012

A new report from indicates that lenders are taking longer to initiate and to complete a foreclosure. So that means that homeowners can stay in their house longer while the bank is taking their sweet time to start or complete a foreclosure. This seems like a great deal for the delinquent homeowner who already undoubtedly has a lot of other obligations they are trying to meet, and the relief of not having to make a monthly mortgage payment is a very welcome one. But the unintended consequence of banks taking longer to complete a foreclosure is that it will become less likely for a homeowner to get a loan modification as their delinquency increases.

Know These Shocking Truths BEFORE You Pursue a Loan Mod! [part 3]

Friday, December 3rd, 2010

Homeowners in the middle of getting a loan mod–or wanting to start the loan mod process–may find themselves facing an unexpected auction. Some banks are not stopping the foreclosure process while sellers are scurrying around making their trial payments and faxing in documents (which the banks conveniently never receive). Meanwhile, the foreclosure time bomb is still ticking, which means that while the sellers THINK they are getting a loan mod, they are actually getting closer and closer to an AUCTION, and they don’t even know it!  Then, about two to three weeks before the auction, the bank informs them that their loan mod did not pan out and their auction date is around the corner. No loan mod, no help, no alternative. That seller is going to foreclosure unless they do a short sale.

Know These Shocking Truths BEFORE You Pursue a Loan Mod! [part 2]

Friday, November 26th, 2010

In addition to the confusion caused by not knowing who actually owns the note is the banks’ infamous ability to lose paperwork and payments. At any point the bank can claim that the homeowner has missed a payment–even if they actually DID make the payment–and then begin foreclosure proceedings right where they were when they started the loan mod. What’s worse is that the homeowner actually waives their right to foreclosure defense, meaning they essentially give up any argument against the bank foreclosing on them if they default. The homeowner is basically paving the way for the bank to take their house without any recourse.

Know These Shocking Truths BEFORE You Pursue a Loan Mod! [part 1]

Friday, November 19th, 2010

The vast majority of leads that come into our office are sellers who tell us their bank is working a loan modification for them. It makes us shudder every time we hear that because of what REALLY happens with loan mods. In most cases, the seller is better off going with a short sale and fixing the problem NOW, rather than letting it fester and worsen by going through a supposed loan mod. There is a whole other behind-the-scenes world of loan mods that you don’t hear about on TV. Here are some highlights.

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