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

November 19, 2010 at 4:18 am , by Russell Bradchulis

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.

With lenders selling notes to investment banks, who then bundle and sell them off to other companies, it is very difficult to tell who actually owns the note. And the banks are not making any representations as to being rightful owners of that note. So how do you know that the bank doing your loan mod actually owns the note?? If the bank who does your loan mod is not the actual owner of the note, they do not have the authority to be writing a loan mod and the loan mod is nothing more than a piece of paper. Nor do you have any security that some bank won’t come back a year from now claiming that IT is the rightful owner, and they are foreclosing on you.

Stay tuned for Part 2!

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