Midland Bank

I know someone that is facing foreclosure and they are with Midland Bank.  Their spouse lost their job back in 2008 which is when they began having issues keeping up with the mortgage payments.  They have been trying to work out a loan modification since the job loss.  Every time the wife talks to a representative over the phone and goes over financials she gets the run around either she makes too much money or too little.   Then it got to the point to where bankruptcy was filed to keep the house last year in 2010.  The only thing with that is now they have to pay the mortgage and bankruptcy.  Then they began working with an organization to get help to keep their house.  They were told to come out of bankruptcy so that a modification can be done which they did.   They have been given foreclosure dates several times which continues to get pushed back.  The bank still rejects the packets that are sent to the bank in hopes of getting a modification.  Now they are to the point to where they are frustrated and are considering getting a place to rent if the house forecloses.  I suggested last year for them to do a short sale so that they can buy some time with the bank.  From my understanding this bank is pretty tough to deal with.  I was going to suggest again for them to do a short sale on the house this way they can prepare to work on plan b.  This is in the state of Georgia does anyone have any suggestions ?

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Permalink Reply by Michael Williams on January 20, 2011 at 6:22pm
I closed one with Midland last year and the experience was not bad at all.  it was my second short sale so considering my lack of experience it went well.
Permalink Reply by April Buggs on January 20, 2011 at 10:46pm

Ok thanks for the response.  This couple doesn't have that much time left to make a decision.  They are supposed to sign the modification papers and have the first payment in by February.  The new payment plan is much higher than the original payments.  I told her yesterday to call her trustee to see if they will release the house for her to do a short sale and then call her lender. 

You mentioned the experience wasn't bad at all.  Do you remember how much time Midland gave you to do the short sale?  Initially they pushed this couples sale date back to March of this year.  Now that they sent them an "offer"  my concern is if they don't accept the terms and send it back they may put the house up for foreclosure in February because to them they sent out a modification.   This servicer seems to be a bit challenging to deal with.  I would hate for her home to foreclose and then this be on their credit.  Did your client receive a letter stating that the house was a short sale and did they have to send in copies to Transunion and other two credit companies?  Thank you so much for your response any advice will help at this point.  Time is of the essence now.

Michael Williams said:

I closed one with Midland last year and the experience was not bad at all.  it was my second short sale so considering my lack of experience it went well.

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