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Will the Lien holder really modify?

Posted by Trina Gonzales on March 6, 2011 at 10:39am
I understand that the lien holder's intent is to collect a debt but the last actions from Chase are really beginning to irritate me.  My sellers have be declined loan mods 5 times already. They are insolvent.  They finally gave up and listed the house.  I have multiple offers on the property and I'm excited to prevent my sellers from foreclosure. My seller receives another HAMP packet via mail.  They'll probably be denied again.  My only problem is that I have vested buyers ready, sellers were resolved to sell and time on the market is ticking.  Geez!!!  What are your thoughts?
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  • Trina Gonzales March 15, 2011 at 9:25am

    Kevin;

    Thanks so much for responding.  As of right now, Chase let me know that their mod has come out of underwriting.  So... we'll know within the next week what type of terms of modification they're talking about.  I anticipate a higher payment according to my previous dealings with this bank.  I'll have to start over with a price reduction I guess.

  • Kevin Vitali March 15, 2011 at 8:48am
    Ahhhhh I call that chasing the loan mod.  The banks promise than don't deliver.  Meanwhile the homeowners get farther and farther behind thinking the loan mod will work and they save their home.....   What about the homeowners who wait and wait after the bank told them to stop making their mortgage payment.  7 months later they get approved for a loan modification.  YAY only to find out there payment is $500 more than what it originally was!! BOO
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