Loan modifications are the “Holy Grail” in today’s news.
Obama's plan for mortgage lenders to help home owners avoid foreclosure by modifying their loans is NOT working. Every day I see struggling home owners wanting to do the “right thing”. They do not want to lose their home or walk away from the mortgage. But, the lenders are not approving loan modifications, the lenders take forever to get started with the process, they lose the paper work over and over. Home owners are so frustrated and fed up with this process. Who can blame them, I sure can’t.
I went out to talk to a homeowner about a loan modification and he stated “I have tried three times for a loan modification in the last eight months and I gotten nowhere with my lender. I am ready to walk away and I do not feel bad for the lender. I have tried everything I can to keep my home”. Instead of walking away I assured him the best resolution for his troubles was a short sale of his home.
I feel terrible for my clients, everyone is trying so hard to do their best, and lenders are not listening. I wonder what it is going to take for these lenders to listen to the home owners of America.
Let me encourage you don’t walk away there are other options. Walking away means a foreclosure is going to happen and that is not always the best way to go.
Call me. I’m not only a Realtor; I am a Community Advocate working on your behalf.
Helping Home Owners avoid foreclosure, one home at a time.
Kimberly