Loan Modifications , The DUH factor

By
Real Estate Agent with AllMountainRealty.com

Every person that comes to us for a loan modification we send to the Government web site www.makinghomeaffordable.gov. We do this because almost every one that is working directly with their lender is getting everything but a loan modification. This leads us to the DUH factor.

Banks are slammed with foreclosures. They are signing blindly to try and keep up with their paper work. Yet a great number of people we see have had income reductions but still are working and WANT TO PAY and stay in their homes. Their level of frustration grows to the point where they finally give up and end up adding another property to the foreclosure pile. DUH want to have less Foreclosures? MODIFY MORE LOANS !!!!!

So the question is, if you are conspiracy minded, is there more incentive ( i.E. $$$$) for a bank to foreclose rather than modify? To me doing a better job of loan modification is a great way to slow the rate of foreclosures. It really is a DUH factor. So who will tell me what am I missing ?

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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog

On line at www.allmountainrealty.com Call at 706 579 1098

We sell Homes                                                    

 

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Rainer
47,229
Rebecca Nystrom
Nystrom Realty - Phoenix, AZ

If you have never worked in corporate America, you don't fully understand how little cooperation there is between divisions.  You would think that the boys (or girls) at the top would have a meeting with middle management of all divisions to identify solutions, but this rarely happens.  The banks are no different.  Loan mod division isn't speaking to short sale division who isn't speaking to REO division.  It's the 3 blind mice and all damage the company and ultimately, the consumer.

Oct 13, 2010 04:16 PM #1
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Richard Weisser
Better Homes and Gardens Real Estate Metro Brokers - Newnan, GA
Richard Weisser Coweta Newnan Homes for Sale

Charlie...

With all of the recent problems with foreclosures, you would think that lenders and investors would be more open-minded towards modification.

Oct 13, 2010 04:56 PM #2
Rainer
17,763
Joe Homway
Exit Realty Premier - Springdale, AR

The banks do not need nor do they want to work with people. As long as they have their sugar-daddy in the White House they have no need, look at and rates they offer to you and then look at the rates they charge you, remember mortgage rates are Government rates.

Oct 13, 2010 06:41 PM #3
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Ann Dail
Baton Rouge Area Homes, Louisiana, USA, 225-761-0551 - Baton Rouge, LA
Broker/Realtor,CRS, ePRO, SRS, B.A.Chem

Have you know someone who was actually successful with this program?

Oct 15, 2010 12:48 PM #4
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Charlie Ragonesi

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