Another Loan Modification Dooms Seller to Foreclosure Unnecessarily

By
Real Estate Agent with Keller Williams Realty Louisville East (502) 664-7827

Lender turns down loan modification and refuses to postpone the foreclosure auction to allow for a short sale. The lender hurts themselves and the seller who acted responsibly.

The seller contacted me many months ago to learn about the short sale option to avoid foreclosure. The lender, however, enticed him into a applying for loan modification.

Loan Modification Denied. No Time To Do A Short Sale.

Recently the seller contacted me that he was turned down for the loan modification, and asked that I start the short sale process, which I did. Shortly thereafter, the seller was given a notice that his house is scheduled to be sold at auction. The foreclosure process is very fast in Mt. Washington, KY.

We contacted his lender to have the house withdrawn from the auction so we can complete the short sale. The lender refused to withdraw, citing “company policy”.

Another house thrown off the foreclosure cliff, even though the seller acted diligently and responsibly.

The seller was also considering bankruptcy, depending on the outcome of the short sale.

This could have been avoided.

  • Instead, another foreclosure will weigh down the market.
  • Instead, another hard working American will file bankruptcy.
  • Instead, another hard working American will be shut out of qualifying for a loan for years.
  • Instead, the lender or their investor will probably incur more losses than they would have in a short sale.
Posted by

 

 

Dave Halpern

Realtor, Louisville Short Sale Expert

Keller Williams Realty Louisville East

(502) 664-7827

************************************************************************************

Sellers looking for foreclosure help in Louisville, KY should call Dave Halpern, Realtor, Louisville Short Sale Expert, Louisville Short Sale Expert, Keller Williams Realty Louisville East, (502) 664-7827. I will dedicate to you all the time you need for a full explanation of the process. We are compassionate, caring and patient. I will listen to your needs and wishes and customize a strategy to meet your circumstances. In a short sale your lender typically pays your closing costs and commissions.

I will provide you detailed information about foreclosure options and short sales. We help dozens of sellers avoid foreclosure every single year in Louisville, Jefferson County, Oldham County, Bullitt County, Shelby County, Nelson County and Spencer County.

We can help. You have options. Call even if you think your house isn't sellable. Put an expert real estate agent on your side. Many testimonials available.

Dave also trains other Realtors how to perform successful short sales.

Sell or buy a home - start the process at Dave Halpern Real Estate Group

IMPORTANT NOTICE: Dave Halpern, Realtor and Keller Williams Realty Louisville East are not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit. We do not provide legal advice, you are encouraged to seek legal counsel. We cannot and will not charge upfront fees.

 

View Dave Halpern's profile on LinkedIndave_halpern twitterhalperndave_facebookDave Halpern QR CodeLouisville Foreclosure Realtors Dave Halpern

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the airplane to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Lending / Financial
Location:
Kentucky Bullitt County Mount Washington
Groups:
Club Chaos
Short Sales Specialists
The Ninety-ninth Percentile
Voice of Reason
"Whacked"!!!
Tags:
bullitt county ky
mt washington
loan modification
short sale
foreclosure
auction
dh
bankruptcy
lender
qualifying for a loan

Comments 7 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the sunglasses to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
314,400
Dave Halpern
Louisville Short Sale Expert
Keller Williams Realty Louisville East (502) 664-7827

Pamela, very astute comment. It is not Bank of America. We have another 13 days to auction. We are working on getting from the seller the exact timelines of the loan mod denial as grounds for appeal of refusal to postpone the auction.

March 08, 2011 12:41 PM
Rainmaker
314,400
Dave Halpern
Louisville Short Sale Expert
Keller Williams Realty Louisville East (502) 664-7827

Mark,

We are helping the banks and their investors, also. Too often they consider us adversaries.

March 08, 2011 12:43 PM
Ambassador
681,465
Charita Cadenhead
Serving Jefferson and Shelby Counties (Alabama)
Keller Williams Realty

And the banks did this all for the sake of what?

March 10, 2011 06:23 AM
Ambassador
2,030,439
Todd Clark
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494
Keller Williams Realty

I hear this all the time and the owners are very frustrated and feel the banks did this on purpose. What is worse is a lot of those owners are the ones leaving these foreclosures looking like they have been destroyed and nothing left in the house.

March 11, 2011 06:28 AM
Rainmaker
924,577
Michael J. Perry
Lancaster Relo Specialist
RE/MAX Associates of Lancaster, PA.

Are these the same lenders who were bailed out by taxpayers they are now in the process of destroying ?

March 14, 2011 08:16 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the computer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
314,400

Dave Halpern

Louisville Short Sale Expert
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the music-note to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: