Comments on: Foreclosures – More Profitable Than Loan Modifications?

By: Karen

Karen — Thu, 28 Jul 2011 19:52:39 +0000

Do the banks get a fee for everything / anything they do? I would count on it. Try the HAMP program. The government provides incentives to banks and the mortgage holders for doing modifications. Please let me know what you find out with that and thanks for asking.

By: Frarn

Frarn — Thu, 28 Jul 2011 16:43:54 +0000

Do the banks get a fee for initiating the modification for a borrower? Has anyone worked with CHASE. I have a tax client that wants me to help him but I have heard that it is an exercise in futility?

Any thoughts?

fcp12065@aol.com

By: Karen

Karen — Wed, 13 Jul 2011 12:22:35 +0000

Hi Romanita:

Modification depends upon many things: the lender, your credit, your employment, how far you are behind or if you are behind on your loan payments. Modification is not location specific so there is no specific program for Greensboro.

The only way for you to get an answer to your question is to contact your own lender and find out what they require.

Thanks for asking!

By: Karen

Karen — Wed, 13 Jul 2011 12:19:51 +0000

Hi David:

Unfortunately, the banks have all the power in these situations and we can never predict what they will do. You’re right, it often depends upon the mitigator you work with. Oftentimes, trying someone else works like a charm. It can also, however, fall flat. As you’ve seen. Sounds like your first offer was better? Maybe you can negotiate back to it.

45 minutes to decide is crazy. However, they have the power. In a short sale, it can take 6-8 months to get things completed because the banks are so slow to respond and then they demand to close in 2 weeks. It’s good to be king.

Best thing to do is to keep negotiating. Call constantly until you get someone who takes the time to discuss and explain. Those people do exist. As long as the property has not gone through auction, you are able to work with them. They do not want your home.

Good luck and please let us know here what happens. Thanks for writing.

By: David

David — Wed, 13 Jul 2011 03:24:54 +0000

I have just received an offer from B of A. they increased my contribution considerably from the first offer,I am considering walking from this deal in hopes of getting a different negotiator and a more favorable deal with the new negotiator. They gave me 45 minutes to make a decision or the file would be closed (gun to head).
What are your thoughts, in the interim, they could foreclose and that would not be a good
outcome.
David

By: ramonita adon

ramonita adon — Fri, 12 Nov 2010 03:26:27 +0000

I want to know more about modification progran in greensboro.

By: karen

karen — Fri, 13 Nov 2009 17:55:18 +0000

I had someone ask if banks get paid the full amount by mortgage insurance. I was told they receive 80% of the loan amount. Is this correct?

By: Dick Rosen

Dick Rosen — Thu, 12 Nov 2009 04:45:49 +0000

Very good article Karen, aren’t we just so happy to be tax payers in this country. Whatever happened to the real essence of taxes.