Archive for the ‘Application Process’ Category

Is It Potential To Select A Short Sale If Your Loan Modification Is Denied?

Saturday, February 11th, 2012

Hello, I am Mark Peek right here with Keller Williams Real Estate, one of California’s main short sale team. I’ve lots of clients calling asking about loan modifications. They’re wondering what I can do to assist them and if there is any way that the financial institution is going to approve them. Well, a number of the folks I’ve talked to are what I call a “career loan moder” because they have been attempting at a mortgage modification for two perhaps three years. Typically they’ve even made three different attempts at it.

Depending on the totally different people I speak to, often the first offer they acquired from the financial institution possibly reduced their payment, maybe it increased their payment. I’ve really talked to some where their payments really elevated after the loan modification offer. Possibly the second time they have been denied or maybe they were placed on a trial loan modification. The problem with a trial loan modification is what they’re trying to do is making an attempt to collect more cash from you before they tell you that they’re not going to give you the loan modification.

In one other state of affairs I have a client who went through the trial loan modification, they denied him and he was continuing to make his trial mortgage modification payments and trying to apply again. They decided to send him a letter saying they were sorry however they were not accepting his payments. He also has a notice of default filed on his property. Well, the financial institution is saying they actually don’t need to give him a mortgage modification.

In the final month or two I’ve noticed a whole lot of these folks who’ve tried for a mortgage modification for two to 3 years I am seeing the banks step up the foreclosure process on them. They’re giving notice of trustee sales through the loan modification application process and even during the trial loan modification process.

So if you are in that position and you get a notice whether or not it’s a notice of default or perhaps a notice of trustee sale, give me a call. The earlier you contact me the more of an opportunity we now have to get you to avoid foreclosure. Give me a call or you possibly can hit the start here button on the top of the page. Again, I’m Mark Peek with Keller Williams Real Estate, one of California’s main short sale workforce and we’re here to help. Thank you

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