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The Mythical Loan Modification

Below is a video created by and featuring Lee Honish, former Head Loss Mitigatior for IndyMac, now OneWest Bank on the reality of trial loan modifications. This is the scoop on loan modifications. Weekly I work with clients who attempted a loan modification but mysteriously after the trial period ended were denied the loan modification and helped down the road to foreclosure by the very bank that said they were “helping” them.

Are you facing foreclosure? Lets talk soon…

-John

Kasey Boles

Managing Broker, Jon Gosche Real Estate, LLC

BoiseMeridianRealEstate.com

REALTOR®, CRS, ePRO, SFR, GRI

 

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John Boles / 208.830.6185 / johnboles@boiserealtystore.com

James Gannon / 208.570.4048 / james@boiserealtystore.com

Kasey Boles 208.830.6186 / kaseyboles@boiserealtystore.com

 

Boise, Idaho Real Estate

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Comment balloon 6 commentsKasey & John Boles • September 15 2011 12:25AM

Comments

Dang!

I have two clients who have IndyMac loans, and who both tried to get their loans modified....and ended up with Notices of Default. One of them was two weeks away from a trustee sale before he came to me asking for help.

Short sale is the only way out for them...and that's what we're doing.

Thanks for sharing this video. MUST, MUST share!

Suggested and reblogged.

Posted by Pacita Dimacali, Alameda/Contra Costa Counties CA (Alain Pinel) over 8 years ago

Suggested.  Thanks!  More people need to hear this.  Modifications are just not happening...

Posted by Marge Piwowarski, Phoenix AZ Horse Property, LLC (Phoenix AZ Horse Property) over 8 years ago

This is exactly what I see.  It is no suprise.  Trial programs are a way to hurt the individuals.

Posted by Tim Lorenz, 949 874-2247 (TIM LORENZ - Elite Home Sales Team) over 8 years ago

Thanks for the re-blog and for suggesting Pacita!  It is such a bummer.  What else is so sad is when a seller has decided to do a short sale, gets an offer and even gets near approval and then decides to try a loan mod and doesn't get it.  I had a buyer this year put an offer in on a house, we were three months in and the bank countered at only $5k higher and my buyer was going to take it and it would have been closed. This was back at the beginning of this year - the seller then got a letter from the bank's loan mod department and my buyer even decided to stick around to wait and find out what was going to happen with the loan modification, but after 6 months or so they decided to move on. Guess what - loan mod got denied, my buyers were gone, prices had depreciatedand the house is still on the market (with an offer) but for $10k less than the bank had wanted and my buyer was willing to pay 6 months ago.  Sad for the seller.  I hope the short sale goes through and they don't get a bigger deficiancy because of it. 

Marge, Lee does know his stuff, that's why we want to people to see his video.

Tim, we see it too.  We see very few modiications go through and if we do they are temporary and after the "trial period" the full modification is denied and the person is back to where they started, but they've been paying mortgage and now are going to be going into default again anyway.

Posted by Kasey & John Boles, Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties (Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com) over 8 years ago

I have a client who tried loan mod for months and was rejected. He came to me 2 weeks before being foreclosed. Managed to list and get a cash buyer. Managed to postpone the trustee sale literally less than 24 hours before it was to be foreclosed. Then the seller talks to the bank regarding the loan mod, and he wants me to hold off talking to the bank about the short sale.

I promptly sent him a link to this video. Maybe he'll see the light.

Posted by Pacita Dimacali, Alameda/Contra Costa Counties CA (Alain Pinel) over 8 years ago

Oh gosh!  I hope he watches it!

Posted by Kasey & John Boles, Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties (Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com) over 8 years ago

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