To many it comes as no big surprise that things have not been working in the loan modification department. The supply of hoops that one must jump through seem endless. Homes often are foreclosed upon during the process. The stories are many.
Short sales have not fared much better in many cases. Often there just seems to be too many departments involved, and they don’t appear to communicate with each other. Again, homes are foreclosed upon during the process.
Recently three large banks have been called to task for failing to complete these programs and yet they continue to take the money designed to help them do just that! Bank of America, JP Morgan Chase & Co, and Wells Fargo were the banks involved. According to the Treasure Department, they received $24,000,000 last month alone through the programs, yet failed to meet acceptable completion standards.
The banks claim that they have made improvements in their processes, and the report does not give that fact enough credit. While we don’t discredit the fact that there has indeed been improvements, have they been enough? We don’t think so! It is still a nightmare trying to get these things done, if they get done.
Here are some sources and other stories you might like to read:
We have had reasonable SUCCESS with loan modifications and short sales. Is it easy? NO! There are a ton of hoops to jump through, deadlines to meet, phone calls to make, seemingly impossible demands to satisfy…the list goes on. But this is why we succeed when a home owner often will not. You have to continue earning a living, and living your life. This is what we do! We know how to do it, and have the contacts to get it done.
How does this effect you? Do you have questions about YOUR best action? Contact us today for your free, no obligation consultation.
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