I asked two of my friends if they were interested in a loan modification and they said yes. I asked them for a description of their situation and both backed off after responding to a couple of my questions. I am getting the feeling that they don't want me to see their financial info so they will probably not go with me. I'm assuming this is a very common problem?
First you say you are a real estate agent since you posted under agent correct??
If you are an agent what are you trying to do??
You are not licensed to do loan workouts with home owners.
If you are trying to list for a short sale or something they might not want to sell their property but do a loan modification to reduce payments etc. If that's the case HUD.gov has free resources and information open to them to get assistance.
You wouldn't really be involved from an agent perspective.
No legal advice.
I should be officially an agent next week. I asked my friends to talk to my broker about a loan mod.
There is no reason for you to get involved other than a concerned friend. All the nuts and bolts about their financials are personnel information. I have great friends that I would never disclose my financials with; simply because they have no reason to know. If they need / want a loan modification its all done through their providers/loan modifiers. You, an agent or not, don't need to get involved in that process. Check out the website @Joel Owens
recommended. Its helpful, I directed others there and it has everything they need to know there.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!