Specialist · MA · Member since 2009 · 858 posts · 306 votes
We have a house that was up for foreclosure TWICE that we've been able to get postponed. New date is in two weeks. I've been asking for the homeowner to get me some paperwork as the loan was bought by a new lender as of 12/1 and I wanted a new auth to release with the new loan # and the new lender wanted some paperwork.
This homeowner applied TWICE for a loan mod with old lender and was denied which is why he came to us. Soooo...long story short, I got a call from the r.e. agent who has the listing and talked to the homeowner and said that the homeowner was going to try for a loan mod with the new lender....(sigh) :roll:
Real Estate Investor · Belvidere, IL · Member since 2009 · 169 posts · 65 votes
16y
When a preforclosure prospect calls me, one of the questions that I always ask, if they don't volunteer the info up front, is if they have tried a loan mod. Regardless of their answer, I make sure that they have completely eliminated that as an option before I will go forward. I will even go as far as advising that they try a loan mod first if they want to try and hold on to their home and see what their response is. I would look at this homeowner as a new prospect, since the loan was sold, who obviously wants to try again for a loan mod. I would tell them to call me back if they are unsuccessful and I will reconsider it at that point. However, I would never work a short sale with a Realtor in the middle, so this would not be a prospect I would consider from the start.
Specialist · MA · Member since 2009 · 858 posts · 306 votes
16y
Well the interesting part about this is he DID apply for the loan mod, TWICE and we knew that he was denied. We were his last option. The Realtor encouraged the short sale and has been on our side this whole time.
It's like this guy was given a gift by the new company buying out the old lender. I have NO idea why the new lender bought the loan, but I'm very curious if they automatically foreclose too. I would assume they need to at least consider a new loan mod with him.
He's moved out of the house and I do believe that is one stipulation of a loan modification. He should be IN the house.