[willshaker]

Hi all -

First post, just joined up. Will try and keep this to short bullet points to share the facts:

• California home
• Co-Borrower / Tenant flaked on home and mortgage and moved out Sept 1
• Looked up the bank and government websites and we met all criteria for a modification
• Wife and I applied for hardship/modification right away - package accepted 10/2
• We offer to send our portion of the mortgage (2/3), but they say no, don't do it
• Last week, we found out they want to do a repayment plan, which is basically taking what we owe on unpaid monthly payments (Sep - Dec), plus late fees and dividing it out over 12 months, thus increasing our payments (yeah...that doesn't really help, thanks a lot!)
• I call to tell them this doesn't help. Cannot get in touch with my negotiator, ever. Mailbox is always full. Get a rep who supposedly sends an email to him.
• They say since they are just the broker and the investor said no, they can't do anything
• I tell them that I want the name and contact info of the investor -- the person who gets my money.

What do I do now? Do I have any recourse or paths to pursue? Just called the government help line to see if they can assist and had to leave a voicemail.

Thanks in advance.
William

[admin]

Willshaker, unfortunately if an investor says they do not modify there is nothing that can be done. Loss mitigation is not a right it is the investors willingness to assist in a hardship situation. Most modifications are temporary 5 years then back to square one, until the government got involved. It is really unfortunate that some investors do not get it and will take back a property that a homeowner can afford or close to afford because they will not modify the loan and capitalize past due balances. Your only option as hard as it is to understand is sell the property in a short sale.

[willshaker]

Thanks for the response. I was afraid that was the case, but was hoping there might be a way to work it out. Very frustrating and depressing.

Take care,
William

[admin]

We may be able to assist with a short sale if that is the route you may have to take. Before going down that road, I would call and demand to speak with a supervisor to get the same info from them. Very under trained agent on the phone teams.

[btrfly@comcast.net]

PNC? Short Sale? Think again.

Two years of unemploment forced us to list house and sold to CASH BUYER. After 6 months of hell, unanswered phone calls, emails, etc. with Nat City/PNC, PNC counter offered for $60k more than home appraisal, $27k more than the cash offer.
Keep in mind buyer offered 82% of what was owed on house and signed a contract extension 4 times during the approval process. With PNC's ridiculous counter offer we have lost our cash buyers. NOW WHAT?????

[admin]

BTRFLY, you need to list with a realtor and list closer to market value. Occasionally, you will get lucky and get a big discount but you need someone in your corner. We can find a realtor that does short sales in your area if you would like and move the sale through the process. I know everyone is looking for deals but a house that is ready to close is much more desirable. Let us know and we will get you conected with the right team.

[btrfly@comcast.net]

we DID list with a realtor. She was terrific! Got us the sale within 2 weeks. It's the banks fault for rejecting a CASH BUYER! It seems VERY wrong. How can they force people into foreclosure when the owner tried to do the right thing by getting a buyer?

[admin]

Loss Mitigation is not a requirement and if the bank thinks they can get more taking the home to sale and listing with a realtor they will foreclose. The unfortunate piece they do not understand is many times they take less than the short sale offer once it gets listed as a REO. Some of the smaller banks still do not get it and unfortunately take a bigger hit after foreclosure and it is a lose/lose for everyone. You need to keep on trying and show them the house will not sell for more than your offer price. 2 weeks is a little soon you may need to raise what you will take as an offer to satisfy the bank.