Posted on Jan 13, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, I’m Mark Peek here with Keller Williams Real Estate, one of Roseville and Sacramento’s leading short sale team. I have a lot of clients calling asking about loan modifications. They’re wondering what I can do to help them and if there is any way that the bank is going to approve them. Well, some of the people I’ve talked to are what I call a "career loan mod’er" because they’ve been trying at a loan modification for two maybe three years. Sometimes they’ve even made three different attempts at it.

Depending on the different people I talk to, usually the first offer they got from the bank maybe reduced their payment, maybe it increased their payment. I’ve actually talked to some where their payments actually increased after the loan modification offer. Maybe the second time they were denied or maybe they were put on a trial loan modification. The problem with a trial loan modification is what they’re trying to do is trying to collect more money from you before they tell you that they’re not going to give you the loan modification.

In another situation I have a client who went through the trial loan modification, they denied him and he was continuing to make his trial loan modification payments and trying to apply again. They decided to send him a letter saying they were sorry but they were no longer accepting his payments. He also has a notice of default filed on his property. Well, the bank is saying they really don’t want to give him a loan modification.

In the last month or two I’ve noticed a lot of these folks who have tried for a loan modification for 2 to 3 years I’m seeing the banks step up the foreclosure process on them. They’re giving notice of trustee sales during the loan modification application process and even during the trial loan modification process.

So if you are in that position and you get a notice whether it’s a notice of default or even a notice of trustee sale, give me a call. The sooner you contact me the more of an opportunity we have to get you to avoid foreclosure. Give me a call or you can hit the start here button on the top of the page. Again, I’m Mark Peek with Keller Williams Real Estate, one of Roseville and Sacramento’s leading short sale team and we’re here to help. Thank you.

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