Tuesday, February 9, 2010

Mortgage Modification Program

Although I don't really agree with the whole mortgage modification idea, I don't think that the homeowners that are applying for a loan modification should have to go up against fraudulent companies. I feel that the loan modification is just delaying the inevitable which is not good for anyone. I cam across an article that was explaining how the FTC is kicking around the idea to propose a ban on all mortgage relief companies from charging an upfront fee. The link for the article is below.
http://rismedia.com/2010-02-08/ftc-proposes-rule-that-would-bar-mortgage-relief-companies-from-charging-up-front-fees/
I had a seller/friend who called me because she was several months behind on her payments, was having a difficult time finding work, and had little to no money. I had discussed her options with a short-sale, and thought that was what we had agreed upon. Until she called me the next week to tell me she had received a letter in the mail that stated she could modify her loan, and get out of delinquency, for only $400. I'm not going to go into the details, but to make a long story short, she went ahead with the $400 modification. Guess who called me last week??? Apologizing for the mistake she made and how she lost the $400 because they couldn't help her, etc, etc, etc. Really?? Who is going to modify a loan for someone who doesn't have a job or income??
If you, or someone you know, is facing foreclosure, or is behind on payments, you have options available that can sometimes stop your from destroying your credit. I am an REO certified specialist, and I can help you decide what is the best option for your situation. Not to mention, sometimes Realtors have investors who may come buy it straight from the bank, and give you cash for your keys. It's happened to me.
Not in SC? I can help anyone, anywhere, buy, or sell, real estate.

Lindsay Saunders, Realtor and REO Certified Specialist
Keller Williams Greenville Central Partners
864-607-0479
www.GreenvilleRealEstateGirl.com



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