Real Estate from A to Z
by Aaron Zapata, MBA, Broker, REALTOR®
Yorba Linda Realtor says, “It’s too late!”
So many times people call me asking me to help them sell their home after they have tried everything else from loan modifications, trial loan modifications, selling by owner, etc… Unfortunately, in many cases, I can’t help them because they have just waited too long.
If you are in the middle of a loan modification let me encourage you to make a backup plan. RISMedia reported that Bank of America believes that half of their delinquent customers will not qualify for the government’s Home Affordable Modification Program (HAMP). Wells Fargo says 80 percent of their customers won’t qualify. Together, Bank of America and Wells Fargo hold 40% of U.S. mortgages. In the last few weeks I’ve talked with many people who were promised by their bank that they would work out a plan, only to have the bank start to foreclose on them.
In fact, I’m working with a homeowner right now who was told by a bank representative to stop making their payments in order to get a permanent loan mod. They did that and the bank posted a Notice of Trustee sale (foreclosure) on the door that stated their home was scheduled to be foreclosed on in three weeks. Loan modifications are frustrating and not working like promised.
Please contact me today so that I don’t have to tell you, “It’s too late!”