In the words of my favorite boy band Backstreet Boys, the #1 reason most loan modifications don’t work: INCOMPLETE. Wachovia stated at an exclusive Intero Real Estate Service meeting that incomplete loan modifications get sent to the end of their lists, as they cannot move forward without all information. Loan modifications, short sales, and foreclosures all go down separate paths and if there is a hold on one, then the other process will continue. Many homeowners do not realize that the foreclosure process starts day 31 after a late payment until you are current with all fees and payments. So if they are working on a loan modification then miss a small paper such as: a pay stub, last year tax return, or proof of occupancy, unfortunately foreclosure is still coming their way.
If you or someone you know needs help with the loan modification process, then please do not hesitate to ask your local CDPE like Kristen Jurevich for help. Every situation is different and more people than you realize are struggling with their mortgage payments, so let me help you confidentially to a more positive outlook on the current real estate market.