Pinetop White Mountain Blog

Good Morning Everyone,

For all the publicity about Loan Modifications and Short Sales, the reality of getting them done is far from positive.  However, there may be some help available now that the new Loan Modification and Short Sale Guidelines have gone in to effect.

I got an email this morning from Bank of America and they have streamlined their process by implementing  a program specially designed to speed up the Short Sale Process.  It is called Equator.  If you are curious, check out the following link:

www.Equator.com/

I had viewed a webinar about this via NAR a couple of weeks ago and it looks like this would be a big help in getting approval for a Short Sale.  All the documentation is uploaded directly in to the program and is then assigned to a Loss Mitigation Specialist within the organization.  I have not had an opportunity to use the program yet but I think it might be very helpful in speeding up the Short Sale process and the Loan Modification process.

I was also online with my own mortgage company this week and noticed a link on my login screen that said: Loan Modification Link.  It made me think that perhaps if you are in trouble and need some help you might want to set up an account with your mortgage company and see if they don't have a place to access the Loan Modification Dept. online.  It might save the frustration of playing round robin on a phone line trying to get to the right person to help you.  I know how frustrating that can be, and I also think that is why many people give up when trying to pursue a Loan Modification or get permission to do a Short Sale because they can't get past the recordings to a human being.  They get angry and then just give up and let the home go to foreclosure.

The truth of the matter is that Short Sales are a pain.  But if you can get one done, it is far less destructive to your credit and to your future.  Ideally they work best if there is only one lender involved but with some of the new Short Sale Guidelines that may make some of the second lien holders a little more cooperative.  They will get something from the sale and as a seller, so will you.

If you are frustrated and having difficulty making your payments.  You really should try again to contact your lender to see if you can't work something out.  The guidelines apply to Primary Residences only but that does not mean that your lender might not be willing to work with you even if your property is a second home or an investment property. They don't want your home back.  They have enough to deal with and if you can prove true hardship you may be able to work something out with them.  It is certainly worth the effort to try. 

Good Luck and if you need guidance I will be happy to meet with you to discuss your situation.  I am not an Attorney and I am not an Accountant, but perhaps I can serve as a resource to you in helping you get to the people you need to see in order to determine if you have options other than foreclosure.

Have a great day.

Sandra Paulow, Associate Broker, GRI, SFR - (928) 242-0300

Your High Country Connection for Real Estate.