Answer: NO
But I can give some banks credit that they are trying.
You think about the family that just needs a small reduction in their mortgage to help them save their home but are denied. Why? They have to fit in strict guidelines – Cannot make too less or too much money, show hardship, etc.
Why? It is estimated over 50% of people who are modified will end back up in foreclosure… So people must meet these strict guidelines.
Now short sales are no easy ride either. It is a process but many banks are streamlining the process. Thankfully.
There are some banks that will still take 120 days to close but hopefully the new treasury guidelines ensure a more efficient process for everyone (see our past blog with the entire 44 page doc on that).
My suggestion: If you are looking to save your home and need a modification, do not give up. Provide them everything they need and see what comes up. You do stand a chance.
If you are:
· Facing foreclosure
· Denied modification
· Modification presented still does not help
· Losing money because the rent does not cover the expenses
· Completely upside down and this is a bad asset
A Short Sale may be an option. We are dealing with most major banks, many small banks and even FDIC in short sale transactions in Lee, Collier and Charlotte Counties of Southwest Florida. Every day is a learning experience for me and my staff. However we do not give up and we are successfully saving people from foreclosure on their records.
I have many clients that will express their thoughts of our service. And we hope to do the same for you!! Please be aware of those charging upfront money.
As always, we are short sale servicing all of Lee, Collier and Charlotte Counties… That is Punta Gorda, North Fort Myers, Pine Island, Cape Coral, Fort Myers, Sanibel Island, Captiva Island, Lehigh Acres, Fort Myers Beach, Estero, Bonita Springs, Naples, Marco…
Steve R. Daria
MAXIM LLC, Commercial & Residential Realtors
(239) 425-5671
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