Farmington Hills Real Estate and Events talk Michigan

I know of two people that have tried to do a loan modification.  I have one friend that had a contracting business that was dependant on new home sales.  When new construction died, so did his business.  So now he has a house he really can't afford.

He has been working on a loan modification since last summer.  He has stayed on top of all the requirements and has called the bank weekly.  He has the time to do it.  He still does not have a final approval but they are working on it.  (So they say)

Now the other loan modification is the exact opposite story.  She had a subprime loan, and was behind on her payments too.  They told her to make a specific payment for three months and give them a specific amount of money.  She did what she was told.  At the end of the period she followed up only to be told that they were changing what they wanted.  They wanted more money and to do the three months over again.

She felt she was lied too.  She feels she can't believe whether they will do the loan modification or not.  She has given up.  She is going to give the house back to the bank.  It is going to sheriff sale soon.  Then she has six months to live in the house for free. 

 So there are two sides of the coin.  One going thru and another client that was put thru the wringer only to find out the bank changed the rules halfway thru.  I have clients call and get frustrated and never even get the ball rolling.  I have had other clients call and be told in the first few calls they aren't eligible.  I myself don't have a clue what the banks require as criteria.  I think it all depends on the bank.

So few loan modifications have been done as compared the amount of foreclosures out there.  I wish the best for all the people that are trying to get loan modifications done.