Loan Mods Don’t Stop Foreclosure!
Wednesday, April 6, 2011
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This is Shantell… Your Personal Real Estate Consultant For Life!! I thoroughly enjoyed the beautiful weather last Saturday while taking my daughter to the beautiful Streets of Brentwood, here in beautiful Brentwood, CA. One of my past clients saw me at the movie theatre and wanted to thank me for providing personalized support for her mom and concerning a real estate matter. That conversation brought up some issues that I think needs to be addressed.
I would like to place emphasis on the subject of Loan Modifications and how there seems to be an overall misconception that needs to be cleared up. It appears that the vast majority of homeowners are unaware of the fact that even though a homeowner has applied for a Loan Modification, it does not stop the Foreclosure Clock. The Homeowner needs to be proactive with their frequency of calls to the bank. These calls need to be well documented in a conversation log with the bank and the representative with whom they have spoken. A well documented Conversation Log will help the homeowner prove their track record of correspondence should the multiple servicing departments not be communicating at their banks. If the bank gives instructions of when the homeowner should reach out to them with a follow up response, then the homeowner needs to mark it on their calendars and do just that. If my clients need guidance with the process they are always welcome to call me for this support.
Another area that is becoming a rule of thumb is that some homeowners are making choices not to pay their HOA dues. To do this is inflicting personal sabotage. If a homeowner is not paying their mortgage, then they should (in most cases) be able to afford the HOA dues they committed to when they purchased their home. Most homeowners are unaware that the HOA can place a lien on their property. Then when the homeowner gets the okay for their Loan Modification, they have now created another obstacle on themselves. The homeowner has vested themselves with the modification only to now have the HOA have the rights to place a Lien on the property and they themselves can Foreclose on the property.
If you or someone you know is in need of real estate advice, please don’t hesitate to contact me directly. My Initial Consultations are FREE so together; we can identify all your options for you and your family.
On Your Team,
Shantell Owens: 925-594-0321
Related articles
- House Votes To Terminate Obama Administration’s Anti-Foreclosure Program (huffingtonpost.com)
- Foreclosure Assistance (nytimes.com)
- Few Mortgage Modifications Include Prinicipal Reductions (walletpop.com)
