turned down loan modification from bank,about to short sale house,only to now be told we cannot short sale because of that,shudnt we been told sooner

the loan modification amount offered was a joke, turned it down, decided to do short sale, got a realtor, 3 weeks later, we have a buyer, supposed to close June 30th...now, we are just being told that by turning the bank offer down, we forfeit the right to short sale and the only other alternative besides keeping the house, is foreclosure. Shouldnt the realtor have known this already?, the loan modifications are so common these days, would'nt/shouldnt she have even known to ask if we didnt mention anything? I just cant believe this is happening this close to a closing date. I cant help but feel someone dropped the ball on us somewhere. I mean, how can this subject not even come up in all the times we have talked to the bank even. If i'm we are wrong in not catching this, we can own that, but this is such a big deal, I cant believe it wouldnt have been mentioned during any of this. I hope someone can shed some light...cause this changes the entire situation for us, and not in a good way.
(0) | asked by: donetteHOECHERL hoecherl | share | 29 months ago | Report

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answer by Douglas Fleming   |   Visit My Website   |   Contact Me
Dear Borrower: I was reading through your question and thought of a business partner of mine right away to answer your question. Please see his response below and let me know if this helps. Doug, thanks for thinking of us. I have heard this before, but from my experience this is not correct. The normal process is to try a Government Loan Mod first, if this does not work, each lender has their own in house loan mod. If these loan mods do not work, the next options would be a short sale, or a deed in lieu. It depends on the lender and the investor. Is there a FC date? I would like to say we can make this happen. We work with real estate agents every day who need our assistance in getting a short sale to the finish line. Our success ratio is over 70%. Let me know if I can help.
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