Utah County Short Sales: Why Do So Many Loan Modifications Fail?

Utah County UT – Everyone who has every tried to negotiate a loan modification with their lender has been frustrated with the process.

We hear the following comments from frustrated homeowners all the time. “Why won’t they work with me?” I want to keep my home and pay them a reasonable payment. My home has dropped so much in value that they are better off taking my payments. I don’t understand.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is why I think that so many loan modifications are turned down: The banks don’t have any skin in the game. You see, in most cases the bank any losses are not born by the bank.

They are usually born by Uncle Sam or some other entity. Here is a Shocking Fact: Most banks don’t own the loans they are handling.

In fact, one of the “Big Four US Banks” only owns around 20% of the loans they hold. They are handling the other 80% as a “servicer.”

The actual owner might be Fannie Mae, Freddie Mac, a Wall Street Trust, or a pension fund. A servicer acts as a trustee for the actual investor.

They collect the payments and handle the “Lender” Functions. They then forward the money to the owner of the loan each month. The lenders get paid the same amount of money whether they do a good job or not.

Are they motivated to do a good job with your loan modification application? Many people experience long waits trying to get their loan mods accepted. I think this is the reason why.

Here is the closest comparison to how the banks are handling things. Let’s say you managed an apartment community. You only returned calls from prospective tenants one day during the week.

The other days you went fishing. As a result, half of the apartments were empty. Would you really be representing the owner of this property properly?

Would the owner miss out on tenants who could rent an apartment? Would that apartment manager be unhappy? You bet they would be. The same problem is happening with loan modifications and short sales.

The lenders don’t have enough staff in place to handle loan mod and short sale applications. As a result, they are foreclosing on properties when they really should be reducing the payment.

But, the average American doesn’t realize that this is happening. It’s time we tell them about it. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at brett@findtimetogether.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 801-756-1857

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Utah County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Brett Bezzant.

Brett is a Real Estate Agent at R and R Realty. Utah County Short Sales Realtor:

Phone: 801-756-1857. brett@findtimetogether.com.

View My homes for sale at .

Brett Bezzant specializes in loan modification assistance and short sales in Utah County Utah. Utah County Loan Modification Help, Utah County Short Sales. Utah County Short Sale Realtor. American Fork UT Loan Modification Help, American Fork UT Short Sales. American Fork UT Short Sale Realtor. Utah County UT Short Sales. Utah County Realtor.

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Important Notice

Brett Bezzant, R and R Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Brett’s personal views and do not reflect the views of R and R Realty.

This information on Utah County Short Sales: Why Do So Many Loan Modifications Fail? is provided as a courtesy to our viewers to help them make informed decisions.