Wow, you have just spent the last 6 months working diligently with your lien holders to solidify a permanent loan modification. The bank has told you that if you make 6 consecutive payments, on time, that they will grant you a change in your mortgage terms. They have even been so nice as to make those 6 payments half of what your original payment is supposed to be. It has probably been a little frustrating along the way, getting someone on the phone after a long wait, to finally offer a solution but it seems to have paid off. SUPER JOB! Then…… the sixth payment is made, full and on time, and you await eagerly for the paperwork to come in so that you can breathe a little easier. After all, you fulfilled your part of the bargain. Then the truth comes out. The bank NEVER intended to permanently modify your loan terms. Please find a few necessary steps below to help you and call or email anytime with any questions that you may have. Your AZ Short Sale Realtor
1. Keep a notebook log of every single phone call you have with the bank.
2. Write the date, time of call, who you spoke to, what the conversation consisted of, and every promise you are made.
3. Ask them to put every thing in writing (sometimes they will but most of the time they will not, ask anyway).
4. Make sure, before you make any payments, that they put all of the terms of the “temporary modification” in writing.
5. Consult with an attorney and let the bank know that you have spoken with an attorney and that you know your rights.
6. Consult with a realtor that specializes in distressed market situations for all of your options.
Keller Williams Integrity First Realty