Mortgage Loan Modification Frustration

Only Franz Kafka could create a world as hopeless as working to get a loan modification. As CDPE's (Ceritifed Distressed Property Experts) we have listened to the webinars about doing our best to try to keep people in their houses versus a short sale. My partner Charlene Humphreys and I will work up to 200 short sale possibilities this year alone, and in Oklahoma we have not experienced the devastation of hard hit markets. I can only imagine what short sale teams are going through there. Here is my statistic for the success rate of loan modifaction this year, ZERO. I can't believe that any real estate activity is more frustrating for the homeowner and the Realtor than this. You want to save the house but the system is rigged, and the governments program they love to talk about is not working. Folks this is crazy. While the mortgage companies fiddle, Rome burns. By the time you may be able to get the homeowner to the promise land, you have seen their credit score drop as the mortgage companies report their bad credit, all the time reassuring the homeowner that it is in process. In process is the new code word for, Drop Dead.

We want to help people in distress, not just make a commission off others misery. For those who work short sales you know that having to deal with the emotional turmoil of the distressed homeowner is a cause for burn out. The paperwork drill can be Byzantine with 200 pages of documentation not unusual. Something must be done. We save Wall Street and Corporations, and I am okay with that, but only if we look at the American Homeowner with the same concern. My short sales are based on hardship, not on people just deciding to quit paying and avoiding deficiencies. I am linking an article from today's New York Times that you should read. It details what I am talking about. This is a call to action because our client's deserve better.