THE HOLIDAYS ARE AN EYE OPENER

With the new legislation in place regarding banks offering modifications HOMEOWNERS BEWARE.  Should your lender send out information for you to submit to them for modifications, contact  your real estate agent!

Not only is it imperative you keep them informed of what the bank is sending you, it is imperative you know that some banks are sending this out and canceling short sales should you submit any information.

Banks cannot do short sales and modifications. They can do one or the other.  Recently I have had one major bank who proclaims to be the largest in the industry cancel  the short sale in progress stating the home owner requested the information when in fact they did not. 

If you are seeking a loan modification there are specific time frames to respond to this and assistance for you to do so.  However, let your realtor know the literature you are getting as banks are intending this as a way to get you off the books for short sales!!