Are loan modifications working in Kansas City? Kansas City Real Estate

Are loan modifications working in Kansas City? 

It depends. If you ask the one person who successfully negotiated a loan modification they would say yes. 

If you ask the 9 people who got hung up in the never ending paperwork then received a letter 9 month later that they were denied a loan modification the answer is overwhelming, NO! 

I just worked with a homeowner last week. She showed me where her lender requested the same documents 12 times. She sent them by fax and had confirmations proving that the lender received the documents. Her loan modification was denied because the lender claimed they never received the documents. I have heard this many times. Nearly every client proves to me beyond a shadow of doubt that the bank received the documents in a timely matter.

This morning I received a phone call from a past client. She took her home off the market because she was confident that she could get a loan modification negotiated. Yesterday she was served notice by the sheriff's department. Her home is going up for auction next week.

For every successful loan modification that I see, I can give you 9 that ended in failure. Wouldn't it make sense that over 50% of all of the homeowners who were foreclosed on by their lenders in the past year tried some sort of loan modification?

Short sales are proving to be the best solution to avoid a real estate foreclosure in Kansas City. Many lenders who were pushing for loan modifications are now pushing underwater owners to do a short sale.

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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty

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