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Sign into your accountWhy Loan Modifications are so Hard
October 21 2010
Today, real estate sales people are conducting roughly 25% of their transactions in Short Sale/REO conditions. For some, this is 100% of their business. What are the problems? The banks are lost.
Today’s consumer selling their home does not really know who owns the loan. They may have used a broker, who sold the loan to a bank, who put the loan into a holding company who packaged the loan to be offered up to a pool of investors, each of which may own a portion of that loan. Getting them all to agree to the short sale of the property, getting paperwork that confirms their agreement on the short sale, and getting back to the real estate agent in a timely fashion to accept an offer is impossible.