Foreclosure in Joliet>Question Details

Shelly70, Other/Just Looking in Joliet, IL

We were summoned Oct 29, 2009 for foreclosure. Are there any realtors in the will county il area that work with loan modifications.?

Asked by Shelly70, Joliet, IL Mon Nov 2, 2009

Are there any realtors who have experience with foreclosure and loan modifiction negotiations with banks in will county il? I've talked to lawyers, counselors and agencies but I either cannot afford them, cannot trust them or they are of no help to me. I just found out about a woman who used a realtor to negotiate her modification. Any information would be appreciated.

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Hi Shelly,

Log onto http://makinghomeaffordable.gov/. It is a government program designed to help people who are having a hard time paying their mortgage.

Tammy
0 votes Thank Flag Link Tue Nov 3, 2009
Depending on your credit history you may be able to modify your loan. If you were given a summons, that sounds like you have missed some payments. The bank who holds your loan may work with you if you call them they will give you all your options. They may have already sent you a letter with these detailed.

If the bank denies to work with you for a loan modification, they may tell you other options like short sale or deed in lieu of foreclosure. When and if this happens, look for a Realtor experienced with short sales and get the property listed as quickly as possible. The foreclosure process can take some time (in most cases) which may allow you to sell the house for less than is owed to bank. This is a difficult process and takes everyone working together to get it done (You, the Realtor, and lender). Make sure you call your lender and interview different Realtors. They also may be able to direct you to lenders in your area who can help you.

A short sale will be easier to recover from credit wise than a foreclosure. Don't give up and do your best if all else fails then you give the bank the deed in lieu of foreclosure. I have to say that laws and selling houses is different in every State so make sure you check out and get facts for your State from a reliable source. The first place to start is with your lender.

Good luck and get a fantastic team to help you through this process.
0 votes Thank Flag Link Mon Nov 2, 2009
Realtors are not trained to negotiate loan modifications. The woman you just found out about leaves a lot of questions unanswered. Was the Realtor a friend? Was the Realtor getting paid or was it a favor? What 'negotiation' did the Realtor actually do? Was their some type of contract? Who was the bank?

In any event, this is not the role of an agent. It's like asking the home re-modeler to fix your car. Maybe he could, maybe not. The point is, if you need someone to modify your loan then go to someone who has been trained to do it.

In the mean time, you might want to just do it yourself. No one person or company has any priority over any other. Most banks have a process online you can complete if you have a second grade reading level or higher.

Beware, though. There are still millions of people waiting to have their loan modified and not everyone is successful. If you're looking for a quick fix then you're going to be very disappointed.
0 votes Thank Flag Link Mon Nov 2, 2009
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