How many does this make now?

A new bill is on the floor of the Senate that again is meant to help distressed homeowners in foreclosure.  SB 1275 would help homeowners avoid foreclosure while seeking a loan modification.

Everywhere you turn you hear that lenders don’t want your house, don’t want to foreclose and carry your house on their books, would rather do anything than foreclose because it costs them so much money. Yet as I listen to the every day horror stories, I find it so hard to believe that “banks are more co-operative than ever”.  It seems amazing to me that there is even a need for the bill such as the one above, but these lenders who “don’t want your house” will go right on through with the foreclosure while you are in the process of negotiating with them! Anyone who has tried to get a loan modification or even a short sale with an offer in hand, knows these things take time and persistence. Half the time when it comes to the lender the old saying “the right hand doesn’t know what the left hand is doing” is ever so true.

Most of the time until you’ve started missing payments, the lender won’t even talk to you. Once you have their attention because you haven’t paid in a couple of months, then it takes forever to get answers back to your requests for any kind of loan adjustments.

If you want to save your house and you have any chance of doing so, you have to stay vigilant. You cannot drop the ball for a second. We don’t know the fate of this bill that is on the congress floor right now. Many are opposed to it. If you want to save your house, it’s up to you to be very pro-active. Don’t wait for someone to ride in and save you, as you can tell by looking at all the notices still flooding the newspapers, it’s likely not to happen.

If I can be of service and help with any of your questions regarding foreclosure, selling your home, or any other real estate needs, please feel free to contact me at 408-313-3270, or by email through this blog.