I live in Arizona and pretty much every home within a 2 square mile radius of my home has dropped 50-60% in value since 2006.
Which means terms like loan modification, short sales and foreclosure pretty much dominate every neighborhood bar b q party at the local park.
Recently, I was at a neighborhood gathering and someone was telling their story of trying to get their loan modified but the lender wouldn't budge, so they tried to short sell it but got denied and were about to have their house sold at auction in the near future.
I couldn't help but wonder "I wonder if the lender really wants to foreclose" or if they just didn't have the right help.
And I didn't think too much more about it.
Until I saw that same person who had been told "no, no, no" again yesterday.
I was expecting him to tell me how his pending-foreclosure date was impacting his mental health but instead he had a smile on his face and opened our conversation with" you will never believe what happened - my lender approved my short sale!"
And then he told me how the lender that had told him "no, no, no" suddenly had a change of heart because his Real Estate Agent had gotten on the phone with the right person at the lender and made them understand that they had bad information and needed to re-evaluate.
Which was just a simple reminder:
When hiring people to help you with your loan modification, short sale or foreclosure - there can be a world of difference between the knowledge, skills and experience of each "expert".
And when some just hear "no, no, no" and give up... some actually get to "yes" because they don't give up.
And there can be a fine line between "no" and "yes" and that fine line can make all the difference.