Real Estate Professional’s Guide in Helping the Foreclosure-Troubled
Distressed homeowners are desperate to avail a loan modification to adjust rates, prolong their term, decrease their principal and absolve penalties. They will need a real estate professional so they can make the right decisions and save their home from repossession.
So, here are some ways on how to bring your foreclosure client closer to the safety of a loan modification:
- Show EMPATHY
Though the foreclosure problem is your client’s doing, be sensitive to their needs. - REFER your client to a trusted company
Some companies give compensation to agents who refer needy clients. - CHOOSING A LOAN MODIFICATION COMPANY
- YES to companies that have/are:
- Contact number and address
- Outstanding reputation and transparency
- Member of a consumer-friendly organization
- Real testimonials
- Licensed and insured
- Professional team members like real estate professionals, and lawyers
- Good track record in promoting regulations
- Offers educational resources
- Agreeable refund policy and no up front payments (though upfront fees are common in law firms)
- NO to companies that have/are:
- too much salesmanship
- Pending complaints
- No straight answer
- Overcapitalized
- Feeding on fear emotions as decision marker
- Refuse or just can not explain the process
- Generic approach to all cases
- Get their resources from other reputable companies
- Wild claims
- Unreasonable up-front fees without a good refund policy
- YES to companies that have/are:
Along with these guidelines, the foreclosure-troubled must trust their instincts. If there is comfort and confidence to their chosen company, then that might be the right choice.
Hopefully the client would not act out of fear of losing their homes. They must have a lawyer check on the terms before they sign, ask all possible relevant questions that may affect their decision and the end of their home.
COMMUNICATE
A cooperative client, frequent loan modification agency updates and patience would be key to a trusting relationship and a successful battle against repossession.
And if all ends well, a good way to say thanks is through TESTIMONIALS. Encourage other troubled homeowners to have their foreclosure cases handled by their trusted company.
