Loan Modifications – They Can Be Done! Lots of Patience Required!

July 14, 2010 · Kathy Wall · 3 Comments

I haven’t blogged in a long time, partially because I’ve been super busy with work, but also because I’ve been so wrapped up and worried about a loan modification that I had been trying to get on my house since 2008. Yes… I said 2008!

This has been one of the most frustrating and stressful experiences of my life. As mentioned, I started talking with the bank in late 2008. Around July of 2009, they told me that I had qualified for a certain type of loan modification. They gave me my new payment amount and I started paying that amount. I paid them faithfully every month thereafter. I was concerned, however, because I never received any formal paperwork and, because real estate is my job, I knew something had to be wrong. I called them constantly and they kept telling me there was no problem, everything was “in process.”

I believe it was in January this year that I returned home to find a letter from the bank in my mailbox. The letter indicated that I was in default and that if I didn’t pay them $35,000 by a certain (very near) date, they would start foreclosure proceedings. Needless to say, I freaked out. Read more

Tenant Occupied Properties

June 1, 2009 · Kathy Wall · 4 Comments

For whatever reason, over the course of almost 16 years in real estate, I have very seldom sold homes that were occupied by tenants. Right now, I am involved with 3 properties that are occupied by tenants. Wow! Is it ever tough.

These transactions are so complicated with items that you would never think of. In the last couple of weeks I have dealt with:

1) Having the key to a tenant’s unit get stuck in the lock. The tenant was out and I have no phone number for him. I couldn’t reach the property management company and I, certainly, couldn’t leave this man’s home with the door unlocked. Fortunately, one of the people I had been showing the home to stayed with me, had a tool kit and, literally, took the lock out and solved the problem. Read more

The “Runaway Buyer”…

March 12, 2009 · Nicole Machado · 9 Comments

pk-granny Just a quick post on a funny note… I have encountered a “runaway” buyer at two of my open houses in South San Francisco, two months apart from each other in two different neighborhoods. The first time I met her; she was so nice and friendly and seemed genuinely interested in the home. She said she liked it so much she wanted her husband to see it (he was waiting in the car). I didn’t think anything of it at the time, but once she went out to the car the husband slammed on the accelerator and took off down the street. I thought it was strange, but in this business nothing fazes me. It was about two months later Read more