Home Pride Properties, Inc. 770 444-3844

Meet Tammy: She Tells Her Bank “No!”

The loan payments were killing Tammy (not her real name) on her trendy, upscale home.  So she found a more affordable home and planned to move into it before her current place became a tightening noose around her neck.

To get a quick sale, Tammy and her Realtor carefully reviewed the recent sales in her neighborhood to set her asking price.  She priced her home attractively and was fortunate enough to find a serious buyer in less than 90 days.

Like many sellers, Tammy was upside-down: She owed more on her mortgage than what her home was currently worth.  So, Tammy submitted a short sale request package to her lender.  After months of waiting for an answer, the lender agreed to accept less than what she owed … with one big catch.

Defend Yourself: Even Lenders Make Mistakes ... Sometimes WHOPPERS!

Every major mortgage lender has a plan for dealing with the public.  They have processes for handling customer inquiries.  They have computer systems to ensure accuracy.  They even record your calls for “quality assurance purposes.” 

But here’s the thing: Mortgage lenders also have humans.  And humans -- even well-intentioned ones -- can make mistakes and provide incorrect information to homeowners and borrowers.

These are just some of the errors we’ve seen lenders make:

• One bank told a borrower that a payment was coded as late due to a returned check when it was not.  They later admitted that the representative misread their computer screen.
• Another advised a borrower that they were eligible for a loan modification program when they were not.  The representative didn’t verify all the requirements for the particular program.