Many homeowners have experienced difficulties and frustration getting through to their loan servicer when trying to obtain a loan modification. To help alleviate some of the stress associated with this task, an attorney with the National Consumer Law Center in Boston is offering the following tips:

· Consumers should keep detailed written records of every contact they have with their servicer, including logs of phone calls and copies of written correspondence.

· If the servicer makes a promise, such as crediting a payment, modifying the loan, or stopping a foreclosure sale, for example, the homeowner must get it in writing.

· When seeking a loan modification, consumers should send a request in writing asking the servicer who owns the mortgage loan. Some banks and investors have policies on which loans they will modify.

· Consumers should beware of servicers advising them to stop making payments because they have applied for a loan modification. Instead, homeowners should continue making payments for as long as possible, even if they cannot make the payment in full. Otherwise, the loan will accrue more interest, and will cost more in the long run.

· Borrowers who feel they cannot resolve their problem or those who think their servicer may be violating their rights are advised to contact a non-profit housing counselor or seek legal help. Housing counselors can help negotiate a loan modification for free.

· Consumers can visit the Treasury’s homeowners Web site www.makinghomeaffordable.gov to find out if they qualify for a loan modification under the Obama administration’s program Making Home Affordable.

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It’s no surprise that in today’s market, many listed homes are having problems closing escrow. Sellers need to know that the traditional way of buying homes are long gone…at least for now. They need to be aware of key factors regarding the market if they want to sell their home quickly. Otherwise, expect your property to linger around the market for quite some time.

The number one factor in selling your home successfully is pricing your home accurately. Many REALTORS® can help sellers determine a fair market value for their home in order to list their property with a proper price. REALTORS® will pull up comparable properties within the neighborhood that have been sold from the previous three to four months.  The market continues to fluctuate from each neighborhood, that’s why it’s crucial to stay current with recent sales and accommodate with the market demands.

Sellers, do have some control with contingencies. Buyers sometimes request their contracts to contain contingencies based on obtaining a loan. So in order to avoid these possible setbacks, requesting buyers to provide a pre-approval letter from a lender is more efficient. This proves that the buyer is likely get approved for a mortgage loan. However, make sure that their pre-approval is current and not past 90 calendar days.

Many buyers try to take advantage of the home inspection report to negotiate a lower price. Sellers usually offer the buyer some money for the repairs  needed rather than the seller repairing each item that has been listed on the report. But it may be wise for the seller to have the home pre-inspected before listing their property to avoid paying a lump of sum to the buyer. This allows the seller to get a proper estimate for their costs and repairs in advance.

Sellers who list their property in a slow or competitive market need to understand the market conditions. Buyers today are wiser and very picky about where their money is going, and they’re always looking for ways to find a good deal on houses. Sellers don’t have to struggle though. Just be as smart and realistic about your property in its current market, and with a help of a REALTOR®, you’ll see your property close escrow in no time.

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