My newest shortsale adventure in Frankford: the bank that keeps coming back with nothing

I’m working a shortsale where the mortgage lender initially didn’t want to grant a loan modification to the homeowner. The property was listed for sale as a shortsale and we quickly received a cash offer from an investor. Now the bank is offering a loan modification to the homeowner. The homeowner wants to property sold so the loan modification offer was rejected. Now the mortgage lender wants to reject the cash offer. They believe the property is worth $30K more than what the comps show. Delusional thinking at its best I guess.

This is why a lot of borrowers and shortsale negotiators don’t have sympathy for mortgage lenders. They refuse to work with lenders when payment problems begin. They reject solid cash offers to get the properties sold, and they refuse to accept property valuations.