It appears some banks may start becoming more human and humane. In an effort to stem the tide of vacant homes and struggling homeowners, a few of the banks are stepping forward to try to pre-empt the mortgage meltdown. We are seeing Asset Management Companies (companies hired by banks to manage their "at risk" mortgages and homes) hire Real Estate Agents to try to get in touch with their Borrowers. There's a whole new side of the Real Estate Business out there where agents are actually trying to assist people to stay in their homes.
Orders are sent out from these Asset Management Companies to real estate agents to get in touch with the Borrowers who have missed payments or are at risk of losing their homes. Agents are being a friendly face from the banks to give advice to Homeowners on what their options are and to deliver Loan Modification Applications, pick up and return the paperwork to the banks, or counsel and educate Homeowners on Modifications, Short Sales, Deed in Lieus and Foreclosures.
So, the next time you see a Real Estate Agent at your door, they may not be there to try to get you to list your property so they can make a sale and commission. They may be sent by your bank to help you stay in your home. Please welcome them in see if we can't work together to fix this current real estate market one house at a time.
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