Let me start off this entry by saying that if you have anything to do with selling mortgages, go away. I will reject any comment offered to this blog by salespeople.
Back in May we applied for the federal stimulus program, Making Homes Affordable. Even thought we knew we would be putting our house on the market anyway, we applied, figuring it's best to pursue any and all options.
Flash forward to August, three months later, and it turns out we are approved for a "three-month trial loan modification" (don't ask why it's a trial, I don't get it myself). Once again, they ask if our home is on the market. We call the bank. I'm too discreet to tell you which one, but it's a major major loan institution with the initials WF, whose name was popularized by a well-known song in a famous Broadway musical.
After some hemming and hawing and transfer to a higher authority, it seems we could get away with a three-month trial, do the paperwork, then put our house back on the market. Basically our financial position would be exactly the same, since our tenant, who just moved because our house is on the market, was paying us exactly the amount in rent that the loan mod would have reduced our mortgage by. Ain't that poetic?
We decided we don't have time to futz around with a trial period, we intend to sell our house, so we are staying on the market and giving up the loan modification.
It makes no sense to me, this rule that you can't put your house on the market. Everyone knows the market is very very slow. It's in everyone's interest that mortgage payments get made, that people not wind up in short sale or foreclosure, so why the rule that they can't go on the market?
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