**Loan Mod**

Posted by on Wednesday, December 15th, 2010 at 7:18am.

**Loan Mod**

The title of this blog, like so many other terms, has become a *buzz* word in today's real estate market. They should all come surrounded by an asterisk in my opinion.

This week we had a new customer in our office, we'll call her Jane, and she brought in some paperwork for an ongoing loan modification she had been working on with the help of a Florida attorney for $1500 (up front). One of our agents sat down with her and upon a quick review discovered that it was not a loan mod, but a $10 option contract to purchase the home with the purchase price BLANK. (For those of you who don't understand the idea of an option contract call 904-469-SOLD and ask for me, David, and i'll happily explain.) The agent called me in to take a look at it and I was blown away. Maybe I am naive, but this situation infuriated me. I was thankful that she came to us when she did so we could explore some legitimate options for keeping her in the house, and thankfully she didn't sign the option.

Be careful out there and really take the time to ask questions when working with anyone in the financial, legal, or real estate sector. I told Jane, "if they are advertising for your business on the side of a bus, then you probably shouldn't use them."


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