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May 18th, 2010 9:10 AM by David W. Welch
Let's take for instance two government programs designed keep people in their homes and help others get into their first home. These are true stories of real people. The first story is about a couple who tried for nearly two years to get a short sale approved. Eventually, the financial stresses ended their marriage. At that point, they approached the bank for a loan modification. That way one spouse could move on, and the other could move back into the home. After being told the loan modification was approved, and "the papers are being sent," one moved back into the home. The papers never showed up and they have spent two months trying to get the modification finalized. Things are just beginning to improve financially, and now the bank says they do not qualify for the modification. They also have offered no options for restructuring the loan. The bank's answer is to pay up the $30,000 they are behind, or else they are going to foreclose. Or...they can start the short sale process again. The home is probably worth $80,000 less than what is owed. So tell me how this makes any sense. The bank could restructure the loan and get paid most if not all of what they are owed. In stead they would rather foreclose and lose $100,000 or short sale and lose $80,000.
David Welch Real Estate Optimist, Orlando Real Estate