I am pulling my hair over this subject.
What can I recommend to my clients, people that call me or contact me via email in regards to this concerns.
I must touch my heart and spill out my...... on this.
Let's face it nobody wants to tell their clients what is best, if their interest on a Loan Modification is the one reason home owner care the most.
They don't like to hear FORECLOSURE, SHORT SALE or BK as and option.
Banks are not correcting the problem by lowering the loan amount. they are only buying time for what it is foreseeable.
Home owner will not remain on a Modification program when they see their home value creeping down.
Who will, I won't, would you?
Let's face it. Why would I continue to make payments on a property that has lost almost half of it's value.
How about this... Your neighborhood is not what it was before. All neighborhoods?..
No, I am not picking on all neighborhoods, but in many cases the area will not be what it used to be.
We all find a shell in our life, and that shell has a big crack (Property value).
Do wherever is best for you, but a loan modification may not be the best. It may be for now , but how about later?
Oscar Matamoros/Marketing
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