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Are Loan modifications Working?

By
Real Estate Broker/Owner with Wyse Home Team Realty SL3192071

There have been many efforts to help homeowners this past year. Varying degrees of success have been reported among the numerous well intended programs. I applaud the success stories Of those that have been able to refinance, or have their loans modified in a meaningful and sustainable way. Unfortunately, not  everyone in that is in need of help has received it. Even worse, some that have received help are disappointed to find that the relief was only temporary. Click here to see an article from Reuters News with more information.

There are a growing number of people on the brink of abandoning their homes, as they feel they will never catch up. Click here to see a story from Florida Realtors with sobering statistics. There are concerns that the Fed may soon stop buying mortgages at their current pace. It is not reasonable to believe that this activity can continue indefinitely. Click here to see an article From Realty Check with some interesting facts. Does this mean that we are heading back down the road to more troubled times in the housing market. I do not believe so.

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Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

"They can't continue to prop up the market because that's just pushing the pain down the road and at an exorbitant cost at that."

I read the article and the above quote summarizes it well . .enough said !

Oct 22, 2009 10:38 PM
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Ron, Good post- the markets are going to respond to supply and demand. There are still mortgage programs both government and private that we haven't seen yet.  They will be created out of necessity or in creative response to market opportunities.  I believe it will pay to have a nimble business structure that lends itself to learning quickly and responding rapidly to opportunities to capture market share. ALB

Oct 23, 2009 12:03 AM
John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

Ron - I believe we will see some creative efforts to stabilize the housing market next year.  So far the government's efforts have been pretty lame. We'll see if they will be able to actually help those who need it. 

Oct 23, 2009 12:27 AM