165 Homes set to foreclose any day now in San Clemente CA!
Were they trying to modify their loans? The sad truth is that probably were. Loan modification hopes lead more people into foreclose than anything else I have seen. I remember in 2007, when I would work on short sales, the lenders would say to me. "Do your clients want to stay in their homes?" I would say yes and boom, loan mod. A year later the word loan mod became a buzz word and people were canceling their short sales left and right.
Now in 2010 we get conflicting stories from lenders and the government. Lenders have told me, "next year" no more postponing foreclosures, were done with that, either short sale or foreclosure", then the government says, we will require lenders to halt foreclosure when determining if the client qualified for a loan mod.