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One fact that James' article reinforces is that the banks will do nothing to assist a home owner if their mortgage payments are still current. So, faced with the inability to sell their home because the home owner owes more than the house will sell for, SHORT SALE is the only alternative to foreclosure. **
WHY DO BANKS REQUIRE THAT A HOME OWNER BE IN ARREARS BEFORE SHORT SALE APPROVALS?
"WE DON'T LOOK AT SHORT SALE PACKAGES UNTIL THE HOME OWNER IS BEHIND IN THEIR PAYMENTS." How many times have we heard that? There is no benefit to a mortgage company to modify a home loan. If a mortgage loan is modified to reduce the principal amount, the credit rating of the mortgagor will not be affected. The mortgagor's credit rating would not be affected by a reduction of the mortgage note. The only change in the home owner's credit report would be the balance owed to the mortgagee.
I've been advocating for a write-down of the principal balance of home mortgage amounts to appraisal or assessment numbers, but it would take a significant amount of money from the government to cover that loss to the mortgage companies and, if we know anything, we know one thing: The government is not going to do anything that would cause harm to the profitability of the financial institutions that originate or service or hold the millions of home loans.
That the government is dedicated to preserving the profitability of the banks is a given. Why then are the financial institutions and the government determined to force a home owner in trouble to ruin their credit before any relief by the mortgage company will even be considered?? That is the question of the day.
MORTGAGE LOAN MODIFICATION WOULD NOT HARM THE CREDIT RATING OF THE CONSUMER.
However. . . .
ONE 30 -60 DAY LATE MORTGAGE PAYMENT WILL REDUCE A CONSUMER'S CREDIT SCORE FOR YEARS.
Could it be that the new "sub-prime", "Alt-A" mortgages will be mortgage instruments invented to serve the millions of consumers with a short sale transaction on their credit report??
What is the benefit to the banks to force the home owner to ruin their credit rating? Could it be the higher interest rate that can be charged to home buyers with a previous short sale on their credit report?
What could this new mortgage instrument with higher than market rates be named?
The "SS" loan, for "Short Shrift".
The "SSS" loan, for "Shafted By Short Sale"
The "SS2" loan, for the "Short Score" loan
The "Stiff" loan, for "Stiffed by Short Sale Score" loan
No matter what happens or doesn't happen, the consumer loses. As the number of home owners who accrue 1, 2, 3, months late on their credit reports, they are prime suspects for future home loans with higher interest rates.
Of course, they are also prime suspects for credit cards with even higher interest rates.
** A change in the bankruptcy law/code that would permit bankruptcy judges to modify loan principals was a solution proposed. However, it didn't get through Congress.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.