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To Modify or Not to Modify
There certainly is a lot of confusion about modifying for the average homeowner to try to navigate through today and it is changing by the minute. We have the acronyms coming out of space at us and we as professionals are trying to keep up with it all. What's a homeowner to do when the lenders can't even figure it out themselves?
What you might want to consider before you even look at a modification is your own local real estate market, you local economy, and the stability of the neighborhood you live in, in addition to how much you actually owe on your home vs. today's market value. Why are all of these factors so important? Well, a modification might not be the best solution for you at all.
Take a good look at you local real estate market. There are many places on the internet you can check, or you may consult with a local professional I would recommend you get at least two opinions on this from very qualified professionals. Ask them to provide you some documentation about the rate of decline in sales prices in your local market, the increase or decrease in the amount of homes ... more
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