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Loan Modifications Not Worth Much In Cali
As I am sure all of you are aware, loan modifications are worthless for most Southern California home owners that are under water.
I was reading the Fannie Mae 10-Q that came out yesterday and noticed an interesting fact, 93% of the loan modifications granted were for terms and time, not balance due.
When one has a mortgage that is upside down by over $100k, terms and time mods are nice but not the best financial decision. With home prices not reaching their previous levels until 2025+, per case-shiller, it makes sense to leave the bad investment behind, this is the best choice for the homeowner's future net worth.
With the latest version of stimulus focusing $600 billion on buying bonds instead of directly helping homeowners it is obvious that no one cares about the individual homeowner. It is time for people to look at their own situation and make decisions that will leave their families financial position in the best place 15 years from now.
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