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5 Reasons Why A Loan Modification May Not Be the Answer for You
5 Reasons Why A Loan Modification May Not Be the Answer for You
When considering whether you should pursue a short sale or a loan modification, homeowners should consider and discuss the following issues with their legal counsel and tax advisor.  
•1)      Not every loan modification solves an equity problem.  If your house is worth half of what you paid for it, a loan modification may not solve your problem, unless it includes principal reduction as a part of it.  Bank of America rolled out a principal reduction program in June of 2010, and recently, Wells Fargo Bank announced that principal reduction will be a part of its "pick a payment" settlement with the California Attorney General's office.   (This list, of course, is not exhaustive)  Also encouragingly, the HAMP program has rolled out the Principal Reduction Alternative.  However, if your bank will not offer principal reduction as a part of its loan modification options, or you do not qualify for principal reduction, (and you have an equity problem), a loan modification may not solve your real problem. 
•2)      You haven't made a payment in a REALLY long time.  Ever wonder how your bank will handle the fact that you haven't made a payment in ... more

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