oklahoma city short sales and loan modification: Oklahoma City Short Sales and Loan Modification
- 08/30/10 04:53 AM
I have talked to many Oklahoma City distressed homeowners who have taken the route of getting a loan modification rather than a short sale in order to avoid foreclosure. While I admire the tenacity of a homeowner trying to preserve their home from foreclosure there is a very high redefault rate on loan modifications and I wnated to explain why that is so that Oklahoma City area homeowners in default don't make the situation worse rather than better.
First, a loan modification does not take off any principle owed in order ot make the home affordable. Actually it goes in the … (2 comments)
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I have talked to many Oklahoma City distressed homeowners who have taken the route of getting a loan modification rather than a short sale in order to avoid foreclosure. While I admire the tenacity of a homeowner trying to preserve their home from foreclosure there is a very high redefault rate on loan modifications and I wnated to explain why that is so that Oklahoma City area homeowners in default don't make the situation worse rather than better.
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