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.
Empire Realty is your real estate source for useful and money saving information.
It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.
For information on purchasing or listing your next home in Upland, Rancho Cucamonga, Alta Loma, La Verne, Mira Loma, Riverside, Corona, Chino, Chino hills, Ontario, Claremont or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.
Empire Realty is your one stop shop for information and Premium Full Service at a Discount.
