Two Years of Loan Mod Hell or Short Sale? Shouldn't Have to Choose!

By
Real Estate Agent with Broker, Dills Real Estate

Let's face it.  There are fairy tales and then there's reality.  

Currently, the reality for homeowners facing distressed situations (divorce, layoffs, down-sizing, etc.) is that they are having NO CHOICE but two choose the better of two evils: loan modification or short sale?

As the video below discusses, folks often have to bear unbearable stress for up to TWO YEARS in order to get a simple loan modification.  For some folks, I would think selling the property via short sale in THREE MONTHS - and moving on to "PLAN B" - might be a more attractive alternative.

I try to do my best to educate my clients about all their options and then help them do what's best for them!   

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Comments (6)

Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

I would think more and more people would do a short sale. Lot faster

Jun 28, 2011 02:42 AM
Goran Utvic
606 Homes LLC | Chicagoland Brokers Inc, Chicago IL 60656 - Chicago, IL
We Buy & Sell Chicago Houses Fast

Kent - I agree a short sale is definitely the best option for a homeowner facing foreclosure. Especially when buyers are more willing to wait for approval from the bank as we are seeing here in the Chicago real estate are with our short sale opportunities.

Jun 28, 2011 03:44 AM
Kent Dills
Broker, Dills Real Estate - Bellingham, WA
Real Estate 817-495-8028, Bellingham, Washington

Harry and Goran, thanks for reading and commenting on my post.  It's nice to get feedback from fellow pros!  ;-)

Jun 28, 2011 06:15 AM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

I think part of the problem is that the rules kept changing, monthly, weekly, maybe even daily, causing the banks to have to start over with each new set of rules, regardless of how far along they might have been in the transaction. It’s just a mess out there.

Jul 05, 2011 07:15 AM
Kent Dills
Broker, Dills Real Estate - Bellingham, WA
Real Estate 817-495-8028, Bellingham, Washington

Jim, I agree with you part of the problem was the changing guidelines.  But, part of the problem has been the banks themselves NOT REALLY trying to help homeowners.  It does seem that is changing a bit lately so I'm keeping my fingers crossed on that.  But, I'm advising my clients about the reality-based not wish-based situation!  ;-)

Jul 05, 2011 07:22 AM
Not a real person
San Diego, CA

You're right, You shouldn't have to choose. If only life was simple.

Happy Monday!

Jul 25, 2011 03:47 AM