Loan modification! Helping? Hurting?

By
Real Estate Agent with Powered by: eXp Realty 50781-90

The government, in its attempt to help distressed home owners has set up a program with funding, to encourage banks to modify home loans of people who are in distress.


Despite the government’s best intentions, the banks, are not helping.   Possibly because of  being overwhelmed or because of  poor  staff, training, they are taking way too long to process.   And then so often they are rejecting the application or offering a trial period, then rejecting the package. 


Real Estate Guy has hears many times of instances where a loan modification, has ended, and often resulting in a major penalty being levied on the loan balance.


One such case in the Madison area is where the loan amount was approx $450,000 and the penalty, another $80,000.

loan modifications Madison Wi

Real Estate Guy is experienced in selling homes that are underwater, possibly where loan modification has failed, and working out a solution where the bank forgives a certain amount of the debt in exchange for being relieved of the potential bad debt. 

About short sales, the alternative to loan modification, Madison Wi.   

 

If you would prefer to leave the home and you are underwater in your home, a short sale may be for you.  

About short sales, the alternative to loan modification, Madison Wi.    

 first posted: http://wi-realestateguy.blogspot.com/2011/09/loan-modification-helping-hurting.html

Posted by

Guy Lofts CRS,  is a long-term area resident who has been helping people make sound housing decisions since 1993.  Guy is a past president of the Wisconsin Chapter of CRS, the Certified Residential Specialists.  A leader in technology, having had his first personalized web page in 1995.  With a first Blog in 2006,  Guy has provided training with in his office and is to present a training at past Wisconsin Realtor conventions.

His passion is helping people improbe their quality of life through Real Estate.  That means whether you are in real estate of ust want to invest of buy a home, we can help you.

Real Estate Guy @ eXp Realty Madison 

Helping Buyers and Sellers in Madison WI  Search all homes for sale, Madison WI

 

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