Loan Modification Was Just A Band-aid For Some

It was great that many homeowners who were teetering near financial collapse were able to get their banks to agree to loan modifications. Wait. Maybe it wasn't such a good plan for some. Many of these folks are falling behind again. According to a Bloomberg report in March 2010, 51% of loan modifications failed within 9 months.

You can read the article in its entirety by clicking on the link below.

http://www.bearishnews.com/post/3218

And, just today MSNBC reports - http://www.msnbc.msn.com/id/38603412/ns/business-real_estate

More Homeowners Who Got Federal Mortgage Aid Fall Behind

Apparently the Federal Mortgage Aid turned out to be just a band-aid.

While previewing a house this week a seller asked me how the market is. I could sense her frustration since her meticulously maintained home has been on the market for months and is even priced right in my opinion. As a Realtor, people ask me all the time how the market is. All I can say is that it isn't getting any better. Brace yourself ...are you ready for the next round of foreclosures????

Foreclosures continue to drive down prices.

If you are one of these homeowners who is still facing financial hardship, do not delay. Stop the harassing calls from banks and other lenders. The stress can be worse than the realization that you need to move forward. Don't let pride stand in the way - ask your Realtor to tell you about the short sale process.

CAROL CULKIN, ABR, SRES (845) 430-6543 Helping Dutchess County Residents Avoid Foreclosure
Associate Broker, Helping Dutchess County Residents With Short Sales
Century 21 Alliance Helping Dutchess County Residents Move On