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Finance  »  Real Estate

Loan Modification Disaster

By: Chris Rod.

Date Added : September 26, 2011 Views : 615
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It is estimated that 60%-70% of homeowners who have modified a loan have or will go back into default within the first nine months and back on the road to foreclosure. This proves that many homeowners approach a loan modification with high hopes and realized only after completion, that it was not what they bargained for.  

Why Loan Modifications Often Don’t Work  

1. Modified loans often carry higher balances than the original loan… Because many lenders add unpaid interest and fees to the loan balance, homeowners often walk away with more mortgage debt than they originally incurred.

2. and higher monthly payments too. It should come as little surprise that with few lenders reducing principal — and most tacking on fees to the loan balance — nearly half of loan modifications actually resulted in increasing a borrower’s monthly payment.

3. Despite modifications, many homeowners are still underwater.. Most homeowners will basically be stuck in their homes until their property appreciates back up to the level it was when they received their current loan.  In some areas this may not happen for 10-15 years.  Even if real estate goes back to the historical rate of appreciation of 4% per year, and it starts TODAY, it would take the average Southern Californian 12 to 14 years to break even.

4. Homeowners accept unaffordable terms. Desperate to keep their homes, many homeowners accept modification offers they can’t afford.   If you are in a loan modification, you must consider the future and prepare.  

Did you know that according to current Fannie Mae Guidelines, a short sale will only impact your ability to qualify for a new home for two years! If you short sale now, you could realistically approach buying a new home in less than 24 months.  

If you or someone you know is struggling with getting your loan modification approved or is facing a foreclosure you must act fast with real options to save your home or your credit. For more information contact our office Monday – Friday 9am to 5pm toll free 888-566-8222. or e-mail us @

Christopher Rodriguez is the author of this article on Loan Modification. Find more information on Short Sale here.

Article Source: Loan Modification Disaster

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