With no end in sight regarding short sales or bank owned properties, the talk of the town is loan modification to keep you out of either situation, but are the banks really serious?
With the current economy, people have lost their jobs, had their income cut in half and most of us are scraping the bottom of the barrel penny by penny, so the answer has to be a loan modification right? Well, tell me how are you going to qualify for a new loan with no job or an income that has been cut in half? I’m sure the government had big plans when they introduced the loan modification idea but they have failed to realize that you have to “QUALIFY” for the loan, and if the home is “under water” {lost value” the bank isn’t going to give you a loan for more than the home is worth, are they? You’re guess is as good as mine.
I’m sorry to bring the negativity in but the need to vent has been hanging over my head for months now. What do you think the answer is? When do you say enough is enough!!! Have you, like many of us, cashed in your retirement account, 401K, IRA, etc. just to stay afloat only to be just as broke as you were the day you left high school with BIG dreams and aspirations ready to conqueror the world? Back then you didn’t know any better, broke was just a way of life, remember digging for change in the couch or seats of your car for gas money? Again, we didn’t know any better.
We sell Real Estate for Re/Max Elite Properties and day after day we see people coming to their wits end, after spending every last dime trying to hang on only to feel defeated and beaten down. They come to us for advice on how to get out of their home, hence, short sales or if they’ve waited too long, a foreclosure is inevitable.
Before you spend every last dime, educate yourself, cut your losses and save yourself and your dignity.
until next time…………
Blessings
Tonya & Tifni
