If struggling homeowners aren’t interested in $150,000 free gifts how are real estate investors going to motivate them to sell at big discounts? If homeowners reject help aren't they going to get the worst possible results for themselves?
Bank of America claims an incredible absence of takers on a $150,000 principal reduction offer sent out to 60,000 borrowers. Why aren’t borrowers responding and what does that mean for real estate ?
Clearly a big part of the reason homeowners aren’t responding to letters like this is that they are just burnt out from all the mail and marketing they receive once they become delinquent. Of course many just don’t trust the banks anymore and with good reason.
Additionally many experts doubt whether major lending institutions are really making good faith efforts to assist homeowners under their obligations which were a part of the multibillion dollar mortgage settlement. Review have found the system fraught with incorrectly calculate income used to deny loan modification requests, borrowers being given the run around on the phone and ‘lost’ paperwork, which one attorney has suggested is merely a tactic to avoid granting modifications and short sales.
So what does this mean for real estate? Firstly is suggests there are thousands of homeowners out there who still desperately need help. Homeowners should seek professional help and either keep their home if possible or exit gracefully. Foreclosure is the worst possible option so homeowners in distress really need to explore their options, pick the one that's right for them and take action. Avoiding a problem will make it worse, we can do better.
Explore Short Sale options here:
San Francisco Bay Area
Mortgage relief and debt forgiveness
Here's my home site for all your real estate needs:
Better Homes & Gardens
Let's talk soon,
Spencer
Bank of America claims an incredible absence of takers on a $150,000 principal reduction offer sent out to 60,000 borrowers. Why aren’t borrowers responding and what does that mean for real estate ?
Clearly a big part of the reason homeowners aren’t responding to letters like this is that they are just burnt out from all the mail and marketing they receive once they become delinquent. Of course many just don’t trust the banks anymore and with good reason.
Additionally many experts doubt whether major lending institutions are really making good faith efforts to assist homeowners under their obligations which were a part of the multibillion dollar mortgage settlement. Review have found the system fraught with incorrectly calculate income used to deny loan modification requests, borrowers being given the run around on the phone and ‘lost’ paperwork, which one attorney has suggested is merely a tactic to avoid granting modifications and short sales.
So what does this mean for real estate? Firstly is suggests there are thousands of homeowners out there who still desperately need help. Homeowners should seek professional help and either keep their home if possible or exit gracefully. Foreclosure is the worst possible option so homeowners in distress really need to explore their options, pick the one that's right for them and take action. Avoiding a problem will make it worse, we can do better.
Explore Short Sale options here:
San Francisco Bay Area
Mortgage relief and debt forgiveness
Here's my home site for all your real estate needs:
Better Homes & Gardens
Let's talk soon,
Spencer
No comments:
Post a Comment