Foreclosures continue to multiply and the banks aren’t making it easy. I just read an article about one poor man here in California that was signed up for a loan modification program by Bank of America last August, but his mortgage payment was not lowered. Now a BofA rep is saying it appears the gentleman does not qualify for a loan modification. One would think that they would have figured this out a lot sooner. Is it any wonder that strategic foreclosures are picking up steam? The same article states that the number of strategic defaults now outnumber the other reasons for default (hardship). It would probably have been wiser for this man to have walked away last August and be done with it. Our neighbor’s home is up as a short sale. The bank has priced it at $250,000. Ridiculous price when the going rate on the other foreclosed homes right here in the same neighborhood are well under this amount; in fact, a larger house just down the street is priced way cheaper. So, to recap, Loan Mods don’t seem to work so well and neither do short sales. We aren’t sorry we chose the strategic default route.
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