Comments on: What shall it be; Loan Modification? Short Sale? Foreclosure? http://www.pruvoices.com/2009/06/what-shall-it-be-loan-modification-short-sale-foreclosure/ Conversations in Real Estate Thu, 11 Mar 2010 16:32:25 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Michael Monozon http://www.pruvoices.com/2009/06/what-shall-it-be-loan-modification-short-sale-foreclosure/comment-page-1/#comment-1160 Michael Monozon Mon, 22 Jun 2009 21:28:04 +0000 http://www.pruvoices.com/?p=1489#comment-1160 Lee you make some great points, it would be much easier if we were all the same, with the same payments, income and other life experiences, but we don't and thats the negative side, not that we are different but that we get put in little boxes and when it only helps some people it is considered a failure. If there were more folks like you and your clients who are capable of learning from a mistake or an experience, and have a real interest in not repeating mistakes of the past the results can be a benefit to everyone. Lee
you make some great points, it would be much easier if we were all the same, with the same payments, income and other life experiences, but we don’t and thats the negative side, not that we are different but that we get put in little boxes and when it only helps some people it is considered a failure.
If there were more folks like you and your clients who are capable of learning from a mistake or an experience, and have a real interest in not repeating mistakes of the past the results can be a benefit to everyone.

]]> By: Larry Franzella http://www.pruvoices.com/2009/06/what-shall-it-be-loan-modification-short-sale-foreclosure/comment-page-1/#comment-1150 Larry Franzella Thu, 18 Jun 2009 01:02:40 +0000 http://www.pruvoices.com/?p=1489#comment-1150 Every seller has a number of things review prior to making a decision on which way to go and more often than not it is very difficult for them to get information that they can rely on. Adding to the problem of short sales and foreclosures are the scams that have come about preying on people when they are down. Lee, you posts points out some great information. Larry Every seller has a number of things review prior to making a decision on which way to go and more often than not it is very difficult for them to get information that they can rely on. Adding to the problem of short sales and foreclosures are the scams that have come about preying on people when they are down. Lee, you posts points out some great information.

Larry

]]> By: Brian Boisson http://www.pruvoices.com/2009/06/what-shall-it-be-loan-modification-short-sale-foreclosure/comment-page-1/#comment-1147 Brian Boisson Wed, 17 Jun 2009 15:03:40 +0000 http://www.pruvoices.com/?p=1489#comment-1147 Lee, Thanks for the enlightening post and congrats on helping your clients keep their home. Good points on thinking out the credit score implications too! Brian Lee,

Thanks for the enlightening post and congrats on helping your clients keep their home.

Good points on thinking out the credit score implications too!

Brian

]]> By: Jon Griffith http://www.pruvoices.com/2009/06/what-shall-it-be-loan-modification-short-sale-foreclosure/comment-page-1/#comment-1145 Jon Griffith Wed, 17 Jun 2009 06:52:06 +0000 http://www.pruvoices.com/?p=1489#comment-1145 When I think of loan modification, I think of one thing. A way for the bank to creatively retain the future earnings from the borrower without losing anything long term. My opinion of loan modifications is that they're junk, and they serve no purpose other than short term cash flow problems, which in terms of sound financial planning is not a plan. Loan mods do not help when your home is worth 70% of what you owe in a market where it may take 10 years to reach a break even point on the sale of your home. Credit scores are another beast. Someone with a zero credit score can just as easily obtain a mortgage as someone with a 780, as long as they are applying for that mortgage with a reputable, competent lender who looks at more than just the industries "debt award" score. When I think of loan modification, I think of one thing. A way for the bank to creatively retain the future earnings from the borrower without losing anything long term.

My opinion of loan modifications is that they’re junk, and they serve no purpose other than short term cash flow problems, which in terms of sound financial planning is not a plan.

Loan mods do not help when your home is worth 70% of what you owe in a market where it may take 10 years to reach a break even point on the sale of your home.

Credit scores are another beast. Someone with a zero credit score can just as easily obtain a mortgage as someone with a 780, as long as they are applying for that mortgage with a reputable, competent lender who looks at more than just the industries “debt award” score.

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