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Loan Modifications Aren’t Working in Portland!!

Many people want to stay in their homes and not sell. This is a common and natural reaction. However, the problem is most loan modification fail. In fact around 10% succeed and out of that half remain in tact. So approximately on 5% of loan modifications succeed!! Why? Banks are loosing money and money hasn’t been released properly from the BANK BAILOUTS! Frustrated? Millions are frustrated as well. Around 3 million applied to Obama’s Making Affordable Plan and about 200,000 were actually helped. Out of that half will fail in 6-8 months.

Short sales are actually better most of the time. Why? If you owe 300k on your house but it’s worth 200k then in my opinion it makes no sense to do a loan mod. In Portland we see this all the time. People are facing foreclosure and need to sell. If they do a loan mod then they still are in a negative equity position and are essentially renting their home at a lower price for a period of around 5 years until the rate adjusts.

A homeowner can get out a bad equity position and sell their home. Sell house now!!! You can get your credit back on track quickly and buy a home in the near future for thousands if not hundred of thousands of dollars cheaper with a lower payment!

Check out this video for yourself and watch what CNN says about loan modifications and the reality of it.


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