Just another not so happy Short Sale Seller who tried to do a Loan Modification..

By
Real Estate Agent with Prudential Americana Group - REALTORS

"Seller says: I tried loan modification, they screwed me, they had their chance and blew it."

From a short sale client of Dave Halpern -- a Louisville Short Sales Agent. You can read his interesting post by clicking the link below:

They Had Their Chance and Blew It

When you do short sales, this is something we often hear ... especially after all of the programs that were unleashed such as Hope for Homeowners, HAMP, etc, etc..

High expectactions from overhyped programs that have helped some home owners... but have failed for many and caused frustration, despair and Anger. (Ever wonder why some of those Bank Owned Homes you see are Destroyed?)

Would Just Moving on Have Been a Better Choice?

I can't really comment too much on this since everybody's financial situation is different but here are three real life examples of conversations this past week.

1) Despaired Seller Considering a Las Vegas Short Sale -- Payments stopped in March of 2009 after the dual income became a single income.. "We've tried every program out there to have a loan modification and have come to the end".

Tones of Despair & frustration. Homes are currently available for sale in their neighborhood for less then half of what they paid.

2) Conversation 2 -- A client of mine who did a short sale back in 2008... lived the rental life and they are now qualified to buy again.

Tones of Excitement... financial situation has vastly improved. Ready to go looking and buy.... their monthly mortgage payment will be less then their current rent.

3) Conversation 3 -- A new client who did a short sale in 2008. My preferred lender qualified them up to $200K and they are Ready to go... excited to be able to buy after "falling from grace" as they stated. Somebody who made the "McMansion" mistake and has their finances back in order and living well within their means.

Tones of Excitement and optimism in their voice... Ready to Buy and a real joy to talk to.

Question of the Day

Which scenarios above are the best for the Las Vegas Real Estate market... and the Las Vegas Economy?

It seems that the time has come where the real recovery is starting to take place and it has nothing to do with any of the programs created to keep artificially high home values... artificially high.

People who got it over with and straightened out their financial house are starting to get back into the game...buying houses for less then half of what they left behind to move forward. New payments that are more then affordable and less stressful resulting in them being more optimistic.

For many others, Billions of Dollars in Programs and wasted time still have them at square one.

Two years is really not that long... unless you have accomplished nothing.

 

Paul Francis
Prudential Americana Group
Las Vegas Real Estate
8337 W. Sunset Rd, Suite #150
Las Vegas, NV 89113
702.592.3058


From Green Valley to Summerlin and everything inbetween. Over 3 Years of Actual Las Vegas Short Sales Experience helping People get back on track!

 

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Rainmaker
434,043
Stanley Stepak
Howard Hanna Gold- Avon Lake, OH - Avon Lake, OH
Realtor - Avon Lake, Avon, Bay Village, Westlake,

That loan mod program has really got me upset as it has for others. We need a real program out there that will stimulate the market

Feb 12, 2011 10:03 PM #1
Ambassador
1,477,638
Renée Burrows
Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate - Las Vegas, NV
Las Vegas Real Estate Broker - www.urLVhome.com

It's the same story over and over with the loan mods just different actors...

That is wonderful that people that quick out of a short sale can put themselves in a position to qualify again!

Feb 13, 2011 10:20 AM #2
Rainmaker
908,302
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Maybe you will get a Keep Your Home Nevada program like ours.

Feb 14, 2011 01:52 AM #3
Rainmaker
134,415
Paul Francis
Prudential Americana Group - REALTORS - Las Vegas, NV
Las Vegas Real Estate - Summerlin Homes - 702.592.

@ Stan --  I'm not a fan of any programs. Home values that truly reflect economic conditions will create a market. The Bubble was created in the first place because of "programs" to stimulate the market.

@ Renee -- These are the type of people that help themselves and are not afraid of doing what needs to be done to get back on track. 

@ Jane -- Honestly... Not to sound harsh, but it makes me wonder how many of the CA homeowners who are going to receive Taxpayer dollars to keep their homes would have qualified for a home loan under normal lending circumstances in the first place. (Pre 2002 lending standards....)

I do too many short sales where I see loans where there is NO WAY they should have received a home loan in the first place...

$45,000 incomes to purchase $400,000 homes.... all made possible with some exotic loan.

The lax lending days of giving everybody a home loan with little to nothing down was a mistake...rewarding banks with taxpayer dollars is essentially what is being accomplished with the CA Home Program IMO.... and keeping prices higher for current buyers who do qualify with today's tight standards.... which is of course good for keeping those property taxes higher.

Obviously you can tell I'm a keep the Government out of the market and let a market be a market agent... (Oversee Regulation -- No problem with that... but don't tamper with conditions that end up having an impact on others... one way or another.)

Feb 14, 2011 05:51 PM #4
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Rainmaker
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Paul Francis

Las Vegas Real Estate - Summerlin Homes - 702.592.
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