Comments on: Reduced to facilitating short sales? http://norcalmortgagemods.com/2009/05/15/reduced-to-facilitating-short-sales/ Saving homes with new bankruptcy law Thu, 25 Mar 2010 16:05:31 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Matthew Kern http://norcalmortgagemods.com/2009/05/15/reduced-to-facilitating-short-sales/comment-page-1/#comment-1045 Matthew Kern Mon, 06 Jul 2009 17:49:07 +0000 http://norcalmortgagemods.com/?p=238#comment-1045 A short sale cannot be considered a method to "bolster" the bankers, because an investor is in fact loosing money in the process. A short sale is a very intelligent option for people who simply cannot afford their mortgage payment regardless of how much modifying is done. The HASP program is not designed to "give away" homes to people who cannot afford them, rather to help responsible consumers keep their home that they have worked hard to maintain. Too many people who took advantage of the "stated income" days, cannot afford their homes at all, so why is a short sale a bad option? I honestly believe that it is as much of a resolution as a modification, because one workout option is not going to "work out" for every borrower. Truth be told, there are many people living in homes that they cannot afford, whether it be due to job loss, another hardship or just irresponsible behavior on the consumers end. One of the things that is going to help this nation pull out of this mortgage mess is honesty. Homeowners need to evaluate themselves and their financial situation, and determine if keeping their home is indeed the best option. If it isn't, why put everybody through the time consuming and costly process of a foreclosure? Who wins during that process? Anybody familiar with one, know that it is a lose-lose-lose situation, not only for the homeowner, but for all parties involved. A short sale or Deed in lieu is in fact the least painful option for consumers who are unable to afford their property, and need to get out of where they are, and simply start again. I would think that lenders hesitation to approve short sales, would confirm that bankers are not making a profit, since that tends to be their ultimate goal. A short sale cannot be considered a method to “bolster” the bankers, because an investor is in fact loosing money in the process. A short sale is a very intelligent option for people who simply cannot afford their mortgage payment regardless of how much modifying is done.

The HASP program is not designed to “give away” homes to people who cannot afford them, rather to help responsible consumers keep their home that they have worked hard to maintain. Too many people who took advantage of the “stated income” days, cannot afford their homes at all, so why is a short sale a bad option? I honestly believe that it is as much of a resolution as a modification, because one workout option is not going to “work out” for every borrower.

Truth be told, there are many people living in homes that they cannot afford, whether it be due to job loss, another hardship or just irresponsible behavior on the consumers end. One of the things that is going to help this nation pull out of this mortgage mess is honesty. Homeowners need to evaluate themselves and their financial situation, and determine if keeping their home is indeed the best option. If it isn’t, why put everybody through the time consuming and costly process of a foreclosure? Who wins during that process? Anybody familiar with one, know that it is a lose-lose-lose situation, not only for the homeowner, but for all parties involved.

A short sale or Deed in lieu is in fact the least painful option for consumers who are unable to afford their property, and need to get out of where they are, and simply start again. I would think that lenders hesitation to approve short sales, would confirm that bankers are not making a profit, since that tends to be their ultimate goal.

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