Portland Loan Modifications | When to Walk Away?
Some banking analysts have noted that wealthier home owners seem to be less emotionally attached to their homes and often choose to short sale or let the bank foreclose more quickly than lower income property owners (Clackamas Review | “Suburban Slowdown August 25th, 2010 page A1).
Portland Home Owners are choosing against loan modifications when the owe more than the house is worth
Possible reasons may be that wealthier owners look at the numbers and feel that the loan is hopelessly over-leveraged and choose to short sale or declare bankruptcy rather than “throw good money after bad”. Conversely, lower income owners feel more strongly a pride of ownership (this often being their first and only home) and are willing to consider loan modifications which could very-likely hurt them financially if it means saving their house.
Is It Time to Short Sale?
Call today to talk with a short sale listing agent in Portland Oregon today: 503-473-8001.
Tags: Lake Oswego Oregon, Portland Loan Modifications, Portland Real Estate, Portland Short Sale Realtor, Short Sale Portland
