When considering loan modifications in Portland, Oregon; there are several important factors to consider:
- Loan mods usually work out in the bank’s favor, not the homeowners…. The bank gets paid while the homeowner usually remains saddled with negative equity.
- If you are upside down on your mortgage, chances are a loan mod will only put you back on an unsustainable treadmill where you risk being mired in debt for many years.
- The house will still need maintenance which you will have to pay for; expensive repairs on a home that you are already upside down in is throwing good money after bad. A restructured mortgage payment does not reduce your debt.
- Many mortgage restructuring plans are done on a trial basis, meaning that the bank can still decide to foreclose anyway.
- Many loan mods lower the payment by extending the term of the loan, from 30 to 40 to even 50 years… do you really want to be a slave to the bank when you’re 90 years old? Let our experience in Portland Short Sales help you get on with your life.
For these reasons more people are turning to short sales. Call us to get started.
Info on Short Sales & Loan Modifications