Search CA Foreclosure Knowledge-base:

« Ads Overpromised on Loan Modifications Orange County | Main | Loan Modifications Los Angeles Advertising Campaigns Over-Promised (With Video) »
Tuesday
Jun222010

Loan Modifications-Riverside County Marketing Campaigns Based On Over-Promises

Are you aware how loan modifications Riverside County instantly became a popular strategy in 2008. Ads seemed to be showing up everywhere with amazing and easy-toobtain benefits just for the asking. But they "forgot" to inform you that the benefits were only somewhat accurate, and that your benefits may be different. In fact, loan modifications Riverside County are applicable only in very narrow conditions.

Loan Modifacation Riverside County Promotions

The loan modifications Riverside County promotions practically guaranteed to have the late fees, back-interest, and penalties wiped off your mortgage balance. These businesses also made assurrances that that the mortgage balance would probably be reduced so the homeowner could afford to pay the mortgage loan. Sorry to say, this never happened for the majority of home owners.

What are the key reason for so many unkept promises? What transpired was that these kinds of businesses were founded almost overnight by attorneys, realtors, mortgage brokers, and others who were displaced from their jobs when the real estate lead recession started. Nobody had the experience or track records that they were boasting about!

Difficulties Negotiating Loan Modifications Riverside County

As a result, most property owners found their loans in the middle of a negotiating contest with their financial institutions, and were not able to take care of these issues. The mortgage lenders responded to the loan modifications requests in Riverside County by adding the late fees, back-interest, and penalties onto the unpaid principal balance. Loan modifcation (Riverside County) payments were decreased slightly in some situations by stretching the revised balance out 40 years. However, in 35% of cases, the monthly installments had actually gotten higher.

The mortgage equity in Riverside County and in nearly all other areas of California have diminished substantially. A great number of mortgages are now "underwater" since the values plummeted when the real estate lead recession started.

This brings me to a very important point:

If the banking institutions are not willing to accept part of the losses in the loan modifications Riverside County settlements, then why should the financially distressed homeowner want to keep paying their monthly mortgage payment for an additional ten years. In the end, property owners have other viable options, and besides, it was the financial institutions that created this financial mess in the first place.

The thing many consumers don't realize is that you can find simpler approaches to reduce your obligations and dispose of this negative equity. For the majority of people, it could well be much simpler to acquire a different house than to continue to overpay for their current home.  A short sale is often a better solution because it has a minimal impact on your credit rating.

References (1)

References allow you to track sources for this article, as well as articles that were written in response to this article.
  • Response
    Response: 1
    1

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>