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Monday
Jun282010

Loan Modifications Los Angeles Failing Families

Loan modification Los Angeles sounds like a dream come true for families who are struggling to repay mortgage debt. Unfortunately, mortgages and credit card debts are at all-time highs, while the economy is at its weakest point in decades. To make matters worse it appears that banks are only half-heartedly supporting families in their efforts to obtain loan modifications LA, and the federal Homeloan Affordable Modification Plan (HAMP) has been a dismal failure, with an approval rate of about 1 percent.

Loan Modifications LA have been slow to approve loan modifications at all, sometimes taking up to a year to approve Loan Mods LA at all.

What makes matters worse for those families looking at Loan Modifications Los Angeles when you find that a very large percentage of approved loan modifications are defaulting.

Something is amiss!

The truth is, most loan modifications Los Angeles are not affordable for the average family budget. Most loan modifications seek to give the banks the best deal while not taking the families needs into consideration.

There are a number of steps lenders will go through to reclaim their return on investment, not least of which forcing families to go through the Foreclosure process.

News in the last week of course, that Fannie Mae intends to pursue those who decide their only option is to strategically default on their loans makes matters far worse than ever before. Given the dismal acceptance rate of loan modifications Los Angeles in the first place AND the number of loan mods that default within a short period of time, people under financial pressure are looking for better options and ones that won't impact negatively on their credit score.

Has loan modification Los Angeles CA worked for you? Would you still be willing to strategically default on your loan - given Fannie Mae's recent news or would you go through the foreclosure process?

For familiies and home owners it seems none of the options are appealing.



 

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