Loan Modifications Aren’t the Answer
Do Loan Modifications Help or Hurt Homeowners?
Many homeowners are excited by the possibility to perform loan modifications, and one of the questions that Shenoah Grove of Hippie Hollow Homes in Austin and San Antonio, Texas, gets asked the most is “Does Hippie Hollow Homes perform loan modifications?“.
The answer is ‘No’. Hippie Hollow Homes does not provide loan modifications. Simply put, loan modifications very seldom work and therefore are not in the best interest of most homeowners.
In truth, Shenoah Grove has witnessed many homeowners who have tried to perform a loan modification with their bank, or even hired another company to perform a loan modification only to see it end up in failure. When these loan modifications fail, the home owners end up paying the ultimate price.
The Loan Modification Merry-Go-Round
Shenoah Grove explains what she calls the ‘Loan Modification Merry-Go-Round:
Here’s how the ‘Loan Modification Merry-Go-Round typically works. Home owners are behind on payments and talk to their banks about having a loan modification performed. For the bank, it typically takes about 2-10 months to perform this service. During this time, the home owner is either paying a reduced mortgage or not making payments at all. Once the homeowner is ultimately turned down (this happens in 1 out of 4 cases), they are notified that they are also owe the bank for all missed payments during the modification trial, and if they cannot pay, then the house will go to auction within 30 days. The poor homeowner gets their hopes up and then not only gets rejected, but is pushed towards a foreclosure as well.
Given the low success rates of loan modifications, Hippie Hollow Homes chooses to stay away from this strategy. Sheonoah Grove would rather create another options that will best serve your needs.
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If you liked ‘Does Hippie Hollow Homes Perform Loan Modifications?’, then you may also enjoy other articles from Shenoah Grove at www.HippieHollowHomes.com.
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