San Diego, CA (PRWEB) September 30, 2011
According to Professional House Solutions, the distinction in the loan modification payment is frequently not various sufficient from the original. Occasionally the modification is canceled simply because there is no grace period and the homeowner misses his due date.

According to an report on CNN only 1% of homeowners in negative equity have received modifications. There have been 1.5 million HAMP trial modifications because the system started in March, 2009. 50% of the trial modifications have been canceled due to borrowers defaulting or banks rejecting property owners after the trial period. Only 152,289 of the trial modifications converted to permanent status have been active in 2010. 15 million property owners are in default and only 1% have been capable to get a modification that is nevertheless in force.

According to [http://www.walletpop.com only 4% of loan modifications get a principal reduction. With only 1% of the 15 million home owners in default receiving a loan modification that implies that about 7,000 home owners received a principal reduction by April 2010.

Whilst this trend continues nowadays some property owners want retirement with a reverse mortgage or want to leave a legacy to their household. In a modification with no principal reduction they will not be capable to do either. Equity usually increases about three% per year. If a property loan is $ 500,000 and now the house is worth $ 300,000, it will take 18 years to reach $ 500,000. This homeowner breaks even in 2029. If the owner quick sales now, he can acquire in two years and start developing equity in 2013.

Mary Ellen Wilson, broker (Lic. #01487433), Professional Property Solutions Inc. dba Specialist Residence Auctions International, 877-267-2514×7, 877-276-8563 FAX, mewilson(at)experthomesolutionsincusa(dot)com, has been licensed because 2005. Her net experiences from 1995, prompted her to start off EHAI online in May possibly, 2009. She has run more than 40 actual estate auctions.

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