Real Estate InfoHub Online

If you can’t afford your house payment, or are in foreclosure, then you should ask your lender for a loan modification. Many Gainesville Homeowners are getting their loan modifications approved. However, it takes a lot of work.

The re-default rate of loans modified in the first quarter of 2009 was 51.5 percent by the end of the year, according to the Office of the Comptroller of the Currency and the Office of Thrift Supervision.

Gainesville FL – We recently talked to someone who did a Gainesville loan modification with HSBC. We couldn’t believe how easy the process was for them. They didn’t have to wait 60 days for a person to be assigned to work on the loan modification. They didn’t have to fill out an entire “package”, the fax machine actually worked, and everything went smoothly. I’ve have good experiences on HSBC short sales. Obviously they also do a good job on loan mods. Now, let’s contrast this with a large American Bank, such as Bank of America or JP Morgan Chase.

Gainesville FL – Another agent asked me about a short sale. His seller owed 270k. The house was selling as a short sale for 170k. The lender had two opinions of the house value. They said the house was worth 220k. However, the agent thinks those are incorrect because the house has been on the open market for several months. In addition, similar homes has been selling for around 180k.

The nature of Florida foreclosures and their impact on real estate down in the Sunshine State is an interesting study in how the economic boom and bust model has once again proven itself out as a generally reliable occurrence. What this means is that it was always going to be the case that a correction in the real estate market was going to occur sooner or later. Unfortunately, it’s now occurred and many don’t know what to do about it.