Loan Modification? What're The Odds?

I see advertisements all over the Internet trying to get me to take advantage of the government mortgage relief plan by getting a Loan Modification. It got me curious about the success rate of this program and what the chances are of having a successful Loan Modification.

Alan Zibel, a Real Estate writer for the Associated Press, wrote a report a few days ago that looks at these questions. He made some interesting discoveries. You can read his full report here: Loan Modification So Far. He found that only 4% of homeowners who have attempted to get a loan modification have succeeded. Of course your odds of getting a loan modification largely depends on who your lender is.

To explore this Mr. Zibel looks at the numbers for Bank of America. He first points out that getting a loan modification with Bank of America requires more time than with other lenders. "...be prepared for the long time it takes to get an answer," he said, "the difficulty in accessing anyone to ask a question, and the reoccuring battle of lost paperwork and new phone numbers to fax or call." If a homeowner endures the ambiguity of silence, the frustration of changed numbers, the inaccessibility of assistance, and the possibility of lost paperwork... what are their chances? In the past Bank of America has only successfully completed 98 modifications. To put this in perspective GMAC has successfully complete 7,100 loan modifications since March!

How much work and stress do you want to go through for a 4% success ratio (even worse if you are with Bank of America)? A watchdog report this week says this government program "appear[s] capable of preventing only a fraction of foreclosures". There is a better way. If you're behind on payments or are afraid of foreclosure, contact Utah Dave's CDPE for additional options.

December Hot Spots!

Warm up the cold months by buying or selling a home in a Hot Spot!

These area codes and price ranges have had high demand in recent months. They have seen more homes sold while other areas have been slower to recover. Economic growth starts in Hot Spots and then spreads to other areas of the valley. Purchasing a home in a Hot Spot will give you a front row seat to economic recovery. If you live in a Hot Spot it is a good time to sell because the demand is high so you can sell your home quickly and for top dollar.

1. Salt Lake City             Zip 84108             Price Range: $100K - $200K

Sales History             Map of Homes for Sale

2. Kaysville             Zip 84037             Price Range: $100K - $200K

Sales History             Map of Homes for Sale

3. Sale Lake City             Zip 84105             Price Range: All Prices
Sales History: $100K - $200K            
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            $300K - $350K
            $400K - $500K

Map of Homes for Sale: $100K - $200K
            $200K - $250K
            $250K - $300K
            $300K - $350K
            $400K - $500K


4. North Salt Lake             Zip 84054             Price Range: $100K - $200K

Sales History             Map of Homes for Sale

5. Salt Lake City             Zip 84109             Price Range: $200K - $250K

Sales History             Map of Homes for Sale

Sales History for ALL Zip Codes