How well are modifications working?
“The Treasury expects ‘millions of foreclosures’ even if the Home Affordable Modification Program (HAMP) is a total success.” – Herbert Allison, US Treasury’s assistant secretary for financial stability
We have to realize that, though the modification programs are helping many families, the number of foreclosures and ‘short sales’ will continue to mount. Here are the numbers:
2,484,783 homeowners have requested information on HAMP 757,955 HAMP plans were offered 487,081 trials are underway
And, the belief is, that only approximately one half of the ‘trial’ modifications will result in permanent modifications.
What does that mean to you: 1.) There will still be downward pressure on prices. 2.) An opportunity will exist for the agents who can manage the expectations of the ‘short sale’ and foreclosure buyer. 3.) You MUST be trained on the ‘short sale’ process
Let’s help as many people as we can by giving great, professional counsel.