Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.
I feel for you, it's completely frustrating that the banks and lenders are so reluctant to renegotiate loan amounts. It's crazy, because it ends up costing them a lot more in the long run.
Hiring an attorney to negotiate a loan modification can be an expensive proposition, possibly costing thousands of dollars. It isn't something that many homeowners feel they can afford right now. When you take a closer look at the numbers, however, the cost of a loan modification compared to the cost of foreclosure is a pittance. The Joint Economic Committee of Congress puts the price tag at an estimated $151,000 (!) in foreclosure fees, broken down as follows:
Homeowner: $7,000
Lender: $50,000
Local government: $19,000
Impact on neighboring home values: $75,000
TOTAL ESTIMATE = $151,000
LOL... your talking to an accountant, I do understand debt restructuring ...
Someone takes a loss! make no mistake about it...
Senate defeats anti-foreclosure proposal - Thursday April 30, 2009
advertisement
... and, it's free and anonymous
Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy
Home value dropped more than half :
sponsored by
oawill
Contributions: 2
View full profile
Is it possible to adjust my loan with the reality of the situation, my home value drop more than half the price - what are my options:,
If you find this content is in violation of our Good Neighbor Policy, please let us know and we will review it.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.