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Mortgage Loan Modification - Best Option for Struggling Homeowners
The last few years of the past decade have been treacherous and full of hardships for many people from all walks of life. Most industries in the United States have been negatively impacted by the global financial crisis. However, one particular industry piqued my interest and as such therefore, I will discuss briefly the mechanics of the housing industry.
A substantial percentage of the US residential housing is upside down. This means that the owner owes more than the market value of their home. This might be viewed as a negative thing because the owner will make a loss in the event that the house is sold and in addition to losing the home, the proceeds from the sale of the house will be insufficient to cover the loan hence the owner will still be under obligation to cover the balance.
As a result of the upside down status on the loan, what incentive does the owner have to continue servicing the loan? One might argue that the fear of losing shelter might prompt one to continue making payments and also, if one's intention is to live in the house for the long haul then the house's current value is of little or no concern to the homeowner. Therefore, upside down or not upside down bears no impact in the overall scheme of things.
In order to provide some form of assistance to the struggling homeowners who have upside down homes, the Obama administration intends to make use of the loan modification strategy which in my opinion does little in the way of providing a long term solution. The strategy only offers a temporary fix to the problem. Mortgage modification refers to a situation whereby a lender modifies the terms of a homeowner's loan to lower payment.
The reason why loan modification offers a temporary solution is because most of the modifications last only up to five years. Thereafter, the lender is at liberty to revert to the original loan terms. What happens then? The same chain reaction that happened recently might be repeated all over again and another financial crisis might be triggered as a result of the chain reaction.
In addition to being a short term solution with no long term guarantee of protection, mortgage modification might not be the best option because according to a top banking regulator, almost 53 percent of the loans modified in the first quarter of 2008 went bad again within six months. 53 percent is quite a high percent to be ignored or overlooked.
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