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Short Sale, Loan Modification or Foreclosure

We've all been reading for a while now about the sub-prime borrowers who perhaps shouldn't have purchased homes at all.  And, we've read about unemployment continuing to be a problem for Nevadans.  According to the Bureau of Labor Statistics, as of July 2012, Nevada is the state with the highest unemployment coming in at 12%.  Let's not forget about the trend toward "strategic default."  That's when a homeowner can afford their mortgage but walks away because they owe more than the home is worth.  CoreLogic® reports that Nevada is one of the "The five states with the highest foreclosure inventory as a percentage of all mortgaged homes..." Nevada was fifth in line right behind Florida coming in at #1, New York #2, New Jersey #3 and Illinois at #4. 

But, what about those who really want to keep their homes, but they're struggling?  Various mortgage modification programs & short sales are becoming more mainstream than a borrower that just continues to make their monthly payment.  Depending on circumstances and negotiations, there may be a lowering of the principal, back payment forgiveness, lower interest rates or a combination.  It's complicated, but banks are getting better at the modification process, though it seems the wait times have not decreased.  Sound like a good deal to you? 

Athletes, recording artists, actors/actresses, judges & the like have been experiencing their own loan modifications, short sales and foreclosures.  The real estate bubble bursting has not been kind to anyone in the US.    

It makes you wonder what the normal person is to do.  It doesn't quite matter if you are a parent working as an Admin assistant making barely above minimum wage, or you are a pro athlete making a couple million a year.  You won't navigate the process without problems and no homeowner will escape the effects that the real estate market has had on this country over the last 5+ years.

The decision to go through a loan modification, short sale or foreclosure is not an easy one for any family, no matter what the size of your income.  It's a taxing process for anyone to go through.  The decisions that each of us make to do one of the above will have everlasting implications on our country, economy and lending industry for decades to come.

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