short sales and foreclosure moratorium

Asked by Kathryn Atkinson, Phoenix, AZ Sat Feb 14, 2009

Just wondering if anyone has a prediction on how the banks will treat short sales, now that some of the major banks have announced moratoriums on foreclosures. Would this increase their tendency to move these to agreement and accept losses, or slow things down? We have 2 offers in on short sales-one through an estate, one owner-occupied. Thanks!

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Robbeaux, , Lafayette, LA
Mon Feb 16, 2009
2008 was the year of the short sale now I think we are going to see a move to loan modifiacation. Short sales only contributed to the housing decline. They did help a lot of people avoid foreclosure. I think the new focus is going to beon ways to help peole stay in their homes.

The goverment is going to give lenders a lot of incentives to modify loans. Homeowners beware though, many of these agreements could really effect the homeowners postion in the home long term.

In my opinion getting a loan modification without professional assitance would be dangerous.
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