They say 90% of their customers are still paying their mortgages and they want to keep it that way.
Most lenders already will tell you they do not agree with broad based principle forgiveness.
Many Las Vegas homeowners hold onto the hope of getting a Las Vegas Loan Modification that will lower their payment to a monthly fee they can afford, and some do get that, but what many don't realize is that most of them will still owe the original amount of their loan (the amount they borrowed to purchase the home), the lender may have just given them a temporary loan modification and then in 2-5 years, they end up right back at the large payment again and possible still underwater on the total loan balance.
Hopefully, for them maybe their job situation may change for the better so that they can go back to paying those high mortgage payments, but many, many will not be so lucky.
Many will wait months to find out the lender denies their loan modification or that their payment will only be lowered by a few hundred dollars. For many, that is of no help. This is the point were many will need to turn to doing a Las Vegas Short Sale in order to hopefully avoid foreclosure and get out from under those huge mortgage payments.
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Foreclosures to Mount so says Chase--Principle Forgiveness on Las Vegas Loan Modifications Not Likely
Dawn Barrier EXP REALTY Las Vegas (702) 812-4550
Any Stats are on Resale Single Family homes only per the GLVAR MLS as of this writing or as noted,covers the Las Vegas Valley, North Las Vegas, Henderson area or as noted.
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