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Loan Modification Plan Falls Short

Imagine this, Alexander Ovechkin of the Washington Capitals playing against Tiger Woods in the Masters.  Ovechkin, arguably the best player in his sport of hockey and Tiger Woods who is well on his way to being named the best golfer of all time.  Ovechkin may play golf in his free time, but he not even going to come close to beating Tiger Woods.  What do you think is going to happen?  Probably not the best outcome, I’m just saying.

Well there is a similar situation going on right now with all the Banks and the Treasury Department.  The Treasury department can be compared to Alexander Ovechkin and Tiger Woods can be compared to actual Real Estate Agent experts in the field dealing with real estate every single day.  Since the Treasury Department doesn’t focus all of its time on the real estate market, how are they supposed to solve this debacle?  The answer, they can’t.  They’re not experts and it’s being proved over and over again.

Only 65,000 people which is about 7% of the people who applied for a mortgage modification were able to take advantage of President Obama’s plan.  That means that almost 1 million people have applied and have been unsuccessful!!!!!!!  Bank of America is the largest company in the program and has completed fewer than 2% of the modifications for 200,000 borrowers who signed up.

You wonder when we’re going to get out of this mortgage turmoil.  It’s going to be a long time ladies and gentlemen.  Whether you want to admit it or not, home values in Northern Virginia are not going to get back up to what they were in 2005.  It’s just not going to happen.  Therefore, more and more homeowners are going to upside down with their mortgage.  A large majority who bought around 2005 owe more than what their home is worth.  It’s a very sad situation.

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