If the banks would realize that many of the homeowners are NOT interested in a loan modification, but in actually getting out of the house via “short sale” there would be alot less foreclosures and REO “Bank Owned Properties” going into the marketplace. It will take years for the homes with “underwater” mortgages to realize any equity and the loan modifications ARE NOT viable options for these homeowners.
More than 40 percent of homeowners with a mortgage say they would consider abandoning an "underwater" property, according to a national online survey released Thursday. Read this story and decide for yourself: Survey: 4 in 10 homeowners would consider walking away from ‘underwater’ mortgage
