Good advice in real estate articles...

I read a couple of interesting real estate news articles today. One reported on a recent study that showed that the re-default rate for people who successfully when through a loan modification where their loan payment are reduced by 10% or more are much less likely to default than if they did not get the loan mod or were given more with less than 10% difference. The program is set up to try to get people's house payments at or below 31% of their gross income. The redefault rate was 26% after 9 months, vs. 50% if the payment is left at the old rate or raised. Read the whole article at www.tinyurl.cm/cu9ea6.

The other article was on a topic that I've posted about here numerous times - avoiding getting scammed by foreclosure help con artists. An unfortunately consequence of the explosion in foreclosures has been the increase in opportunistic con men who prey on the distressed homeowners. Read this article at www.tinyurl.com/cu9ea6. As I've stated here time after time, beware the offers to buy your house and then let you live in it while you work things out. Those are almost always cons. A good percentage of so-called short sales specialists are also out to con the homeowner, either out of money to finance the workout or out of the home itself. There are honest short sales agent and short sales services out there, but do your homework before signing up and always read everything before you sign anything.