Too Many Loan Modification Problems.

The Orange County Register had an article that discused loan modifications. The Attorney General was investigating the loan modification companies and stated so few had gone through he was considering baning them in the State of California. The difficulty he had stated was the fact that consumers paid up front fees and were even given guarantees that if the company was unable to do a loan modification they would give there money back. However, moneys were not returned and this area is ripe for even more fraud and loss to the consumer.




Short sales at least you have an oppertunity to sell the property and move on with your life. The seller will have less of a loss than having the foreclosure on their credit report. The short sale forgiveness of debt is also less than a foreclosure. If you are a seller please always check with your accountant and/or your attorney conserning your own personal tax liability.