“Many people have come to view loan modifications as a new housing entitlement. It won’t be. The moment borrowers are no longer underwater, the entitlement will be rescinded by the banks. Remember, they would rather foreclose and get their money back so they can loan it to someone who will make payments based on the original contract terms. With house prices rising, many borrowers have equity again, and many others are quickly approaching the surface. As one might expect, banks are getting less accommodating as borrowers approach the surface. Apparently, bank compassion is only extended to those borrowers who might cost the bank money in a foreclosure.”

http://ochousingnews.com/news/2014-will-see-the-rise-of-the-short-sale

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