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Housing situation is not getting better and the banks are finding ways to stop and slow down the loan change process. Nevada is consistently on the top rank when it comes to continuous foreclosure. Banks are continuously foreclosing and still hesitant to give loan changes.
In this process, the banks are also losing money and this painful process is hurting them. The have developed such bureaucratic attitude that they rather sell the home on a short sales where they price is cut down in almost half, then to cut the principal on the same house to the original borrowers who is qualified and more credit worthy than someone unknown. Again, I have seen innumerable examples where the homeowners are living almost rent (and mortgage payment free) for more than 2 years, and banks just cannot evict them. Yet, banks are leery of waking some kinds of deals with the homeowners and let them stay in the home with a modification adjustment. A new report just came which states that one out of five homes in USA is deep under water.