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  • January 2011
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  • Mary K. Lenahan, J.D., Realtor

Will the Shadow Real Estate Market Impact Banks’ Willingness to Modify Loans?


CNN had another article  updating  the “Shadow Real Estate Market”, which are homes that the banks have not yet foreclosed upon, but will eventually.    Nothing new – it’s there, it’s large and it will have an impact on the market……sooner or later.

Perhaps the shadow market will soon be large enough to start having an impact on the banks’ willingness to negotiate loan modifications that are reasonable and in good faith.

So far, there the common sentiment has been that the  Banks are not acting in good faith on loan modifications, despite the rhetoric on their web sites and advertisements.   See eg. Class Action against Citimortgage for breach of loan modification agreements.

 

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