Is the Obama Plan Working?

Maybe. Personally, we have seen a better response time from the lenders on short sales and loan modifications just recently, the approval time has decreased by about 12 days on average. Their cooperation with us has improved and that's a step in the right direction, but this is still an arduous process. Loan modifications are up 3% in the last 2 months to an average of 12% of eligible homeowner receiving approvals. That's still pretty rough, but any improvement is welcome. Here's a good example of a success story: A client just received an approved loan modification on a $1 million balance from 6.37% to 2.5% for 5 years! That's what is needed, since we all know these lenders really don't want to foreclose on these high end homes. Contact us anytime for answers to your Portland real estate questions in this unique market.