Articles by September, 2010

Loan Modifications and the Appraisal Business

by Administrator on Sep 24, 2010 • General Appraisal • 2472 Views

How do loan modifications affect the market for single-family homes?  What do appraisers have to consider when many loan modifications are occurring? The Las Vegas market is seeing a lot of loan modification activity since many homeowners want to hang on to their homes even though they are in financial trouble.  Bankruptcy and the rental route are not appealing to many owners especially those who have put a great deal of work into making a home their own.  Before the recession the work was often called "sweat equity" because the work often added value to a home, however since many are now upside down with negative positions of $ 50,000 to $ 250,000 the term no longer makes any sense.

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