I often wonder why people don’t cut their losses on their house when it just becomes over financed and no longer a good deal for them. Their are so many services including cell phone bills, or cable bills, as soon as the expense gets to be $10/month too much people make an educated financial decision and cancel their contract, knowing this was the right decision.

Why then do homeowners decide to renew their contract with their bank with a loan modification?  What about the loan process the first time kept them satisfied enough to want to renew the contract with their bank. Now is a time to cancel before you try the loan modification and sell on a short sale, move on.

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