Just some thoughts:
I think there as been some discussion here as to the fact that recording “puts the world on notice” but is not mandatory for many items.There may be reasons the lender doesn’t want to record the loan mod and I imagine non-disclosure agreements are part of the deal. It does seem strange that none of us is somehow privy to what exactly is going on with loan mods by address, if for no other reason, because we are used to being able to find out almost anything else.Not that we would snoop anyone out. A few people have bragged about their loan mods but it stands to reason that most people are going to be somewhat modest about it.
Honestly, I don’t see why we the public or any individual should be “owed” this information as many seem to think.I don’t believe a loan mod constitutes a material fact for appraisal,I don’t see how it improves or devalues a specific house beyond anything the market does. I don’t think tax assessor would use it for valuations on behalf of a reduction petitioner, even if the information were available. Same is true on both items for the Heloc’s and cash out refi’s CARenter refers to.Of course the lender will record on those items but it is for protection. I would think someone might record a loan mod for the same reason though.Also, in the case of forgiven or bought off seconds it seems we should see deeds of reconveyance.
I too could wish that the stuff was recorded or otherwise highly visible, but I don’t think it is going to change market dynamics with regards to active listings/current sales or the buyer experience. If anything it would indicate reduced stress/distress the same as if someone gave a bunch of people 100k, or some sum, to pay down mortgages.
On the other hand,I am stating to think I don’t want to know anymore. It is/has been depressing to think about the system working on what I see as so much corruption, moral hazard.
