6 reasons why modified loans are going bad

qdognjDecember 9, 2008

Not surprised

Here is a link that might be useful: modified loans aren't working

Thank you for reporting this comment. Undo


    Bookmark   December 9, 2008 at 1:53PM
Thank you for reporting this comment. Undo

Gutting home values are not tipping people into foreclosure. If my primary home was worth one dollar I would still pay my frm every month just the same, I'm not going anywhere. After interviewing several couples who came to me trying to rent a house, each one of them had no idea what type of (variable rate) product they were getting.

    Bookmark   December 9, 2008 at 8:37PM
Thank you for reporting this comment. Undo

Here we go again. Why modify a loan in a way that the person won't be able to pay anyway????? More good money after bad.

In addition, being underwater is irrelevant...unless one NEEDS to refinance. We were "underwater"
on our last house during the lat RE bust in '91...we just had to wait longer to sell in order to recoup our investment. It had zero bearing on our ability to pay our mortgage. So, instead of living in that house 5 years..we lived there for 13, and made a nice profit that enabled us to buy our current home.

Last but not least, the modifcations are not really modifications at all...they are just number shuffling..with the same result.

They need to come up with a TRUE modification......available to only those who did not over extend on their own part..

However, as lay offs continue, there will be more and more people who will have to default...as the availability of jobs shrinks daily...

    Bookmark   December 10, 2008 at 5:19PM
Sign Up to comment
More Discussions
Verbal offers suddenly surface
Too much drama. We put offer on house number one, house...
Randy Ritchie
Would you buy a home near fire station??
We're considering an offer on a single-family home...
After months of preparation, house is now listed
This is such a big deal for us, we have been planning...
Home closing delayed or is it a wash-out?
Hello everyone, I am a new poster, but have enjoyed...
Exclusive listing?
We are moving out of state in July, therefore need...
Sponsored Products
Feiss Monterey Coast Outdoor Post Lantern - 16H in. Brushed Aluminum Multicolor
$245.00 | Hayneedle
Santa Lucia™ Ceiling Fan
$600.00 | FRONTGATE
Safavieh Adirondack Camel/ Chocolate Rug (4' x 6')
52" Fanimation Windpointe Antique Brass 5-Blade Ceiling Fan
Lamps Plus
"Perfect Form" Giclee - MULTI COLORS
$177.90 | Horchow
London Leather Platform Bed - King - Brown
Zuri Furniture
Halo 6 in. Satin Nickel Baffle Super Trim 30SNAT
$29.90 | Home Depot
Sample-Crema Marfil4x12 Marble Tile 1/2 Piece Sample
$2.99 | TileBar
© 2015 Houzz Inc. Houzz® The new way to design your home™