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
Realtor company fee
Buyer agent told me there is $300 fee to realtor company....
Happy story: my sis just bought her first house
Just thought I'd share a happy story! My sister's been...
robo (z6a)
Planning on selling my house
We live in a 35 year old home for ten years now with...
Move into a rent house while selling current house?
I'm trying to figure out if this is a good idea or...
can he evict us?.
almost a year ago me and my girlfriend and her 5 yr...
Joseph Gonser
© 2015 Houzz Inc. Houzz® The new way to design your home™