Loan Modifications Not Working Out So Well
A recent study by the Office of the Comptroller of the Currency found that more than 50 percent of troubled homeowners had missed at least one payment six months after a lender modified their loan, and lenders and other researchers report similar default rates on modified mortgages…As the economy continues to slow, layoffs mount and…
A recent study by the Office of the Comptroller of the Currency found that more than 50 percent of troubled homeowners had missed at least one payment six months after a lender modified their loan, and lenders and other researchers report similar default rates on modified mortgages…As the economy continues to slow, layoffs mount and housing prices drop more, making it even harder for homeowners to sell their homes to pay off their loans, the default rate is expected to rise. “As the economy worsens, we’re going to see defaults and re-defaults go up,” said FDIC Chairman Sheila C. Bair. “That’s just going to happen. People need to understand that.” — Washington Post
They bailed out wall street but kicked homeowners to the curb with no place to live.
They bailed out wall street but kicked homeowners to the curb with no place to live.
I too am trapped in an interest only loan with America’s Servicing Company who obstinately won’t even send me the paperwork. If you are behind on payments they foreclose even IF they agree to a loan modification. They are unprofessional and unscrupulous. The government is doing NOTHING BUT….
They bailed out wall street and kicked homeowners to the curb with no place to live. They are taxing the middle class to death. We have been abandoned.
It is obvious this administration will do ANYTHING to help big business but will not help hard working Americans who want to stay in their homes and make their payments. For one thing the 31% of gross rule is absurd. For those in trouble, especially singles, their extravagant payments may already be at 31%. This is the case for me. BUT MY PAYMENT IS 55% OF MY NET.
The servicing companies get kickbacks for loan mods. The banks get bailed out. The TARP benefited everyone but the homeowner. President Obama has let us down and now he wants us to pay for healthcare.I’m not saying it’s a good idea but with Americans homeless how can we consider a new tax boondoggle? Obama could have used TARP funds to bailout homeowners but stiff armed us away with complicated rules and regulations that no one can qualify for.
C is looking attractive and, (dave, lechacal?), CHEAP (that’s right, I said it). But The What has too much credibility so I can’t ignore him. Maaaaannnnn, if they don’t file Chapter 11…
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Wells Fargo is actually ok.
You got that right northslope and what.
“Citibank, Bank of America, JP Morgan, and Wells Fargo are all getting really bailed out.”
Citibank, Bank of America, JP Morgan, and Wells Fargo are all really Insolvent. I say around May TSHTF real hard! At this point is all beyond repair, our Banking system is Kaput!
The What
Someday this war is gonna end…
“Citibank, Bank of America, JP Morgan, and Wells Fargo are all getting really bailed out.”
Citibank, Bank of America, JP Morgan, and Wells Fargo are all really Insolvent. I say around May TSHTF real hard! At this point is all beyond repair, our Banking system is Kaput!
The What
Someday this war is gonna end…
“No one has really gotten bailed-out.”
Citibank, Bank of America, JP Morgan, and Wells Fargo are all getting really bailed out.
Again. No one has really gotten bailed-out. Most of my clients are seeking help because one or both people who entered into the morgtgage agreement lost their jobs. Many of them were credit-worthy enough to have gotten decent loans but due to ignorance, language barriers and a myriad of other reasons many were put into subprime loans anyway. Even those who diligently dotted their i’s and crossed their t’s and found decent loans at decent interest rates can’t pay their mortagages without a job. Modifications aren’t helping because once again the banks are trying to bilk as much as they can out of the situation instead of offering people loans that can be sustained.
It would serve every bank in the country right if they were to go out of business. Let the bankers lose their homes because of unemployment so that they can see how it feels to face homelessness! Okay maybe not. Just venting.
“why are homeowners getting bailed out for missing payments on their mortgages”
‘Cheaper to keep her’ concept. Sustained debt slavery more promising than taking a sure loss on dumping an ‘underwater’ property on a grim market. Ultimately, it’s a lender bailout.
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