Comments on: Loan Modifications Aren't Working http://housingdoom.com/2008/12/22/loan-modifications-arent-working/ Thu, 24 May 2012 01:57:19 +0000 hourly 1 http://wordpress.org/?v= By: freemonster http://housingdoom.com/2008/12/22/loan-modifications-arent-working/#comment-15205 freemonster Tue, 23 Dec 2008 01:00:52 +0000 http://housingdoom.com/?p=1913#comment-15205 This is so frustrating. Even a dummy like me knew this couldn't work. Like AZ said if they can't afford $1500 they probably can't afford $1300. A tea party is so needed. Igor is mad as hell and........ This is so frustrating. Even a dummy like me knew this couldn’t work. Like AZ said if they can’t afford $1500 they probably can’t afford $1300. A tea party is so needed. Igor is mad as hell and……..

]]> By: surak http://housingdoom.com/2008/12/22/loan-modifications-arent-working/#comment-15204 surak Tue, 23 Dec 2008 00:12:45 +0000 http://housingdoom.com/?p=1913#comment-15204 Most loans made in the last five years do not include a down payment. If people were require to put down at least 20%, then most people would not be walking away. Most loans made in the last five years do not include a down payment. If people were require to put down at least 20%, then most people would not be walking away.

]]> By: AZSALUKI http://housingdoom.com/2008/12/22/loan-modifications-arent-working/#comment-15203 AZSALUKI Mon, 22 Dec 2008 21:46:28 +0000 http://housingdoom.com/?p=1913#comment-15203 i read this article this morning and thought to myself "wow....who'd have ever thought that this wouldn't work?" it stands to reason that if you couldn't afford, let's say $1500/mo, then you probably can't afford, let's say $1300/mo. I have a couple clients who have done these and they worked. the client stayed in the house and the modification was large enough to matter. however, most that i've seen that would qualify for the modification, don't want it because they are too far upside down. they don't want a temporary rate cut.....they'd prefer a 20-30% cut on the balance and they aren't gettin it so they are still walkin away. i read this article this morning and thought to myself “wow….who’d have ever thought that this wouldn’t work?” it stands to reason that if you couldn’t afford, let’s say $1500/mo, then you probably can’t afford, let’s say $1300/mo. I have a couple clients who have done these and they worked. the client stayed in the house and the modification was large enough to matter. however, most that i’ve seen that would qualify for the modification, don’t want it because they are too far upside down. they don’t want a temporary rate cut…..they’d prefer a 20-30% cut on the balance and they aren’t gettin it so they are still walkin away.

]]> By: agnostic http://housingdoom.com/2008/12/22/loan-modifications-arent-working/#comment-15202 agnostic Mon, 22 Dec 2008 20:23:09 +0000 http://housingdoom.com/?p=1913#comment-15202 The mantra of 2009 will be: "It isn't housing, it's jobs." The mantra of 2009 will be:

“It isn’t housing, it’s jobs.”

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