Comments for Loan Modification n Mortgage Modification Help - Loan Modification Program

Comment on Your opinions on Obama’s loan modification program? by Ava

Ava — Wed, 22 Feb 2012 15:21:06 +0000

Well, I do understand that responsible people find themselves in difficult situations. However, what I find disgusting is that responsible people will be subsidising the overindulgences of others. I mean, honestly, if you have to mortgage $ 750,000 and don’t have the money to just pay for it, maybe those people should not be buying million dollar homes. I think that the cap should be much lower- $ 300,000. Otherwise, don’t buy such an expensive home!
Americans need to learn that they are not owed the “American dream.” People need to start living within their means, and if this means that not everyone can be a homeowner, then so be it.

Comment on Your opinions on Obama’s loan modification program? by Paul in San Diego

Paul in San Diego — Wed, 22 Feb 2012 14:30:00 +0000

Well, at least it’s something. And, at least you qualify for it. One problem with his plan is that it won’t help the majority of people who need it, in California anyway. To qualify, you must have a mortgage less than like $ 726,000, and it must be a Freddy Mac or Fannie Mae loan. Well, the people getting close to foreclosure out here have mortgages more like $ 750K + on properties that they’re upside down on by hundreds of thousands of dollars. And, they simply don’t qualify for the relief.

I owe about $ 850K on a house that was worth almost $ 1 million in 2007, that’s now worth as low as $ 750K. I would love to lower my first mortgage of about $ 760K from its current 7% or so to about 5.5%. That would save me about $ 950 a month. But, nooooo! My mortgage is $ 34K too high to qualify. And, since I’m upside down on it, I can’t do a conventional refinance.

So, fungoo. I’m screwed.

Comment on Your opinions on Obama’s loan modification program? by Big Deal Maker

Big Deal Maker — Wed, 22 Feb 2012 13:47:50 +0000

Well he needed to do something however i think it is too little too late. It should of been done 3 years ago. It only helped the lenders and not the people that where effected by this.
Funny how the leaders of certain banks are now buying up foreclosures and it is my belief that this was all a smoke screen to have people put money into homes then the banks and there investors could buy them up sit on them as a rental for 5 years then recoup there losses. At the tax payers pocket book.

Comment on Your opinions on Obama’s loan modification program? by Kathryn P

Kathryn P — Wed, 22 Feb 2012 13:38:33 +0000

Biggest problem is that it really doesn’t help people who are struggling but still paying their mortgages. it’s only written to assist those who are already losing their homes to foreclosure, or are in threat of foreclosure.

There is nothing in the bill that would help me, for example. I make 50,000 before taxes each year, my house note is 864.00 a month, and I’ve acquired 2 new mouths to feed, so it’s tough to pay for the house note, the extra water usage, the extra food used, the extra transportation necessary, and all the extras that go with a 5 year old and a 25 year old, and still pay my bills otherwise.

The problem with the bill is that it doesn’t help the struggling, it only helps the failing…. and if they don’t help the struggling ones, they will ultimately become part of the failing ones. It’s merely a matter of time.

Comment on Your opinions on Obama’s loan modification program? by Saly L

Saly L — Wed, 22 Feb 2012 13:30:43 +0000

you know the fable about the grasshopper and the ant? well in obama’s version, the grasshopper gets rewarded.

Comment on When should I request a loan modification? by Aanya Verma

Aanya Verma — Mon, 20 Feb 2012 22:43:20 +0000

after 6 month of taken the loan.

Comment on Q&A: Caculate early payoff on loan? by I_think$

I_think$ — Mon, 20 Feb 2012 00:44:06 +0000

Generally speaking, you add interest forward from the last payment date to the day you pay it off (including time in the mail) to the current balance on your last pmt date to get your payoff. Rules may be a little different, and hopefully there is no early payment penalty.