Comments on: The Problem with Loan Modifications http://wallstreetpit.com/8913-loan-modifications-as-key-to-fighting-the-mortgage-crisis Wed, 08 Feb 2012 22:13:42 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: curt morris http://wallstreetpit.com/8913-loan-modifications-as-key-to-fighting-the-mortgage-crisis#comment-182559 curt morris Fri, 04 Jun 2010 18:13:44 +0000 http://wallstreetpit.com/?p=8913#comment-182559 Yes im posting this blog on America Servicing Company, they just foreclosed on my home after trying for 5 months to get a modification that thepresident promised. I even set up a budget with CCCS and they submitted it. I lost my wife 4 years ago to cancer she was a school teacher and last year i was laid off and lost over 17,000.00 and ASC even took 3 post dated checks and gave me comformation numbers that i still have. Then when the money wasn't taken from my account I called and ask why they said I missed my payment before the first check was to be deducted from my account, and the agent said i didnt need to make that payment. It makes no sence. Thanks Yes im posting this blog on America Servicing Company, they just foreclosed on my home after trying for 5 months to get a modification that thepresident promised. I even set up a budget with CCCS and they submitted it. I lost my wife 4 years ago to cancer she was a school teacher and last year i was laid off and lost over 17,000.00 and ASC even took 3 post dated checks and gave me comformation numbers that i still have. Then when the money wasn't taken from my account I called and ask why they said I missed my payment before the first check was to be deducted from my account, and the agent said i didnt need to make that payment. It makes no sence. Thanks

]]> By: My Loan Mod Story http://wallstreetpit.com/8913-loan-modifications-as-key-to-fighting-the-mortgage-crisis#comment-94504 My Loan Mod Story Wed, 13 Jan 2010 16:07:07 +0000 http://wallstreetpit.com/?p=8913#comment-94504 Thanks for this - I've been working hard to get squared away with my loan modification process and trying to get a good understanding of everything I need to have in order. It's been stressful but I've found some great resources like this and am grateful. Thanks for this – I’ve been working hard to get squared away with my loan modification process and trying to get a good understanding of everything I need to have in order. It’s been stressful but I’ve found some great resources like this and am grateful.

]]> By: Megan McKenzie http://wallstreetpit.com/8913-loan-modifications-as-key-to-fighting-the-mortgage-crisis#comment-50612 Megan McKenzie Sat, 08 Aug 2009 16:55:54 +0000 http://wallstreetpit.com/?p=8913#comment-50612 They bailed out wall street but kicked homeowners to the curb with no place to live. I 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, payments may already be at 31%. This is the case for me. But the catch is I'm single so I get taxed to the max eroding my gross salary. MY PAYMENT IS 55% OF MY NET but they don't take that into consideration. 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 would consider it as a good idea but with facing homelessnes how can I 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. And, now I read this article about the FICO score ding for a loan mod. I'm crying my eyes out. I'm too old to start over and the stress is killing me. I started a blog to collect stories to print out and mail to Obama. I figure with a big pile, he would pay attention. Go to: obamaloanmod.blogspot.com and post your story. Thank you. They bailed out wall street but kicked homeowners to the curb with no place to live.

I 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, payments may already be at 31%. This is the case for me. But the catch is I’m single so I get taxed to the max eroding my gross salary. MY PAYMENT IS 55% OF MY NET but they don’t take that into consideration.

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 would consider it as a good idea but with facing homelessnes how can I 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. And, now I read this article about the FICO score ding for a loan mod. I’m crying my eyes out. I’m too old to start over and the stress is killing me.

I started a blog to collect stories to print out and mail to Obama. I figure with a big pile, he would pay attention.

Go to:

obamaloanmod.blogspot.com

and post your story.

Thank you.

]]> By: Kenneth G. Smith II http://wallstreetpit.com/8913-loan-modifications-as-key-to-fighting-the-mortgage-crisis#comment-46088 Kenneth G. Smith II Wed, 29 Jul 2009 20:10:56 +0000 http://wallstreetpit.com/?p=8913#comment-46088 Instead of a rental payment, let the homeowner make the payment toward the mortgage and the government can cover the difference in a mortgage assistance program which will be repaid over time. Here is an example of how it could work. • Mr. and Mrs. Z have a mortgage payment of $1,170 ($200,000 loan with 30 year payout at 5.75% interest). • The Z’s lose their job and can only pay $470, so the government pays the difference of $700 • The Z’s remain homeowners and work through their problem. It takes the Z’s 10 months to get back on their feet, the government paid out $7,000 and now the Z’s owe the government. • But the government says okay, you can start paying us back in seven years and the payment will be over 10 years at an interest rate of 3%. Check out the Mortgage Assistance Program at http://accuriz.com/RealEstate_Reports.aspx to find out more Instead of a rental payment, let the homeowner make the payment toward the mortgage and the government can cover the difference in a mortgage assistance program which will be repaid over time.

Here is an example of how it could work.
• Mr. and Mrs. Z have a mortgage payment of $1,170 ($200,000 loan with 30 year payout at 5.75% interest).
• The Z’s lose their job and can only pay $470, so the government pays the difference of $700
• The Z’s remain homeowners and work through their problem. It takes the Z’s 10 months to get back on their feet, the government paid out $7,000 and now the Z’s owe the government.
• But the government says okay, you can start paying us back in seven years and the payment will be over 10 years at an interest rate of 3%.

Check out the Mortgage Assistance Program at http://accuriz.com/RealEstate_Reports.aspx
to find out more

]]> By: Peter F http://wallstreetpit.com/8913-loan-modifications-as-key-to-fighting-the-mortgage-crisis#comment-45416 Peter F Wed, 29 Jul 2009 00:01:42 +0000 http://wallstreetpit.com/?p=8913#comment-45416 The "Modification Makes Sense" section is even smaller than it appears because lenders/investors do not really want to own these mortgages and the value of a modified mortgage is currently nil compared to its cash flows. The “Modification Makes Sense” section is even smaller than it appears because lenders/investors do not really want to own these mortgages and the value of a modified mortgage is currently nil compared to its cash flows.

]]> By: Chase Residential Solutions http://wallstreetpit.com/8913-loan-modifications-as-key-to-fighting-the-mortgage-crisis#comment-45366 Chase Residential Solutions Tue, 28 Jul 2009 23:01:30 +0000 http://wallstreetpit.com/?p=8913#comment-45366 we have helped more than 5,000 borrowers obtain a loan modification this year alone. we have helped more than 5,000 borrowers obtain a loan modification this year alone.

]]> By: blll f http://wallstreetpit.com/8913-loan-modifications-as-key-to-fighting-the-mortgage-crisis#comment-45364 blll f Tue, 28 Jul 2009 23:00:09 +0000 http://wallstreetpit.com/?p=8913#comment-45364 lenders don't care about the homeowners and are not obligated to help. lenders don’t care about the homeowners and are not obligated to help.

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