Posted on: 04th Dec, 2009 09:54 am
Something that I posted on my blog....
Will keep as a sticky for now until everyone has had some time to read.
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Will keep as a sticky for now until everyone has had some time to read.
[size=9:c833daffa9][color=Red:c833daffa9][System detected duplicate content, converted into image. Thanks.][/color:c833daffa9][/size:c833daffa9]
eric, what do you see as a deterrent to cheating the system, as you speculated on with the 3-payment plan? do you think it's justified to do a preliminary period in a larger scale, or would you advocate that the permanent plan be expedited?
i get calls all day long about these things, and know nowhere near enough to be helpful. i'm sure you're burdened as well.
i get calls all day long about these things, and know nowhere near enough to be helpful. i'm sure you're burdened as well.
It is true that the lenders have temporarily restructured hundreds of thousands of mortgages after the Obama administration came up with Home Affordable Modification program, but most of them have not been permanently modified. This is concern for all - economists, government officials as well as consumer advocates. Also, a study has revealed that presently 1 in 7 mortgages in U.S. is in foreclosure. It is important that more and more loans should be permanently modified as it would help to stabilize the real estate market.
I was under the impression that once your loan was modified, it stayed modified until refinanced or adjusted again in some way - no?
Is the purpose of a premilinary period si mply to test whether or not the borrower can support the modified repayment plan? If so, then surely if you do make your payments a permanent modification should be made available - otherwise what was the point of the trial?
rise, you got it...the preliminary modification is meant to get someone on the right track with the hope that upon completion of the 3 month period, the loan would then become permanently modified and a return to normalcy.
the system and the procedure have not worked as desired at this stage of things. the treasury department is working to rectify this situation, to try to get a far greated percentage into permanent mode.
the system and the procedure have not worked as desired at this stage of things. the treasury department is working to rectify this situation, to try to get a far greated percentage into permanent mode.
Ya this announcement is really helpful for borrower. After this news, many borrower come to me and ask about and get advise from me. If you have any question related to this and you are living in California. Visit me
Linda, they're just getting the news in California? Or is it that you're tucked away in an obscure part of the state where news filters in occasionally?
You didn't elaborate at all on what kind of advice you dispense.
You didn't elaborate at all on what kind of advice you dispense.