Loan Modification Requests - A National Emergency?

eric1

It seems that the buzz phrase for 2009 has to be "loan modification". Just look at this forum and see how many posts there are regarding this topic. I visit other mortgage forums on occasion and notice the same thing there as well. Many people are legitimately having some problems and need help with some kind of modification so they can make payments. However, I have also seen some people who are simply using these difficult times to modify their loans when they have no real basis for doing so. I see people looking to modify simply because their homes are worth less than their loans....and they are not moving. They just want to be given a break on either the balance or the interest rate. Trying to find some way to beat the system. I have even come across people who intentionally miss payments and ruin their credit just so the bank will entertain a loan modification.

I think our issues in this country run deep and they do not end with the financial institution. Everyone involved seems to be part of the problem. This includes banks, government, and borrowers.

chrisburns · Posted: Tue Mar 03, 2009 6:28 pm Post subject:

There may be degrees of blame all around, but you can deny that the corporate greed on Wall Street is first in line.

You can't blame people for trying to lower their payments right. Why not try?

manoj_gopale · Joined: 16 Feb 2009 Posts: 481 0.49 Dollars($)

there was a game that who will run fast.Suddenly it got halted.and the winner is not yet decided because the whole game was a phantasmagoria.

Point i wanted to make is corporates do the same thing with government which now individuals want to try with the corporates.Begging for concession or modification is the option opted by everyone.
Some do it in small scale they are called individual, some do it in large scale they are called corporates. tendency is same but with some different names to it with more sugar candy................... Wink

adonis · Posted: Tue Mar 03, 2009 11:58 pm Post subject:

It's true that lot of people are interested about loan modification these days. I guess people are thinking of it as a sort of bail-out program which will help them in lowering their mortgage payments.

Yes, some people even want to miss payments intentionally to get the benefits of loan modification. But I have noticed that people are ignorant of the fact that lenders will add up the delinquent amount while giving them a new repayment plan.

All times are GMT - 7 Hours

Page 1 of 1