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Amy6627 (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 01:13 PM Original message |
Anyone trying to do a loan modification due to adj. interest rates? |
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firedupdem (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 01:18 PM Response to Original message |
1. It takes a long while to get it done and unfortunately in my case |
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NNN0LHI (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 01:20 PM Response to Original message |
2. You think the bank will reduce your mortgage to what the property is now worth? |
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firedupdem (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 01:21 PM Response to Reply #2 |
3. thats not going to happen.. no way... n/t |
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Amy6627 (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 01:44 PM Response to Reply #3 |
9. People are walking away from their homes left and right here in So Cal |
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SoCalDem (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 02:57 PM Response to Reply #3 |
21. Yup. because when you buy a home for $265 or whatever, the bank GAVE |
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Amy6627 (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 01:34 PM Response to Reply #2 |
6. I am hoping that it will be lower to something closer to what it is worth. That is |
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NNN0LHI (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 02:11 PM Response to Reply #6 |
15. The lender doesn't care if they have more properties than they can sell |
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ben_meyers (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 01:32 PM Response to Original message |
4. 2 Warnings |
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Amy6627 (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 01:41 PM Response to Reply #4 |
8. So you do this kind of work for a living? |
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ben_meyers (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 01:57 PM Response to Reply #8 |
11. The answer to the 1st question is unfortunately yes |
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Tangerine LaBamba (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 01:33 PM Response to Original message |
5. The amount you borrowed |
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Amy6627 (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 01:36 PM Response to Reply #5 |
7. I live in So Cal and |
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Tangerine LaBamba (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 01:53 PM Response to Reply #7 |
10. It doesn't work like that, |
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Amy6627 (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 02:02 PM Response to Reply #10 |
12. If they don't , I will walk away and then they will sell it for what I was |
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Lance_Boyle (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 02:08 PM Response to Reply #12 |
13. yeah, why don't they see it that way? |
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Amy6627 (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 02:16 PM Response to Reply #13 |
16. Yeah but it everyone who bought the Ferrari stop making their payments |
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Tangerine LaBamba (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 02:16 PM Response to Reply #12 |
17. There's the tax code |
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Amy6627 (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 02:24 PM Response to Reply #17 |
19. Don't you think they could still count this as a loss too or my way |
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Tangerine LaBamba (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 04:20 PM Response to Reply #19 |
22. When you borrowed the money, |
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Hassin Bin Sober (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 05:13 PM Response to Reply #22 |
25. Yes, it CAN and DOES work that way - to a certain extent. |
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Tangerine LaBamba (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 06:33 PM Response to Reply #25 |
27. "... to a certain extent." |
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MadHound (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 02:09 PM Response to Original message |
14. Question for you |
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Amy6627 (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 02:20 PM Response to Reply #14 |
18. I went with that kind of loan because it was the only way I could qualify. |
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MadHound (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 02:51 PM Response to Reply #18 |
20. Well, I hope you learned something |
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Tangerine LaBamba (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 04:25 PM Response to Reply #20 |
24. Ben is lying to Amy |
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Tangerine LaBamba (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 06:38 PM Response to Reply #18 |
28. Please, |
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Amy6627 (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 09:13 PM Response to Reply #28 |
29. I went to an attorney and he referred me to these people. I was just |
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aikoaiko (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 04:25 PM Response to Original message |
23. wow, are you saying yours is worth less than 90K when you bought it for 257K. |
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flvegan (1000+ posts) Send PM | Profile | Ignore | Mon Sep-08-08 05:27 PM Response to Original message |
26. Not a good plan, I'm afraid. |
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