Comments on: It’s Not All Subprime. Pay Option ARM’s – California’s Billion Pound Gorilla http://loanworkout.org/2008/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/ Loan Modification & Home Loan News Fri, 20 Nov 2009 12:55:43 -0700 http://wordpress.org/?v=2.8.6 hourly 1 By: Apple Fanatic http://loanworkout.org/2008/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-14141 Apple Fanatic Sun, 19 Apr 2009 19:04:07 +0000 http://loanworkout.org/2008/01/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-14141 The loan industry is a sad joke. It literally turned itself into a monster of debt and unrepairable misfourtune. The loan industry is a sad joke. It literally turned itself into a monster of debt and unrepairable misfourtune.

]]> By: bridging loan http://loanworkout.org/2008/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-13748 bridging loan Tue, 07 Apr 2009 10:27:18 +0000 http://loanworkout.org/2008/01/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-13748 Helping? You are joking! Helping? You are joking!

]]> By: Maybe a Silver Lining To That Subprime ARM From Countrywide After All | Mortgages Unzipped http://loanworkout.org/2008/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-11837 Maybe a Silver Lining To That Subprime ARM From Countrywide After All | Mortgages Unzipped Wed, 08 Oct 2008 13:37:15 +0000 http://loanworkout.org/2008/01/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-11837 [...] when you thought all efforts to save the strapped homeowner with an adjustable rate mortgage or pay option ARM from Countrywide were exhausted, a settlement with their new suitor, Bank of America, has arrived. [...] [...] when you thought all efforts to save the strapped homeowner with an adjustable rate mortgage or pay option ARM from Countrywide were exhausted, a settlement with their new suitor, Bank of America, has arrived. [...]

]]> By: GATORBAIT http://loanworkout.org/2008/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-3668 GATORBAIT Thu, 12 Jun 2008 00:52:43 +0000 http://loanworkout.org/2008/01/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-3668 Heather- if you are current and asking for a modification you will wait 4-6 months and will get an above market rate. It seems they will only play ball when you are close to forclosure (at least 90 days behind). I have heard many people who try to be proactive with CW and get the big run around. Keep calling and email everyone on the list....you may end up getting what you want but know you are fighting an uphill battle and prepare yourself mentally. good luck Heather-

if you are current and asking for a modification you will wait 4-6 months and will get an above market rate.

It seems they will only play ball when you are close to forclosure (at least 90 days behind). I have heard many people who try to be proactive with CW and get the big run around.

Keep calling and email everyone on the list….you may end up getting what you want but know you are fighting an uphill battle and prepare yourself mentally.

good luck

]]> By: Heather http://loanworkout.org/2008/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-3669 Heather Wed, 11 Jun 2008 21:09:17 +0000 http://loanworkout.org/2008/01/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-3669 I am trying to get a loan modification with countrywide. I am current on my payments. I have sent in my hardship letter and bank statements but, haven't received my hardship package. I am getting the runaround from them. I am trying to get a loan modification with countrywide. I am current on my payments. I have sent in my hardship letter and bank statements but, haven’t received my hardship package. I am getting the runaround from them.

]]> By: Federal Loan Modification » Blog Archive » This is What You Get When You Ask For a No Closing Costs Loan From Countrywide http://loanworkout.org/2008/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-9464 Federal Loan Modification » Blog Archive » This is What You Get When You Ask For a No Closing Costs Loan From Countrywide Wed, 14 May 2008 22:11:38 +0000 http://loanworkout.org/2008/01/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-9464 [...] It’s Not All Subprime. Pay Option ARM’s - California’s Billion Pound Gorilla [...] [...] It’s Not All Subprime. Pay Option ARM’s – California’s Billion Pound Gorilla [...]

]]> By: Federal Loan Modification » Blog Archive » Worse Than a Pimp on a Corner. I Haven’t Even Pulled My Pants Up & Their Looking to F**K Me Again http://loanworkout.org/2008/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-9461 Federal Loan Modification » Blog Archive » Worse Than a Pimp on a Corner. I Haven’t Even Pulled My Pants Up & Their Looking to F**K Me Again Wed, 14 May 2008 22:04:54 +0000 http://loanworkout.org/2008/01/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-9461 [...] It’s Not All Subprime. Pay Option ARM’s - California’s Billion Pound Gorilla [...] [...] It’s Not All Subprime. Pay Option ARM’s – California’s Billion Pound Gorilla [...]

]]> By: Federal Loan Modification » Blog Archive » It’s Not All Subprime. Pay Option ARM’s - California’s Billion Pound Gorilla http://loanworkout.org/2008/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-9463 Federal Loan Modification » Blog Archive » It’s Not All Subprime. Pay Option ARM’s - California’s Billion Pound Gorilla Wed, 14 May 2008 21:33:51 +0000 http://loanworkout.org/2008/01/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-9463 [...] About [...] [...] About [...]

]]> By: Federal Loan Modification » Blog Archive » Ex- Countrywide Employee Reveals a Secret Ingredient in Mr. Mozillo’s Original Toxic Loan Recipe http://loanworkout.org/2008/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-9462 Federal Loan Modification » Blog Archive » Ex- Countrywide Employee Reveals a Secret Ingredient in Mr. Mozillo’s Original Toxic Loan Recipe Wed, 14 May 2008 21:25:07 +0000 http://loanworkout.org/2008/01/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-9462 [...] It’s Not All Subprime. Pay Option ARM’s - California’s Billion Pound Gorilla [...] [...] It’s Not All Subprime. Pay Option ARM’s – California’s Billion Pound Gorilla [...]

]]> By: HMM... http://loanworkout.org/2008/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-9460 HMM... Mon, 05 May 2008 22:01:55 +0000 http://loanworkout.org/2008/01/01/its-not-all-subprime-pay-option-arms-californias-billion-pound-gorilla/#comment-9460 The comment that certain products fit certain clients is one of the better ones I have read here. Let me ask a simple question though. How different is an option arm than a credit card balance with payment options? For those people that carry a credit card balance (or even a MAXED out card), do you make the minimum payment only? What kind of surprise are you in for when you actually pay attention to your balance (assuming no additional charges)? If people don't know how to manage their high interest debt, how can they be expected to manage something spelled out such as negative amortization? The difficulty is that when the economy is suffering, some incomes will decrease, but that applies to mortgage affordability regardless of the mortgage type. By offering the minimum payment option, the option ARM will have SOME flexibility over the fixed if hard times pay a visit. This will give the holder some time to examine and strategize their position. The problem is not caused by the mortgage, but by the market. Who in their right mind has received a credit card in the mail, and taken it out right away to maxx it out? The brokers may be greedy, but the buyers also share in the responsibility. Let us stop looking for scapegoats to blame. It is not "this, that, or them" we have to blame, but we are all responsible for the current mess. Most of the time it is just a whole lot easier to point fingers though.... The comment that certain products fit certain clients is one of the better ones I have read here. Let me ask a simple question though. How different is an option arm than a credit card balance with payment options? For those people that carry a credit card balance (or even a MAXED out card), do you make the minimum payment only? What kind of surprise are you in for when you actually pay attention to your balance (assuming no additional charges)? If people don’t know how to manage their high interest debt, how can they be expected to manage something spelled out such as negative amortization? The difficulty is that when the economy is suffering, some incomes will decrease, but that applies to mortgage affordability regardless of the mortgage type. By offering the minimum payment option, the option ARM will have SOME flexibility over the fixed if hard times pay a visit. This will give the holder some time to examine and strategize their position. The problem is not caused by the mortgage, but by the market. Who in their right mind has received a credit card in the mail, and taken it out right away to maxx it out? The brokers may be greedy, but the buyers also share in the responsibility. Let us stop looking for scapegoats to blame. It is not “this, that, or them” we have to blame, but we are all responsible for the current mess. Most of the time it is just a whole lot easier to point fingers though….

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