Comments on: Analysis of Potential Loan Modification and Refinance Standardization http://loanworkout.org/2009/04/analysis-of-potential-loan-modification-and-refinance-standardization/ - Free Mortgage, Auto and Student loan Calculators by LoanWorkout.org Tue, 18 Oct 2011 02:57:27 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: ARNOLD http://loanworkout.org/2009/04/analysis-of-potential-loan-modification-and-refinance-standardization/#comment-14730 ARNOLD Thu, 14 May 2009 23:03:06 +0000 http://loanworkout.org/?p=3910#comment-14730 Bank of america is modifying their second loans only at this time, and you know why. Becaues they genreally don't have much choice if a borrower files for BK. On first liens they have not yet agreed to go along with Obama because their foreclosure volume is not enough to be considered risky in their books. They can afford to raise enough capital to remain stable without more government bail outs. If enough borrowers were to stop making payments on the next 3 months, they most likely would reconsider they loan modification position. Now this BOFA only. This is not the portfolio recently aquired from Countrywide. If the unemploymetnt continues to rise you may see some loan mofification reconsideration by BOFA when they start reaizing that they will have some serious repos due to unemployment and secondoray factors like borrowers buying and moving to less expensive home and letting the most expensive home go. Bank of america is modifying their second loans only at this time, and you know why. Becaues they genreally don’t have much choice if a borrower files for BK. On first liens they have not yet agreed to go along with Obama because their foreclosure volume is not enough to be considered risky in their books. They can afford to raise enough capital to remain stable without more government bail outs. If enough borrowers were to stop making payments on the next 3 months, they most likely would reconsider they loan modification position. Now this BOFA only. This is not the portfolio recently aquired from Countrywide. If the unemploymetnt continues to rise you may see some loan mofification reconsideration by BOFA when they start reaizing that they will have some serious repos due to unemployment and secondoray factors like borrowers buying and moving to less expensive home and letting the most expensive home go.

]]> By: Cathy http://loanworkout.org/2009/04/analysis-of-potential-loan-modification-and-refinance-standardization/#comment-14679 Cathy Tue, 12 May 2009 22:35:09 +0000 http://loanworkout.org/?p=3910#comment-14679 Who is going to house all of the homeless when we are living on the streets because these banks refuse to do the right thing. BofA is no better than Countrywide, their rep has stated that BofA has no intention of helping anyone that doens't have a Freddie or Fannie loan, guess what even if you did when the loan was first orginated more than likely it has been sold to the private sector so you don't qualify anymore. So all of the sub-prime, Alt-A loan holders are screwed. Obama whats make you any different from Bush, you just settled us with a huge debt, one that makes us responsible to pay back. What is interested is we the tax payers are required to pay back this stimlus money, money that you so willing gave to Banks, yet these same banks who we the tax payers are bailing out refused to help us because we don't fit into their qualifying guidelines. WOW, isn't it great to be an America. The rich get richer and the poor, well like I said before, we become homeless! Who is going to house all of the homeless when we are living on the streets because these banks refuse to do the right thing.

BofA is no better than Countrywide, their rep has stated that BofA has no intention of helping anyone that doens’t have a Freddie or Fannie loan, guess what even if you did when the loan was first orginated more than likely it has been sold to the private sector so you don’t qualify anymore. So all of the sub-prime, Alt-A loan holders are screwed.
Obama whats make you any different from Bush, you just settled us with a huge debt, one that makes us responsible to pay back. What is interested is we the tax payers are required to pay back this stimlus money, money that you so willing gave to Banks, yet these same banks who we the tax payers are bailing out refused to help us because we don’t fit into their qualifying guidelines. WOW, isn’t it great to be an America. The rich get richer and the poor, well like I said before, we become homeless!

]]> By: Marcela Abal http://loanworkout.org/2009/04/analysis-of-potential-loan-modification-and-refinance-standardization/#comment-14037 Marcela Abal Thu, 16 Apr 2009 18:06:19 +0000 http://loanworkout.org/?p=3910#comment-14037 It is common for 'modifications' to actually keep consumers drowning in a similar or higher payments to what had put them in financial straits in the first place. I'm not sure that modification standardization is the answer because every situation is different. I don't know how the bank expects to just punch in three numbers and determine the eligibility of EVERY household. The truth is, many people can't afford their mortgage on any terms, and others don't need a mod but are holding out their hands regardless. I just hope the 'standardization' doesn't cause families to fall through the cracks simply because the numbers are off by one percent. It is common for ‘modifications’ to actually keep consumers drowning in a similar or higher payments to what had put them in financial straits in the first place. I’m not sure that modification standardization is the answer because every situation is different. I don’t know how the bank expects to just punch in three numbers and determine the eligibility of EVERY household. The truth is, many people can’t afford their mortgage on any terms, and others don’t need a mod but are holding out their hands regardless. I just hope the ‘standardization’ doesn’t cause families to fall through the cracks simply because the numbers are off by one percent.

]]> By: Bob Morrison http://loanworkout.org/2009/04/analysis-of-potential-loan-modification-and-refinance-standardization/#comment-13960 Bob Morrison Tue, 14 Apr 2009 12:41:00 +0000 http://loanworkout.org/?p=3910#comment-13960 If they keep the BK bill on the shelf @ the Senate, we are doomed period. We have been let down once again by our leaders, So let's see, beside the BK bill being put on the shelf, here is another great bone from our great leaders, Only TARP monies going foward would a lender have to sign-on to the MHA program (Nice Job Timmy). Brother this is what they call a standard loan Modifications, (Just make 3 more payments) and let's take it from thier (Blood Suckers). I have tried 2 times to get some type of fairness from my note holder (ResCap-GMAC-Homecomings) and yes both times where a total re-payment joke. If they keep the BK bill on the shelf @ the Senate, we are doomed period. We have been let down once again by our leaders, So let’s see, beside the BK bill being put on the shelf, here is another great bone from our great leaders, Only TARP monies going foward would a lender have to sign-on to the MHA program (Nice Job Timmy). Brother this is what they call a standard loan Modifications, (Just make 3 more payments) and let’s take it from thier (Blood Suckers). I have tried 2 times to get some type of fairness from my note holder (ResCap-GMAC-Homecomings) and yes both times where a total re-payment joke.

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