CHICAGO, May 7 (Reuters) – Efforts at mortgage loan modification are having positive results, but their ultimate success will depend on the trajectory of the economy, Sheila Bair, chairman of the Federal Deposit Corp., said on Thursday.
“My sense is that it’s having an impact,” Bair said in answering questions after a speech to the Chicago Federal Reserve Bank’s annual bank structure conference.
But, “there’s obviously still distress in the mortgage market,” Bair said.
She added that most mortgage holders will stick to their commitments if monthly payments are brought down to affordable levels, even if they are still “under water” on the size of their mortgage versus their home.
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If modifications are working, kindly provide contact information. If you read blogs of this site, clearly there hasn’t been light at the end of the tunel, but pure darkness!! investors are refusing to accept any new terms, especially foreign investors which is our main problem here! it seems to me that by not negotiating with homeowners these investors are setting up the United States for more economical failures, these are foreign investors that could care less about the impact they are causing with these decision making. They are the ones putting us the US government into more debt.
If the modifications are working, then someone please tell me why it is that another 8 million people are going to be losing their homes this year alone? Modifications ARE not working, principal balance reductions ARE not happening, and we have a US Senate who refuses to allow BK Judges to work the cramdown as an instrument of last resort to assist people.
Clearly, when someone has a home with a blance of 345,000 on it, the home is now worth at best 160-170,000, and there is no principal balance reductions being offered by the lenders — then how is a modification goring to work? A 40 year fixed rate loan will not help, an interest reduction will not work, and the homeowner will be forever upside down in the home as the value will never increase to where the balance is.
This is an abject joke, and so many people are being destroyed as a result of the ARROGANCE of the Congress to refuse to assist people at all.
Is there a list that is public? Exactly who has recieved one of these modifications? Is there someone out there with a public blog advertising these wonderful success stories???
I qualify to the T, but have been rejected twice.
I think this is the biggest public robbery in history. I voted for Obama and now he is supporting a 75 Billion dollar robbery. Where has all of our money gone???
I read in on Yahoo news last week that the eligibility requirements were so strict only 51 modifications are in the works and only ONE has been complete. I work for HLP and I have been doing research on this site. OMG, I am so sorry for you poor people. I know this is not a place to advertise but gee, can I help you! We have been so successful helping people save their homes. Yes, there is a fee for a loan modification but nothing like the banks are ripping you off. Our mitigators are even getting principal forgiven.
Send me an email and I will be happy to tell you about how we can really help you.
Thanks, Colleen
What is your fee?