Loan Mod? No Problema.
- Thread starter awgee_IHB
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irvine_home_owner_IHB
New member
[quote author="bltserv" date=1252545865][quote author="NewportSkipper" date=1252544322]This is a couple of months old, but close enough.
"Foreclosure Starts Hit One Million So Far This Year"
<a href="http://www.responsiblelending.org/media-center/press-releases/archives/foreclosure-starts-hit-one-million-so-far-this-year.html">http://www.responsiblelending.org/media-center/press-releases/archives/foreclosure-starts-hit-one-million-so-far-this-year.html</a>
(Thanks)
I guess they're expecting as many as 2.5 million starts. No matter how you slice it, 100k-500k (or more) helped in one month is huge.</blockquote>
Skippy
Your "link" is no bueno.</blockquote>
That's my fault... need to just remove the <> symbols.
"Foreclosure Starts Hit One Million So Far This Year"
<a href="http://www.responsiblelending.org/media-center/press-releases/archives/foreclosure-starts-hit-one-million-so-far-this-year.html">http://www.responsiblelending.org/media-center/press-releases/archives/foreclosure-starts-hit-one-million-so-far-this-year.html</a>
(Thanks)
I guess they're expecting as many as 2.5 million starts. No matter how you slice it, 100k-500k (or more) helped in one month is huge.</blockquote>
Skippy
Your "link" is no bueno.</blockquote>
That's my fault... need to just remove the <> symbols.
trrenter_IHB
New member
[quote author="NewportSkipper" date=1252544322]This is a couple of months old, but close enough.
"Foreclosure Starts Hit One Million So Far This Year"
<a href="http://<http://www.responsiblelending.org/media-center/press-releases/archives/foreclosure-starts-hit-one-million-so-far-this-year.html>"><http://www.responsiblelending.org/media-center/press-releases/archives/foreclosure-starts-hit-one-million-so-far-this-year.html></a>
(Thanks)
I guess they're expecting as many as 2.5 million starts. No matter how you slice it, 100k-500k (or more) helped in one month is huge.</blockquote>
The fact that many can be helped and it isn't a drop in the bucket. Read the rest of the article this is like putting lipstick on a pig.
<img src="http://groundnotes.files.wordpress.com/2008/11/june6_2005mmm.jpg" alt="" />
"Foreclosure Starts Hit One Million So Far This Year"
<a href="http://<http://www.responsiblelending.org/media-center/press-releases/archives/foreclosure-starts-hit-one-million-so-far-this-year.html>"><http://www.responsiblelending.org/media-center/press-releases/archives/foreclosure-starts-hit-one-million-so-far-this-year.html></a>
(Thanks)
I guess they're expecting as many as 2.5 million starts. No matter how you slice it, 100k-500k (or more) helped in one month is huge.</blockquote>
The fact that many can be helped and it isn't a drop in the bucket. Read the rest of the article this is like putting lipstick on a pig.
<img src="http://groundnotes.files.wordpress.com/2008/11/june6_2005mmm.jpg" alt="" />
N
NewportSkipper_IHB
Guest
[quote author="trrenter" date=1252550870][quote author="NewportSkipper" date=1252544322]This is a couple of months old, but close enough.
"Foreclosure Starts Hit One Million So Far This Year"
<a href="http://<http://www.responsiblelending.org/media-center/press-releases/archives/foreclosure-starts-hit-one-million-so-far-this-year.html>"><http://www.responsiblelending.org/media-center/press-releases/archives/foreclosure-starts-hit-one-million-so-far-this-year.html></a>
(Thanks)
I guess they're expecting as many as 2.5 million starts. No matter how you slice it, 100k-500k (or more) helped in one month is huge.</blockquote>
The fact that many can be helped and it isn't a drop in the bucket. Read the rest of the article this is like putting lipstick on a pig.
<img src="http://groundnotes.files.wordpress.com/2008/11/june6_2005mmm.jpg" alt="" /></blockquote>
You are free to have your opinion.
"Foreclosure Starts Hit One Million So Far This Year"
<a href="http://<http://www.responsiblelending.org/media-center/press-releases/archives/foreclosure-starts-hit-one-million-so-far-this-year.html>"><http://www.responsiblelending.org/media-center/press-releases/archives/foreclosure-starts-hit-one-million-so-far-this-year.html></a>
(Thanks)
I guess they're expecting as many as 2.5 million starts. No matter how you slice it, 100k-500k (or more) helped in one month is huge.</blockquote>
The fact that many can be helped and it isn't a drop in the bucket. Read the rest of the article this is like putting lipstick on a pig.
<img src="http://groundnotes.files.wordpress.com/2008/11/june6_2005mmm.jpg" alt="" /></blockquote>
You are free to have your opinion.
trrenter_IHB
New member
<blockquote>You are free to have your opinion.
</blockquote>
It wasn't my opinion it was the opinion of the site you linked to.
<blockquote>A dismal milestone was reached over the weekend: One million new foreclosures have been filed so far in 2009, according to estimates by the Center for Responsible Lending. This comes on the heels of a new report from the Mortgage Bankers Association, the first quarter 2009 National Delinquency Survey, showing that 12% of all mortgages are now delinquent?the highest level since the MBA started measuring 37 years ago.</blockquote>
Why would you link to a site that says how bad this problem is if you don't think it is a valid point or argument?
</blockquote>
It wasn't my opinion it was the opinion of the site you linked to.
<blockquote>A dismal milestone was reached over the weekend: One million new foreclosures have been filed so far in 2009, according to estimates by the Center for Responsible Lending. This comes on the heels of a new report from the Mortgage Bankers Association, the first quarter 2009 National Delinquency Survey, showing that 12% of all mortgages are now delinquent?the highest level since the MBA started measuring 37 years ago.</blockquote>
Why would you link to a site that says how bad this problem is if you don't think it is a valid point or argument?
N
NewportSkipper_IHB
Guest
[quote author="awgee" date=1252551953]It has been shown that most of the loan mods claimed by the banks and the present administration are actually just mortgage refinancings.</blockquote>
I assume you can prove this. I also assume you have a reason why this is also not a desirable outcome.
I assume you can prove this. I also assume you have a reason why this is also not a desirable outcome.
N
NewportSkipper_IHB
Guest
[quote author="trrenter" date=1252552347]<blockquote>You are free to have your opinion.
</blockquote>
It wasn't my opinion it was the opinion of the site you linked to.
<blockquote>A dismal milestone was reached over the weekend: One million new foreclosures have been filed so far in 2009, according to estimates by the Center for Responsible Lending. This comes on the heels of a new report from the Mortgage Bankers Association, the first quarter 2009 National Delinquency Survey, showing that 12% of all mortgages are now delinquent?the highest level since the MBA started measuring 37 years ago.</blockquote>
Why would you link to a site that says how bad this problem is if you don't think it is a valid point or argument?</blockquote>
Your statement that it is lipstick on a pig implies that the mods cannot solve the problem. The data just beginning to come in puts your entire premise in jeopardy, hence, it's your opinion.
</blockquote>
It wasn't my opinion it was the opinion of the site you linked to.
<blockquote>A dismal milestone was reached over the weekend: One million new foreclosures have been filed so far in 2009, according to estimates by the Center for Responsible Lending. This comes on the heels of a new report from the Mortgage Bankers Association, the first quarter 2009 National Delinquency Survey, showing that 12% of all mortgages are now delinquent?the highest level since the MBA started measuring 37 years ago.</blockquote>
Why would you link to a site that says how bad this problem is if you don't think it is a valid point or argument?</blockquote>
Your statement that it is lipstick on a pig implies that the mods cannot solve the problem. The data just beginning to come in puts your entire premise in jeopardy, hence, it's your opinion.
bltserv_IHB
New member
Its more than lipstick on a pig. Its rampant Fraud. Like the Mortgage Brokers found a new way
to scam the system a second time.
<a href="http://www.24-7pressrelease.com/press-release/cracking-down-on-loan-modification-fraud-114702.php">http://www.24-7pressrelease.com/press-release/cracking-down-on-loan-modification-fraud-114702.php</a>
"In August, Brown ordered nearly 400 mortgage foreclosure consultants to post $100,000 bonds and register with the state attorney general's office. If they fail to register within 10 days, he said they risk prosecution.
He also ordered 27 companies to provide evidence supporting their advertising claims made in commercials for their loan modification services. Brown said the companies claim unusually high rates of success in preventing foreclosures in abnormally short periods of time.
According to officials, the California Department of Real Estate has received over 1,000 reports of loan modification swindles since October, resulting in more than 300 legal actions against the companies. In June of last year, the agency was investigating less than 10 such complaints.
Among the problems with loan modification companies is the limited oversight for these entities. Although the California Foreclosure Consultant Act was recently amended to provide more stringent guidelines, these types of companies have largely operated without significant regulations. This, combined with the current surge in home foreclosures, has provided an environment ripe for swindlers."
to scam the system a second time.
<a href="http://www.24-7pressrelease.com/press-release/cracking-down-on-loan-modification-fraud-114702.php">http://www.24-7pressrelease.com/press-release/cracking-down-on-loan-modification-fraud-114702.php</a>
"In August, Brown ordered nearly 400 mortgage foreclosure consultants to post $100,000 bonds and register with the state attorney general's office. If they fail to register within 10 days, he said they risk prosecution.
He also ordered 27 companies to provide evidence supporting their advertising claims made in commercials for their loan modification services. Brown said the companies claim unusually high rates of success in preventing foreclosures in abnormally short periods of time.
According to officials, the California Department of Real Estate has received over 1,000 reports of loan modification swindles since October, resulting in more than 300 legal actions against the companies. In June of last year, the agency was investigating less than 10 such complaints.
Among the problems with loan modification companies is the limited oversight for these entities. Although the California Foreclosure Consultant Act was recently amended to provide more stringent guidelines, these types of companies have largely operated without significant regulations. This, combined with the current surge in home foreclosures, has provided an environment ripe for swindlers."
trrenter_IHB
New member
[quote author="NewportSkipper" date=1252553651][quote author="awgee" date=1252551953]It has been shown that most of the loan mods claimed by the banks and the present administration are actually just mortgage refinancings.</blockquote>
I assume you can prove this. I also assume you have a reason why this is also not a desirable outcome.</blockquote>
<a href="http://www.doctorhousingbubble.com/loan-modifications-another-taxpayer-bailout-to-the-housing-industry-mortgage-modification-default-rates-over-50-percent-over-4-percent-of-subprime-loans-first-payment-defaults/">Good article about redefault</a>
I assume you can prove this. I also assume you have a reason why this is also not a desirable outcome.</blockquote>
<a href="http://www.doctorhousingbubble.com/loan-modifications-another-taxpayer-bailout-to-the-housing-industry-mortgage-modification-default-rates-over-50-percent-over-4-percent-of-subprime-loans-first-payment-defaults/">Good article about redefault</a>
awgee_IHB
New member
Why don't they just get a laon mod?
<strong><em>"More individuals or families with at least $1,010,650 in secured debt and $336,900 unsecured are using Chapter 11 of the U.S. bankruptcy code typically associated with business reorganizations. Falling U.S. home prices leave them unable to refinance or sell properties when they drop below the value of the mortgage, said Joseph Baldi, a Chicago bankruptcy attorney."</em></strong>
<strong><em>"Listings of homes for sale worth $1 million or more increased 27.3 percent in July from October, according to Zillow.com, a Web site that tracks real estate transactions. The number of homes sold with a value between $1 million to $2 million fell 23 percent in July from a year earlier, according to the Chicago-based National Association of Realtors. There was a 21-month supply, up from 16 months last year."</em></strong>
<a href="http://www.bloomberg.com/apps/news?pid=20603037&sid=a6l3xr8MUE08">Wealthy Families Face Bankruptcy on Real Estate Crash</a>
That 21 month supply, up from 16 month supply, must be "stabilization".
<strong><em>"More individuals or families with at least $1,010,650 in secured debt and $336,900 unsecured are using Chapter 11 of the U.S. bankruptcy code typically associated with business reorganizations. Falling U.S. home prices leave them unable to refinance or sell properties when they drop below the value of the mortgage, said Joseph Baldi, a Chicago bankruptcy attorney."</em></strong>
<strong><em>"Listings of homes for sale worth $1 million or more increased 27.3 percent in July from October, according to Zillow.com, a Web site that tracks real estate transactions. The number of homes sold with a value between $1 million to $2 million fell 23 percent in July from a year earlier, according to the Chicago-based National Association of Realtors. There was a 21-month supply, up from 16 months last year."</em></strong>
<a href="http://www.bloomberg.com/apps/news?pid=20603037&sid=a6l3xr8MUE08">Wealthy Families Face Bankruptcy on Real Estate Crash</a>
That 21 month supply, up from 16 month supply, must be "stabilization".
N
NewportSkipper_IHB
Guest
[quote author="awgee" date=1252556792]Why don't they just get a laon mod?
<strong><em>"More individuals or families with at least $1,010,650 in secured debt and $336,900 unsecured are using Chapter 11 of the U.S. bankruptcy code typically associated with business reorganizations. Falling U.S. home prices leave them unable to refinance or sell properties when they drop below the value of the mortgage, said Joseph Baldi, a Chicago bankruptcy attorney."</em></strong>
<strong><em>"Listings of homes for sale worth $1 million or more increased 27.3 percent in July from October, according to Zillow.com, a Web site that tracks real estate transactions. The number of homes sold with a value between $1 million to $2 million fell 23 percent in July from a year earlier, according to the Chicago-based National Association of Realtors. There was a 21-month supply, up from 16 months last year."</em></strong>
<a href="http://www.bloomberg.com/apps/news?pid=20603037&sid=a6l3xr8MUE08">Wealthy Families Face Bankruptcy on Real Estate Crash</a>
That 21 month supply, up from 16 month supply, must be "stabilization".</blockquote>
I'm sorry, I thought there was a market under $2,000,000. My bad.
<strong><em>"More individuals or families with at least $1,010,650 in secured debt and $336,900 unsecured are using Chapter 11 of the U.S. bankruptcy code typically associated with business reorganizations. Falling U.S. home prices leave them unable to refinance or sell properties when they drop below the value of the mortgage, said Joseph Baldi, a Chicago bankruptcy attorney."</em></strong>
<strong><em>"Listings of homes for sale worth $1 million or more increased 27.3 percent in July from October, according to Zillow.com, a Web site that tracks real estate transactions. The number of homes sold with a value between $1 million to $2 million fell 23 percent in July from a year earlier, according to the Chicago-based National Association of Realtors. There was a 21-month supply, up from 16 months last year."</em></strong>
<a href="http://www.bloomberg.com/apps/news?pid=20603037&sid=a6l3xr8MUE08">Wealthy Families Face Bankruptcy on Real Estate Crash</a>
That 21 month supply, up from 16 month supply, must be "stabilization".</blockquote>
I'm sorry, I thought there was a market under $2,000,000. My bad.
N
NewportSkipper_IHB
Guest
[quote author="trrenter" date=1252555558][quote author="NewportSkipper" date=1252553651][quote author="awgee" date=1252551953]It has been shown that most of the loan mods claimed by the banks and the present administration are actually just mortgage refinancings.</blockquote>
I assume you can prove this. I also assume you have a reason why this is also not a desirable outcome.</blockquote>
<a href="http://www.doctorhousingbubble.com/loan-modifications-another-taxpayer-bailout-to-the-housing-industry-mortgage-modification-default-rates-over-50-percent-over-4-percent-of-subprime-loans-first-payment-defaults/">Good article about redefault</a></blockquote>
There isn't any relationship between the article posted and my question.
I assume you can prove this. I also assume you have a reason why this is also not a desirable outcome.</blockquote>
<a href="http://www.doctorhousingbubble.com/loan-modifications-another-taxpayer-bailout-to-the-housing-industry-mortgage-modification-default-rates-over-50-percent-over-4-percent-of-subprime-loans-first-payment-defaults/">Good article about redefault</a></blockquote>
There isn't any relationship between the article posted and my question.
trrenter_IHB
New member
[quote author="NewportSkipper" date=1252557088][quote author="trrenter" date=1252555558][quote author="NewportSkipper" date=1252553651][quote author="awgee" date=1252551953]It has been shown that most of the loan mods claimed by the banks and the present administration are actually just mortgage refinancings.</blockquote>
I assume you can prove this. <strong>I also assume you have a reason why this is also not a desirable outcome</strong>.</blockquote>
<a href="http://www.doctorhousingbubble.com/loan-modifications-another-taxpayer-bailout-to-the-housing-industry-mortgage-modification-default-rates-over-50-percent-over-4-percent-of-subprime-loans-first-payment-defaults/">Good article about redefault</a></blockquote>
There isn't any relationship between the article posted and my question.</blockquote>
I bolded your question.
<blockquote>To start with an obvious observation, over 58 percent of loan modifications result in a higher monthly payment or a payment that remains the same! So nearly 60 percent of people that had a loan modification are basically running the Red Queen race. What is even more astonishing is 31 percent of modified loans actually had an increase in monthly payment. An absolute joke. 26 percent basically had no change in payments. So what is occurring? Money is flowing once again to the housing industry in the form of incentives to servicers. There literally was no point in these modifications. Is it any surprise that over 50 percent re-default only 5 months later?</blockquote>
That is why it is not a desirable outcome.
I assume you can prove this. <strong>I also assume you have a reason why this is also not a desirable outcome</strong>.</blockquote>
<a href="http://www.doctorhousingbubble.com/loan-modifications-another-taxpayer-bailout-to-the-housing-industry-mortgage-modification-default-rates-over-50-percent-over-4-percent-of-subprime-loans-first-payment-defaults/">Good article about redefault</a></blockquote>
There isn't any relationship between the article posted and my question.</blockquote>
I bolded your question.
<blockquote>To start with an obvious observation, over 58 percent of loan modifications result in a higher monthly payment or a payment that remains the same! So nearly 60 percent of people that had a loan modification are basically running the Red Queen race. What is even more astonishing is 31 percent of modified loans actually had an increase in monthly payment. An absolute joke. 26 percent basically had no change in payments. So what is occurring? Money is flowing once again to the housing industry in the form of incentives to servicers. There literally was no point in these modifications. Is it any surprise that over 50 percent re-default only 5 months later?</blockquote>
That is why it is not a desirable outcome.
graphrix_IHB
New member
I think I might have seriously juicy loan mod data coming to me... snicker... snicker...
graphrix_IHB
New member
And... tomorrow is super foreclosure Thursday. I have never seen so many homes scheduled in on day, and many have minimum bids posted. Having the minimum bids posted is a pretty good sign they will be auctioned. Wow! Seriously, tomorrow is going to be a crazy day.
xoneinax_IHB
New member
[quote author="awgee" date=1252552627]The foreclosure auction date for this $2 mil property is set for Friday and the NTS just recorded on 8/25/09</blockquote>it's a Coto bloodbath; 6 VELA COURT is going on the block tomorrow. So is 18 PORTMARNOCH COURT.
awgee_IHB
New member
[quote author="xoneinax" date=1252571908][quote author="awgee" date=1252552627]The foreclosure auction date for this $2 mil property is set for Friday and the NTS just recorded on 8/25/09</blockquote>it's a Coto bloodbath; 6 VELA COURT is going on the block tomorrow. So is 18 PORTMARNOCH COURT.</blockquote>
If you go to <a href="http://www.cotohousingblog.com/?p=4142">Coto Housiing Blog</a>, you will see that there are 14 Coto properties foreclosure scheduled for foreclosure this week, 7 of which are scheduled for tomorrow.
If you go to <a href="http://www.cotohousingblog.com/?p=4142">Coto Housiing Blog</a>, you will see that there are 14 Coto properties foreclosure scheduled for foreclosure this week, 7 of which are scheduled for tomorrow.
No_Such_Reality_IHB
New member
[quote author="awgee" date=1252578381][quote author="xoneinax" date=1252571908][quote author="awgee" date=1252552627]The foreclosure auction date for this $2 mil property is set for Friday and the NTS just recorded on 8/25/09</blockquote>it's a Coto bloodbath; 6 VELA COURT is going on the block tomorrow. So is 18 PORTMARNOCH COURT.</blockquote>
If you go to <a href="http://www.cotohousingblog.com/?p=4142">Coto Housiing Blog</a>, you will see that there are 14 Coto properties foreclosure scheduled for foreclosure this week, 7 of which are scheduled for tomorrow.</blockquote>
But how many will actually auction? None or one?
If you go to <a href="http://www.cotohousingblog.com/?p=4142">Coto Housiing Blog</a>, you will see that there are 14 Coto properties foreclosure scheduled for foreclosure this week, 7 of which are scheduled for tomorrow.</blockquote>
But how many will actually auction? None or one?