Loan mod stats...

NEW -> Contingent Buyer Assistance Program
graphrix_IHB

graphrix_IHB

New member
Hey... did you all know you can look up modified trust deeds on the county recorder's website? Well... I did, but would you expect anything less from an ubernerd like myself? I didn't think so. So, on average there are about 75 foreclosures per day in August, and there are maybe 5 loan mods per day. That means 6.3% of the loans that either get modified or foreclosed on, actually get modified. Or... another way to look at it is 93.7% are getting foreclosed on.



Now there has been some over dosing of Kool-Aid on Lansner's blog lately that all these loans will be modified. Yeah... right... just like the bottom was in, just like last month, the month before, and the month before. Loan mods are few and far between. Guess who the leaders of loan mods are? Yup, Countryfried and Bagholder of America, with BofA being the champ. It looks like if they wish to continue the tradition then they will have many, many more to do.
 
Yeah, I'm sure the banks are holding out till oct 1 when they can unload their shitty loans to the fha. 80% of the appraised value...so basically 50% off.
 
[quote author="PadreBrian" date=1219756784]Yeah, I'm sure the banks are holding out till oct 1 when they can unload their shitty loans to the fha. 80% of the appraised value...so basically 50% off.</blockquote>


why does the bank have to wait unitl oct 1 to unload the shitty loans to fha?
 
[quote author="awgee" date=1219807714]Have you seen the statistics on how many loan mods end up in foreclosure?</blockquote>


Yes... I have. There is a saying in the business, and oh how is it true... "Once you are subprime, you are always subprime".
 
[quote author="freedomCM" date=1219813308]where is the link, picture-boy?</blockquote>


To the <a href="http://cr.ocgov.com/grantorgrantee/searchDocumentName.asp">county recorder's website</a>? What are you new? That is almost a pandasque kinda question. ;-P



Search "modif trust DD".
 
[quote author="graphrix" date=1219816292][quote author="freedomCM" date=1219813308]where is the link, picture-boy?</blockquote>


To the <a href="http://cr.ocgov.com/grantorgrantee/searchDocumentName.asp">county recorder's website</a>? What are you new? That is almost a pandasque kinda question. ;-P



Search "modif trust DD".</blockquote>


Oh, that I saw ages ago. since you wrote:

<blockquote>did you all know you can look up modified trust deeds on the county recorder?s website? </blockquote>


I thought from what you wrote that it was now possible to actually *read* the documents, not simply get a pop-up that tells you it is 5 pages long.





I suppose it is of some notional value to know the number of NTS, etc countywide, but was hoping to see individual city data revealed by the documents themselves.
 
I don't see why this is so shocking.



In order to modify the loan, the borrower has to actually document his/her ability to make payments. We know this is not the case in the vast majority of the So Cal loans.



This is a no sh*t Sherlock finding to me.
 
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