Loan Modification Group, is this fraud or legit?

NEW -> Contingent Buyer Assistance Program
[quote author="IrvineRenter" date=1250321029]

<strong>

<a href="http://en.wikipedia.org/wiki/Chupacabra">Chupacabra </a>

</strong>

<img src="http://paranormaland.com/pics/chupacabra22.jpg" alt="" /></blockquote>


Dude... why did have to go and post of pic of awgee like that?
 
I know personally of a few principal reductions that got done because the borrower had this polictical activist group called <a href="http://www.acorn.org/index.php?id=12364">Acorn</a> on their side. I believe they are pro-bono. The group is a little crazy like green peace. Judging by the history of legislative measures they are involved in it looks like they have quite a bit of political power in Washington. I would imagine the lenders would be afraid of them.
 
[quote author="Mcdonna1980" date=1250325982]I know personally of a few principal reductions that got done because the borrower had this polictical activist group called <a href="http://www.acorn.org/index.php?id=12364">Acorn</a> on their side. I believe they are pro-bono. The group is a little crazy like green peace. Judging by the history of legislative measures they are involved in it looks like they have quite a bit of political power in Washington. I would imagine the lenders would be afraid of them.</blockquote>
How large were those principal reductions?
 
[quote author="usctrojanman29" date=1250328343][quote author="Mcdonna1980" date=1250325982]I know personally of a few principal reductions that got done because the borrower had this polictical activist group called <a href="http://www.acorn.org/index.php?id=12364">Acorn</a> on their side. I believe they are pro-bono. The group is a little crazy like green peace. Judging by the history of legislative measures they are involved in it looks like they have quite a bit of political power in Washington. I would imagine the lenders would be afraid of them.</blockquote>
How large were those principal reductions?</blockquote>


I don't know. The amounts were never offered to me so I didn't pry. You imply a good point. Maybe they were not too significant.
 
Had seen a stat in June that looked over Q1 modifications. Of the 33k or so performed about 63 had principal reductions. Most of the mods were of the "extend and pretend" type which is why the failure rate is so high on these mods. Wish I had the source of that data point. If I can find it I'll post it.



Nice Chupacabra photo. Now we need a Jackalope, Sasquatch/Yeti/ASnowman and a picture of a resonably priced Irvine home to complete our mythical creature collection.



My .02c



Soylent Green Is People.
 
[quote author="Soylent Green Is People" date=1250556720] Of the 33k or so performed about 63 had principal reductions.</blockquote>


That is 63/33000, as in 1 in 524? Why talk about it at all and give folks false hope?
 
It's actually worse than my original post.



"Of the 62,500 modifications started from January through March 2009, only 137 had a principal reduction completed. The rest were rate freezes or temporary rate reductions with any missed payments added to the loan balance. From the California Department of Corporations."



I don't have the original source. I believe it was Mark Hanson's data via Cal Department of Corporations.



My .02c



Soylent Green Is People.
 
http://calbar.ca.gov/state/calbar/calbar_generic.jsp?cid=10144&n=96395



San Francisco, September 18, 2009 ? The State Bar of California, alarmed by the number of lawyers preying on vulnerable homeowners, today identified 16 attorneys who are under investigation for misconduct related to loan modification...
 
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