Loan Modification

NEW -> Contingent Buyer Assistance Program
[quote author="graphrix" date=1235049513][quote author="stepping_up" date=1235044117]Frankly, I am appalled by the responses to this genuine question. QH, I think you would be better served by posting your question on a different forum. Yesterday everyone knew that a new housing proposal was going to be announced and no one said anything. Worse is that it was announced today and there was information in there that could very well help QH, yet none of you replied with that. IR mentioned who to talk to and the possibility of a short sale, but to the rest of you who just told him/her that foreclosure was inevitable or didn't bother to answer, shame on you. I'm really not fond of the vibe that this board has taken in the last 4 or 5 months.



This article may be helpful in giving you an idea of what the latest announcement might be able to do for you QH



<a href="http://articles.moneycentral.msn.com/Banking/HomeFinancing/will-the-housing-bailout-help-you.aspx">Will the housing bailout help you? </a></blockquote>


I didn't answer or comment because this thread makes no sense when <a href="http://www.irvinehousingblog.com/forums/viewthread/4000/">he/she started this thread</a>. With that in mind, I don't think the new housing proposal can help him and neither will any of my advice.</blockquote>


Whoa.... that's bizarro. How did you remember him/her from that?
 
All you have to do is click the name, then it will go to their profile, and in there you can click on all posts by this user. Don't try that with my name. But, when you have a poster with a low post count, and doesn't respond for a while, I tend to suspect something weird is up. I did remember him posting before, and thought it was strange, and now it becomes even more strange.
 
Unbelievable. I just read the post where he talks about his Quail Hill townhome that is totally paid off, and he is thinking about taking a mortgage so that he can remove equity to invest in money markets and gold. Are you kidding me?
 
Wow! I just figured out who our troll is. Not real happy about it. Just remember everyone, I can see your IP address, and 99 out 100 times if it shows up under another name, it is the same person. QHsurfer doesn't even live in Irvine. Not sure whether I want to blast him, or let no_vas have some fun. Or maybe just outing him in front of everyone on IHB will be enough to embarrass him. Not cool, not funny, and now I'm kinda pissed.
 
[quote author="Daedalus" date=1235056317][quote author="no_vaseline" date=1235053713]We are being trolled. Badly.</blockquote>
Trolled? Or gamed?</blockquote>


Maybe both, but certainly trolled.



<img src="http://icanhascheezburger.files.wordpress.com/2008/05/funny-pictures-troll-car-hating.jpg" alt="" />
 
[quote author="tulip" date=1234963529][quote author="usctrojanman29" date=1234917993][quote author="QHSurfer" date=1234911485]I applied for a loan modification on my 5 year ARM with my current bank, but was rejected because i had not been late with any of my payments. Is there any other avenues or government loan modifcation programs i can explore where i can get some help on remodifying my loan to something more longer term and fixed. I am worried about my future job security and have always paid my mortgage on time. My bank had suggested to intentionally make couple of late of payments so that my application will be considered, but i do not want to go this route as it will hurt my credit.



Thanks.</blockquote>
Just wait until Obama's plan goes into full effect. You can bet your arse that I'll be applying to have the mortgage rates on my rental properties lowered. If I'm gonna pay for this through higher taxes and higher inflation later, I want the damn benefit of it.</blockquote>


Trojan, how does the Obama's plan help you as a homeowner?</blockquote>
Well, I sold my primary residence and have 3 rental properties. It looks doubtful that I'll be able to refi any of those 3 loans (one has a 5% 30-year fixed and the other two have 5% 7-year ARMs @ 5%). I am slightly under water on just one of the 3.
 
[quote author="tulip" date=1234963415]Thanks Cobra for explaining this modification process.



So, we get punished for making the payment on time? Why do we have to default before the bank willing to work with us? I guess either way, we are loyally screwed?



If that is the case, and if I am homeowner with an ARM that reset soon, I might as well live rent free for a couple of month and mail in the keys to the bank?</blockquote>


I am not saying it is fair but it just sucks to see a lot people who have these types of loans get screwed because the banks where greedy cashing in numbers of loans closed and not on quality of loans that protected the homeowner for the long haul. It just makes me sick...
 
[quote author="graphrix" date=1235056708]Wow! I just figured out who our troll is. Not real happy about it. Just remember everyone, I can see your IP address, and 99 out 100 times if it shows up under another name, it is the same person. QHsurfer doesn't even live in Irvine. Not sure whether I want to blast him, or let no_vas have some fun. Or maybe just outing him in front of everyone on IHB will be enough to embarrass him. Not cool, not funny, and now I'm kinda pissed.</blockquote>


I vote for outing him. Those bastards who post under other names are not trustworthy!



Besides, why is this a dilemma for you? One screen name is just as made up as another.
 
[quote author="graphrix" date=1235056708]Wow! I just figured out who our troll is. Not real happy about it. Just remember everyone, I can see your IP address, and 99 out 100 times if it shows up under another name, it is the same person. QHsurfer doesn't even live in Irvine. Not sure whether I want to blast him, or let no_vas have some fun. Or maybe just outing him in front of everyone on IHB will be enough to embarrass him. Not cool, not funny, and now I'm kinda pissed.</blockquote>




What if he is dial-up? You can't tell if that is Irvine or not?



Also, is QHSurfer and tulip the same person? How many user names has he used?



I say oust!
 
[quote author="QHSurfer" date=1234911485]I applied for a loan modification on my 5 year ARM with my current bank, but was rejected because i had not been late with any of my payments. Is there any other avenues or government loan modifcation programs i can explore where i can get some help on remodifying my loan to something more longer term and fixed. I am worried about my future job security and have always paid my mortgage on time. My bank had suggested to intentionally make couple of late of payments so that my application will be considered, but i do not want to go this route as it will hurt my credit.



Thanks.</blockquote>


I swear in another post you said you owned 100% of your home and wanting to invest some of the equity into something safe like money markets. Oh then when awgee pointed out how stupid it is to pay 4.75% on 0% interest money market account, you quickly said you will buy oil and commodities. So we aren't playing safe anymore.



How do you go from owning your home and having equity to having an ARM loan? What happened man?
 
[quote author="BlackVault CM" date=1235087708]

What happened man?</blockquote>


He's a big liar.



Dude, while it is technically possible, the liklihood of 2 computers thousands of miles away from each other ending up with the same IP address on the same day is about 0.
 
Yeah, I know who QH is now. Not cool. I feel betrayed in a weird kind of way. All they did was portray themselves as an untrustworthy individual. Like someone that has something to hide. People either really like me, or they hate my guts. I really don't care. But I'm very real, with nothing to hide. So just be real, nobody likes a poser!



Anyway...
 
[quote author="BlackVault CM" date=1235089818]Yeah, I know who QH is now. Not cool. I feel betrayed in a weird kind of way. All they did was portray themselves as an untrustworthy individual. Like someone that has something to hide. People either really like me, or they hate my guts. I really don't care. But I'm very real, with nothing to hide. So just be real, nobody likes a poser!



Anyway...</blockquote>


Exactly what he said.
 
[quote author="graphrix" date=1235089981][quote author="BlackVault CM" date=1235089818]Yeah, I know who QH is now. Not cool. I feel betrayed in a weird kind of way. All they did was portray themselves as an untrustworthy individual. Like someone that has something to hide. People either really like me, or they hate my guts. I really don't care. But I'm very real, with nothing to hide. So just be real, nobody likes a poser!



Anyway...</blockquote>


Exactly what he said.</blockquote>
Spill it already. I don't have the patience for suspense.
 
He has until 3pm to come clean. By then though, if he doesn't come clean, more and more people will have figured it out. A couple of people already have, and they are not happy either.
 
[quote author="graphrix" date=1235056708]Wow! I just figured out who our troll is. Not real happy about it. Just remember everyone, I can see your IP address, and 99 out 100 times if it shows up under another name, it is the same person. QHsurfer doesn't even live in Irvine. Not sure whether I want to blast him, or let no_vas have some fun. Or maybe just outing him in front of everyone on IHB will be enough to embarrass him. Not cool, not funny, and now I'm kinda pissed.</blockquote>


Not in his/her defense, but the same ip address would show up under 2 different names if 1) It was a husband/wife or roommates and 2) The people logged in at work.
 
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