No Free Lunch when it comes to Loan Modifications
Posted by Ben Nicolas on Friday, May 22nd, 2009 at 11:57am.
4 Responses to "No Free Lunch when it comes to Loan Modifications"
Penny Sheppard wrote:
This just confirms that this financial industry "bailout" aka loan modification program "funding" has done nothing for the homeowner. The mortgage companies would have had to negotiate with troubled borrowers or be stuck with virtually "worthless" inventory. (Would it have not been in their advantage to "write-off" up to 50% of mortgages for homeowners who are upside down yet motivated to stay in their homes and still collect consistent revenues, instead of collecting NOTHING for months and then spending THOUSANDs on refurbishments for property that still may very well be only marketable at 50% of the original mortgage value. (So they let down the owner, spend more money in false hopes they may clear a short term profit with a "bubble", instead of taking action that would help customers keep their homes and lenders receiving a more solid flow of long term revenues. Go figure.... Posted on Saturday, May 30th, 2009 at 4:25pm.
Ben Nicolas wrote:
Thank you for the comment. I don't see any of the money given from the government to lenders having a substantial impact on the housing crisis. Unless the government requires them to do so they still will do whatever they see as being in their best interest. This is very unfortunate for taxpayers... Posted on Sunday, May 31st, 2009 at 8:33am.
Impact of Loan Modification on Credit Scores wrote:
[...]payments and their credit is destroyed. I've said it before and I'll say it again, there is no free lunch when it comes to loan mods. Your credit rating will suffer if you do a loan mod. Think of a credit report in its[...] Posted on Tuesday, September 8th, 2009 at 9:04pm.
Impact of Loan Modification on Credit Scores wrote:
[...]payments and their credit is destroyed. I've said it before and I'll say it again, there is no free lunch when it comes to loan mods. Your credit rating will suffer if you do a loan mod. Think of a credit report in its[...] Posted on Monday, September 14th, 2009 at 5:33pm.