Comments on: When Loan Workouts Don’t Really Work

By: rmichon

rmichon — Sat, 05 Jul 2008 20:00:07 +0000

[Just as Hope Now was releasing its latest statistics, the California Reinvestment Coalition announced that a survey of its 42 mortgage counseling agencies found that clients were more likely to end up in foreclosure than with a loan workout.]

So, you mean the wonderful suggestions like, "Call your lender," or "Contact HOPE NOW," or "Locate a HUD-approved foreclosure counseling agency" is not good advice?

The lenders have done an awfully good job of controlling the discourse with regard to how to solve this foreclosure "crisis."

With so many people are clamoring for government assistance/intervention, the worst may come to pass: they might actually get what they're wishing for.

I would like one... JUST ONE example of a serious problem that our legislators have actually solved.

It certainly IS an uphill battle to get your lender's cooperation and obtain a good workout plan, but this is not a lazy man's (or woman's) game. You have to be assertive, persistent, and you have to do more than just "call your lender."

You actually have to do some homework. You have to take a sobering look at your REAL financial numbers, not just what you "think" they are. To really have staying power, you have to make some changes to make sure that you'll avoid foreclosure and stay out of foreclosure.

But it CAN be done... despite the constant whining of the non-profits, and in spite of the odds SOMEONE is getting those modifications.

By: true2u

true2u — Sat, 05 Jul 2008 18:46:47 +0000

Lenders for a period of time made getting a loan very flexible. They presented a number of ways to get the loans to the closing table, for one no doc loan. These types of loans got a lot of people in trouble as well as the almighty ARM that can get anyone to qualify with the teaser rate. The homeowners that knew they cold not afford the loan once the rate started to adjust but according to the loan officer you can just refinance when its time for the loan to adjust. The end of the story is that a lot of homeowners will lose their homes and not because of poor loan choices but also the economy that has eliminated jobs from the United States and taken to another country to. Just to let you know its not just the sub-prime mortgages in trouble but also the prime. There is no quick fix for this situation but we need to let it fix itself. To read more stories about homeowners in distress or even to help a homeowner go to askmeme.com and click on save my home expression.

By: ratman

ratman — Thu, 03 Jul 2008 13:23:29 +0000

So we should just take back everyone's debt and stop any and all foreclosures, remove all products from the market for those people who can't qualify for the traditional loans without 20% down? Is that what you are promoting? Where is any sense of personal responsibility? Ed McMann, Jose Canseco .,..and countless other millionaires are going into foreclosure are you telling me we should give these people workouts too. What about the people who are simply walking away because now they owe more than its worth instead of hunkering down and waiting for when the market comes back - owe wait that's lenders fault too because they sold homes in an inflated market - shame on them.

For some actually balanced stories running today check out these papers:

Los Angeles Times

San Francisco Chronicle

Sacramento Bee

use the search term mortgage.

By: rmichon

rmichon — Wed, 31 Dec 1969 19:00:00 +0000

So, you mean the wonderful suggestions like, “Call your lender,” or “Contact HOPE NOW,” or “Locate a HUD-approved foreclosure counseling agency” is not good advice?

The lenders have done an awfully good job of controlling the discourse with regard to how to solve this foreclosure “crisis.”

With so many people are clamoring for government assistance/intervention, the worst may come to pass: they might actually get what they’re wishing for.

I would like one… JUST ONE example of a serious problem that our legislators have actually solved.

It certainly IS an uphill battle to get your lender’s cooperation and obtain a good workout plan, but this is not a lazy man’s (or woman’s) game. You have to be assertive, persistent, and you have to do more than just “call your lender.”

You actually have to do some homework. You have to take a sobering look at your REAL financial numbers, not just what you “think” they are. To really have staying power, you have to make some changes to make sure that you’ll avoid foreclosure and stay out of foreclosure.

But it CAN be done… despite the constant whining of the non-profits, and in spite of the odds SOMEONE is getting those modifications.

By: true2u

true2u — Wed, 31 Dec 1969 19:00:00 +0000

By: ratman

ratman — Wed, 31 Dec 1969 19:00:00 +0000

So we should just take back everyone’s debt and stop any and all foreclosures, remove all products from the market for those people who can’t qualify for the traditional loans without 20% down? Is that what you are promoting? Where is any sense of personal responsibility? Ed McMann, Jose Canseco .,..and countless other millionaires are going into foreclosure are you telling me we should give these people workouts too. What about the people who are simply walking away because now they owe more than its worth instead of hunkering down and waiting for when the market comes back – owe wait that’s lenders fault too because they sold homes in an inflated market – shame on them.

For some actually balanced stories running today check out these papers:

Los Angeles Times

San Francisco Chronicle

Sacramento Bee

use the search term mortgage.