Thread: Mortgage Refis: Some news?

The Treasury spokeswoman said that that could include new resources for borrowers and said the department will announce new measures on Monday.

(Reporting by Rachelle Younglai, editing by Matthew Lewis)

Just means that it's tax-payer money. Not the banks money!

The banks are starting to work with these people though.

One of the guys that works for us has a friend who was going to lose his house. He owed $750k on it and was paying about $4k a month. He figured screw it I'll just walk away and start again. Well 3 weeks before the auction the bank called him up and said if we could get your payment down to around $2k a month would you be interested? He was like keep talking, so the bank ended up writing the value of the note down and his new payment is $2,200 a month.

I guess the bank figured it was cheaper to do that than foreclose.

Originally Posted by hatterasguy

The banks are starting to work with these people though.

One of the guys that works for us has a friend who was going to lose his house. He owed $750k on it and was paying about $4k a month. He figured screw it I'll just walk away and start again. Well 3 weeks before the auction the bank called him up and said if we could get your payment down to around $2k a month would you be interested? He was like keep talking, so the bank ended up writing the value of the note down and his new payment is $2,200 a month.

I guess the bank figured it was cheaper to do that than foreclose.

Problem is: the new payments will only be for the next 4 to 6 months. Know of others that had this done by the banks - it's only temporary !

I know literally 100+ people who have tried to get their mortgages modified, and I can not report that a single one of these people has been successful in getting the bank to even talk to them seriously. Some have been 30, or 60 days late -- some have been current, but all of them tell me stories of frustration dealing with the banks.

Because of this 1st hand information -- As far as I'm concerned, the whole phenomenom of banks modifying loans is a HOAX... It's not real... Not really happening....

Only times I've heard of it happening has been "friend of a friend" type stories, like the above.

Cheers,

- Hakrjak

Hak-

We just got an adjustment on one of our commercial loans. Not much-- they just gave us interest only for the next 3 months.

Still, on a $2M loan, that's about $2.3K/mo

(there, so now you know someone first hand! )

-Russ H.

Originally Posted by Cat Man Du

Problem is: the new payments will only be for the next 4 to 6 months. Know of others that had this done by the banks - it's only temporary !

He said it was permanent. Guy is still in the house, this was over 6 months ago.

Originally Posted by Russ H

Hak-

We just got an adjustment on one of our commercial loans. Not much-- they just gave us interest only for the next 3 months.

Still, on a $2M loan, that's about $2.3K/mo

(there, so now you know someone first hand! )

-Russ H.

I still don't know anyone who has achieved a perm loan modification though

You sure this wasn't in the small print of your note already? I have a couple of loans that state that if I get into trouble, I can skip a payment or 2 with no penalty.

Cheers,

- Hakrjak

Nope. This is a commercial loan. We pretty much had to agree to give up breathing if we missed a payment. Some of the provisions in the loan are downright crazy. But ya gotta do what ya gotta do.

-Russ H.

Originally Posted by hatterasguy

He said it was permanent. Guy is still in the house, this was over 6 months ago.

He will be the only one that we know of!!