[quote=SD Realtor]It is very simple and easy to argue. You have stated you see a crash coming at the end of the year. I have said no crash unless interest rates go up because the govt has complied with Wall Street and will use every last dollar of tax revenue available to prop up the market…[/quote]
SDR, I myself do not profess to know what will happen but am cognizant of the many “squatters” and “rent-collectors” whose NOD(s) are well over a year old (some pushing 2 yrs). I have no doubt that thousands more have had an NOS rescinded (due to workout/mod) only to have a new NOS filed on the same property within weeks/months. Earlier in this thread you stated, in part:
[quote=SD Realtor on January 30, 2012 – 7:56 am.]…What I can say is that the train has left the station and the govt has been and will continue to be complicit with Wall Street in manipulating the real estate market all done with insurance for the overvalued assets provided to investors at taxpayer expense. So in reality the programs are doing exactly what they were intended to do. The programs stumble and bumble along and the govt has to keep throwing more and more money and incentives to investors and servicers to get them to use the programs…[/quote]
How can ALL these delinquent home-debtors, (which markmax refers to as “empty houses”) become suddenly “eligible” for a principal reduction? Are they going to sell their late-model luxury vehicles they have sitting in the driveway (purchased with “home equity,” lol) to help settle their (ATM-induced) shortfall as a condition of their new “HAMP” mod/principal reductions??
You know as well as I do that a very large portion of them have ALL recourse loans as well as MORE THAN ONE trust deed currently filed against their delinquent propert(ies).
I saw the proposed “GOV reimbursement figures,” but why do you think the bulk of these institutional lenders and private investors would forgive, in some cases, hundreds of thousands of dollars owed to them and allow a “home-debtor” to keep all the assets they purchased with their “home equity?”
I just don’t see that constellation. This is the function of the BK court.
In all practicality, I see perhaps some “millenium boom” buyers qualifying for a principal-reduction HAMP under this plan on their purchase money mtgs (or non-cash out refis).
