California Loan Modifications update

[sdrealtor]

Sorry that I was not more clear. That is not what I was asking. I know several people that have gotten letters from their lenders on their 2nds saying for example: If you send us $6,000 we will consider your 2nd satisfied and will write off the rest (over $75,000 and yes this really happened).

I know of several that just stopped paying their 2nds that were compeltely underwater knowing the 2nd would not foreclose as they would get nothing. They asked the 2nd to settle for less and the 2nd said no at first. They told the 2nd to pound sand and go ahead with a foreclosure. Eventually the 2nd came to the table and settled with them for pennies on the dollar. These are not loan mods nor are they short sales. Just wondering how much of these are really happening and where if at all they are ebing accounted for in any statistics.

[SD Realtor]

I have seen the same thing sdr. In fact I am in that same conversation right now with USAA and with Wells Fargo Home Equity on two seperate listings as they are the second lien holder for each of them.

[SD Realtor]

I have seen the same thing sdr. In fact I am in that same conversation right now with USAA and with Wells Fargo Home Equity on two seperate listings as they are the second lien holder for each of them.

[SD Realtor]

I have seen the same thing sdr. In fact I am in that same conversation right now with USAA and with Wells Fargo Home Equity on two seperate listings as they are the second lien holder for each of them.

[SD Realtor]

I have seen the same thing sdr. In fact I am in that same conversation right now with USAA and with Wells Fargo Home Equity on two seperate listings as they are the second lien holder for each of them.

[SD Realtor]

I have seen the same thing sdr. In fact I am in that same conversation right now with USAA and with Wells Fargo Home Equity on two seperate listings as they are the second lien holder for each of them.

[Effective Demand]

Maybe they are reporting it as “other” for some reason?

Or possibly it is a new leaf by the lenders and will be reported in the next servicer survey. This only covers up to Q1 2009.

[Effective Demand]

Maybe they are reporting it as “other” for some reason?

Or possibly it is a new leaf by the lenders and will be reported in the next servicer survey. This only covers up to Q1 2009.

[Effective Demand]

Maybe they are reporting it as “other” for some reason?

Or possibly it is a new leaf by the lenders and will be reported in the next servicer survey. This only covers up to Q1 2009.

[Effective Demand]

Maybe they are reporting it as “other” for some reason?

Or possibly it is a new leaf by the lenders and will be reported in the next servicer survey. This only covers up to Q1 2009.

[Effective Demand]

Maybe they are reporting it as “other” for some reason?

Or possibly it is a new leaf by the lenders and will be reported in the next servicer survey. This only covers up to Q1 2009.

[CA renter]

This is definitely a principal reduction, and one would think that this would eliminate the availability of second mortgages and 80/20 loans as we go forward.

We have seen a definite reduction in loan availability in these second mortgages, but it seems like some lenders are still willing to lend over 80%.

I’d love to see 20-30% down payment requirements on all mortgages. Maybe someday the govt will get out of the mortgage business and we can see what **real** mortgage rates and terms look like.

[CA renter]

This is definitely a principal reduction, and one would think that this would eliminate the availability of second mortgages and 80/20 loans as we go forward.

We have seen a definite reduction in loan availability in these second mortgages, but it seems like some lenders are still willing to lend over 80%.

I’d love to see 20-30% down payment requirements on all mortgages. Maybe someday the govt will get out of the mortgage business and we can see what **real** mortgage rates and terms look like.

[CA renter]

This is definitely a principal reduction, and one would think that this would eliminate the availability of second mortgages and 80/20 loans as we go forward.

We have seen a definite reduction in loan availability in these second mortgages, but it seems like some lenders are still willing to lend over 80%.

I’d love to see 20-30% down payment requirements on all mortgages. Maybe someday the govt will get out of the mortgage business and we can see what **real** mortgage rates and terms look like.

[CA renter]

This is definitely a principal reduction, and one would think that this would eliminate the availability of second mortgages and 80/20 loans as we go forward.

We have seen a definite reduction in loan availability in these second mortgages, but it seems like some lenders are still willing to lend over 80%.

I’d love to see 20-30% down payment requirements on all mortgages. Maybe someday the govt will get out of the mortgage business and we can see what **real** mortgage rates and terms look like.

[Author]

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