Home › Forums › Financial Markets/Economics › Crazy Loan Mods
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j.
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February 20, 2009 at 11:04 AM #15111February 20, 2009 at 11:24 AM #350462
AK
ParticipantRead an article from BusinessWeek not too long ago in which a Carlsbad housedebtor complained about his mortgage mod … he was offered a 2.8% fixed refi on a $900K balance, which is about as close as you can get to free money. But said he planned to walk because the lender wouldn’t reduce the principal.
I hope he ends up living in a cardboard box.
February 20, 2009 at 11:24 AM #350780ParticipantRead an article from BusinessWeek not too long ago in which a Carlsbad housedebtor complained about his mortgage mod … he was offered a 2.8% fixed refi on a $900K balance, which is about as close as you can get to free money. But said he planned to walk because the lender wouldn’t reduce the principal.
I hope he ends up living in a cardboard box.
February 20, 2009 at 11:24 AM #350906ParticipantRead an article from BusinessWeek not too long ago in which a Carlsbad housedebtor complained about his mortgage mod … he was offered a 2.8% fixed refi on a $900K balance, which is about as close as you can get to free money. But said he planned to walk because the lender wouldn’t reduce the principal.
I hope he ends up living in a cardboard box.
February 20, 2009 at 11:24 AM #350938ParticipantRead an article from BusinessWeek not too long ago in which a Carlsbad housedebtor complained about his mortgage mod … he was offered a 2.8% fixed refi on a $900K balance, which is about as close as you can get to free money. But said he planned to walk because the lender wouldn’t reduce the principal.
I hope he ends up living in a cardboard box.
February 20, 2009 at 11:24 AM #351037ParticipantRead an article from BusinessWeek not too long ago in which a Carlsbad housedebtor complained about his mortgage mod … he was offered a 2.8% fixed refi on a $900K balance, which is about as close as you can get to free money. But said he planned to walk because the lender wouldn’t reduce the principal.
I hope he ends up living in a cardboard box.
February 20, 2009 at 11:29 AM #350487macromaniac
ParticipantAK,
I second that as long as the cardboard box is located on the hill sides of Tijuana and not my backyard.
February 20, 2009 at 11:29 AM #350804ParticipantAK,
I second that as long as the cardboard box is located on the hill sides of Tijuana and not my backyard.
February 20, 2009 at 11:29 AM #350930ParticipantAK,
I second that as long as the cardboard box is located on the hill sides of Tijuana and not my backyard.
February 20, 2009 at 11:29 AM #350963ParticipantAK,
I second that as long as the cardboard box is located on the hill sides of Tijuana and not my backyard.
February 20, 2009 at 11:29 AM #351062ParticipantAK,
I second that as long as the cardboard box is located on the hill sides of Tijuana and not my backyard.
February 20, 2009 at 1:19 PM #350655j
ParticipantSounds like the banks are counting on prices coming back. They think that by lowering the rates to the point that people can make the “false” payments, prices will go up. If these are interest only loans with large early payoff fees, all the banks are doing is changing the reset dates.
What is the old Tennessee saying? Foul me once, shame on me; can’t get fouled again.
I don’t think anybody is going to rush in mass to real estate in the next decade, but I have been wrong about how stupid people be in the past.
February 20, 2009 at 1:19 PM #350969ParticipantSounds like the banks are counting on prices coming back. They think that by lowering the rates to the point that people can make the “false” payments, prices will go up. If these are interest only loans with large early payoff fees, all the banks are doing is changing the reset dates.
What is the old Tennessee saying? Foul me once, shame on me; can’t get fouled again.
I don’t think anybody is going to rush in mass to real estate in the next decade, but I have been wrong about how stupid people be in the past.
February 20, 2009 at 1:19 PM #351095ParticipantSounds like the banks are counting on prices coming back. They think that by lowering the rates to the point that people can make the “false” payments, prices will go up. If these are interest only loans with large early payoff fees, all the banks are doing is changing the reset dates.
What is the old Tennessee saying? Foul me once, shame on me; can’t get fouled again.
I don’t think anybody is going to rush in mass to real estate in the next decade, but I have been wrong about how stupid people be in the past.
February 20, 2009 at 1:19 PM #351128ParticipantSounds like the banks are counting on prices coming back. They think that by lowering the rates to the point that people can make the “false” payments, prices will go up. If these are interest only loans with large early payoff fees, all the banks are doing is changing the reset dates.
What is the old Tennessee saying? Foul me once, shame on me; can’t get fouled again.
I don’t think anybody is going to rush in mass to real estate in the next decade, but I have been wrong about how stupid people be in the past.
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