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January 25, 2009 at 9:24 AM #335945January 25, 2009 at 9:31 AM #335836NotCrankyParticipant
I think it is not the same guy. There must be lots of them! I would still rather buy the 6 houses in the next few years. One would be way ahead of the loan mod guys in cash flow and equity doing this.
I know it is a messed up system, but the guy I was talking with doesn’t have a free lunch. He is going to have to work really hard now and have a lot of luck with the economy, to make it work long term. It seems like he is willing to do whatever it takes, including manage 6 upside down properties for a couple of hundred bucks a month cash flow. His motivation is a hope for betterment of his situation 20 or so years down the road.
January 25, 2009 at 9:31 AM #335749NotCrankyParticipantI think it is not the same guy. There must be lots of them! I would still rather buy the 6 houses in the next few years. One would be way ahead of the loan mod guys in cash flow and equity doing this.
I know it is a messed up system, but the guy I was talking with doesn’t have a free lunch. He is going to have to work really hard now and have a lot of luck with the economy, to make it work long term. It seems like he is willing to do whatever it takes, including manage 6 upside down properties for a couple of hundred bucks a month cash flow. His motivation is a hope for betterment of his situation 20 or so years down the road.
January 25, 2009 at 9:31 AM #335864NotCrankyParticipantI think it is not the same guy. There must be lots of them! I would still rather buy the 6 houses in the next few years. One would be way ahead of the loan mod guys in cash flow and equity doing this.
I know it is a messed up system, but the guy I was talking with doesn’t have a free lunch. He is going to have to work really hard now and have a lot of luck with the economy, to make it work long term. It seems like he is willing to do whatever it takes, including manage 6 upside down properties for a couple of hundred bucks a month cash flow. His motivation is a hope for betterment of his situation 20 or so years down the road.
January 25, 2009 at 9:31 AM #335950NotCrankyParticipantI think it is not the same guy. There must be lots of them! I would still rather buy the 6 houses in the next few years. One would be way ahead of the loan mod guys in cash flow and equity doing this.
I know it is a messed up system, but the guy I was talking with doesn’t have a free lunch. He is going to have to work really hard now and have a lot of luck with the economy, to make it work long term. It seems like he is willing to do whatever it takes, including manage 6 upside down properties for a couple of hundred bucks a month cash flow. His motivation is a hope for betterment of his situation 20 or so years down the road.
January 25, 2009 at 9:31 AM #335421NotCrankyParticipantI think it is not the same guy. There must be lots of them! I would still rather buy the 6 houses in the next few years. One would be way ahead of the loan mod guys in cash flow and equity doing this.
I know it is a messed up system, but the guy I was talking with doesn’t have a free lunch. He is going to have to work really hard now and have a lot of luck with the economy, to make it work long term. It seems like he is willing to do whatever it takes, including manage 6 upside down properties for a couple of hundred bucks a month cash flow. His motivation is a hope for betterment of his situation 20 or so years down the road.
January 25, 2009 at 10:28 AM #336004TheBreezeParticipantAre these recourse mods? If so, this doesn’t seem too bad. The taxpayers are giving this guy a subsidy on his interest rate, but he didn’t get a principal write-down.
I’m not convinced that these loan mods are going to work long-term, but it’s definitely not the most egregious give-away we’ve seen in this era of the housing bubble.
January 25, 2009 at 10:28 AM #335919TheBreezeParticipantAre these recourse mods? If so, this doesn’t seem too bad. The taxpayers are giving this guy a subsidy on his interest rate, but he didn’t get a principal write-down.
I’m not convinced that these loan mods are going to work long-term, but it’s definitely not the most egregious give-away we’ve seen in this era of the housing bubble.
January 25, 2009 at 10:28 AM #335890TheBreezeParticipantAre these recourse mods? If so, this doesn’t seem too bad. The taxpayers are giving this guy a subsidy on his interest rate, but he didn’t get a principal write-down.
I’m not convinced that these loan mods are going to work long-term, but it’s definitely not the most egregious give-away we’ve seen in this era of the housing bubble.
January 25, 2009 at 10:28 AM #335804TheBreezeParticipantAre these recourse mods? If so, this doesn’t seem too bad. The taxpayers are giving this guy a subsidy on his interest rate, but he didn’t get a principal write-down.
I’m not convinced that these loan mods are going to work long-term, but it’s definitely not the most egregious give-away we’ve seen in this era of the housing bubble.
January 25, 2009 at 10:28 AM #335475TheBreezeParticipantAre these recourse mods? If so, this doesn’t seem too bad. The taxpayers are giving this guy a subsidy on his interest rate, but he didn’t get a principal write-down.
I’m not convinced that these loan mods are going to work long-term, but it’s definitely not the most egregious give-away we’ve seen in this era of the housing bubble.
January 25, 2009 at 9:54 PM #336034MultiplepropertyownerParticipantMost of the mods I have seen are a temporary fix. In regard to my example it is a benefit for the owner to have $7,200 per year in mortgage savings for five years. In the end it is a lifeline to get them through. Not sure if any govt. money is used for this mod.
January 25, 2009 at 9:54 PM #336364MultiplepropertyownerParticipantMost of the mods I have seen are a temporary fix. In regard to my example it is a benefit for the owner to have $7,200 per year in mortgage savings for five years. In the end it is a lifeline to get them through. Not sure if any govt. money is used for this mod.
January 25, 2009 at 9:54 PM #336568MultiplepropertyownerParticipantMost of the mods I have seen are a temporary fix. In regard to my example it is a benefit for the owner to have $7,200 per year in mortgage savings for five years. In the end it is a lifeline to get them through. Not sure if any govt. money is used for this mod.
January 25, 2009 at 9:54 PM #336452MultiplepropertyownerParticipantMost of the mods I have seen are a temporary fix. In regard to my example it is a benefit for the owner to have $7,200 per year in mortgage savings for five years. In the end it is a lifeline to get them through. Not sure if any govt. money is used for this mod.
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