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Viewing 15 posts - 31 through 45 (of 61 total)
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  • January 25, 2009 at 9:24 AM #335945
    PadreBrian
    Participant

    you heard wrong. you can get a mod even if you are 100% on time. You just need to document your real income.

    January 25, 2009 at 9:31 AM #335421
    NotCranky
    Participant

    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 #335749
    NotCranky
    Participant

    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 #335836
    NotCranky
    Participant

    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 #335864
    NotCranky
    Participant

    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 #335950
    NotCranky
    Participant

    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 10:28 AM #335475
    TheBreeze
    Participant

    Are 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 #335804
    TheBreeze
    Participant

    Are 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 #335890
    TheBreeze
    Participant

    Are 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 #335919
    TheBreeze
    Participant

    Are 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 #336004
    TheBreeze
    Participant

    Are 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 #336034
    Multiplepropertyowner
    Participant

    Most 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 #336364
    Multiplepropertyowner
    Participant

    Most 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 #336452
    Multiplepropertyowner
    Participant

    Most 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 #336481
    Multiplepropertyowner
    Participant

    Most 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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