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Viewing 15 posts - 31 through 45 (of 96 total)
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  • June 20, 2009 at 9:55 PM #418859
    5yearwaiter
    Participant

    Suckers finally trying to land on our 401k too !! how funny if that is the corner this mortgage mod focus is getting spread

    June 21, 2009 at 7:15 AM #418697
    moneymaker
    Participant

    I believe virtually interest free loans are available from most 401k’s. If someone is going through a rough spot in life, it is no different from using credit with the good side being that if one defaults on the loan it is not reported to any credit bureaus. I personally think if someone has capital resources that they can access and they refuse, then screw them, I think the bank should be able to deny the modification.

    June 21, 2009 at 7:15 AM #418923
    moneymaker
    Participant

    I believe virtually interest free loans are available from most 401k’s. If someone is going through a rough spot in life, it is no different from using credit with the good side being that if one defaults on the loan it is not reported to any credit bureaus. I personally think if someone has capital resources that they can access and they refuse, then screw them, I think the bank should be able to deny the modification.

    June 21, 2009 at 7:15 AM #418434
    moneymaker
    Participant

    I believe virtually interest free loans are available from most 401k’s. If someone is going through a rough spot in life, it is no different from using credit with the good side being that if one defaults on the loan it is not reported to any credit bureaus. I personally think if someone has capital resources that they can access and they refuse, then screw them, I think the bank should be able to deny the modification.

    June 21, 2009 at 7:15 AM #418764
    moneymaker
    Participant

    I believe virtually interest free loans are available from most 401k’s. If someone is going through a rough spot in life, it is no different from using credit with the good side being that if one defaults on the loan it is not reported to any credit bureaus. I personally think if someone has capital resources that they can access and they refuse, then screw them, I think the bank should be able to deny the modification.

    June 21, 2009 at 7:15 AM #418205
    moneymaker
    Participant

    I believe virtually interest free loans are available from most 401k’s. If someone is going through a rough spot in life, it is no different from using credit with the good side being that if one defaults on the loan it is not reported to any credit bureaus. I personally think if someone has capital resources that they can access and they refuse, then screw them, I think the bank should be able to deny the modification.

    June 21, 2009 at 9:41 AM #418809
    UCGal
    Participant

    Ok… People who need mortgage mods are those that have mortgages they contractually committed to, but are now looking for reductions in interest or principal. Why is it considered bad to look at ALL of that persons assets as “fair game” before putting a mod through? If the person had non-retirement savings would that be exempt from consideration? Probably not.

    Truthfully, I don’t see why 401ks should be considered as untouchable. Loan mods are a renegotiation of the contract – and there should be a give and take.

    Hypothetical example: “Bob” has $500k in 401k. He has a mortgage for $400k. His house is now worth $350k. He’s looking for a loan mod. Why should the bank reduce his payments or principal when he’s got a significant chunk of money sitting there?

    June 21, 2009 at 9:41 AM #418742
    UCGal
    Participant

    Ok… People who need mortgage mods are those that have mortgages they contractually committed to, but are now looking for reductions in interest or principal. Why is it considered bad to look at ALL of that persons assets as “fair game” before putting a mod through? If the person had non-retirement savings would that be exempt from consideration? Probably not.

    Truthfully, I don’t see why 401ks should be considered as untouchable. Loan mods are a renegotiation of the contract – and there should be a give and take.

    Hypothetical example: “Bob” has $500k in 401k. He has a mortgage for $400k. His house is now worth $350k. He’s looking for a loan mod. Why should the bank reduce his payments or principal when he’s got a significant chunk of money sitting there?

    June 21, 2009 at 9:41 AM #418478
    UCGal
    Participant

    Ok… People who need mortgage mods are those that have mortgages they contractually committed to, but are now looking for reductions in interest or principal. Why is it considered bad to look at ALL of that persons assets as “fair game” before putting a mod through? If the person had non-retirement savings would that be exempt from consideration? Probably not.

    Truthfully, I don’t see why 401ks should be considered as untouchable. Loan mods are a renegotiation of the contract – and there should be a give and take.

    Hypothetical example: “Bob” has $500k in 401k. He has a mortgage for $400k. His house is now worth $350k. He’s looking for a loan mod. Why should the bank reduce his payments or principal when he’s got a significant chunk of money sitting there?

    June 21, 2009 at 9:41 AM #418968
    UCGal
    Participant

    Ok… People who need mortgage mods are those that have mortgages they contractually committed to, but are now looking for reductions in interest or principal. Why is it considered bad to look at ALL of that persons assets as “fair game” before putting a mod through? If the person had non-retirement savings would that be exempt from consideration? Probably not.

    Truthfully, I don’t see why 401ks should be considered as untouchable. Loan mods are a renegotiation of the contract – and there should be a give and take.

    Hypothetical example: “Bob” has $500k in 401k. He has a mortgage for $400k. His house is now worth $350k. He’s looking for a loan mod. Why should the bank reduce his payments or principal when he’s got a significant chunk of money sitting there?

    June 21, 2009 at 9:41 AM #418249
    UCGal
    Participant

    Ok… People who need mortgage mods are those that have mortgages they contractually committed to, but are now looking for reductions in interest or principal. Why is it considered bad to look at ALL of that persons assets as “fair game” before putting a mod through? If the person had non-retirement savings would that be exempt from consideration? Probably not.

    Truthfully, I don’t see why 401ks should be considered as untouchable. Loan mods are a renegotiation of the contract – and there should be a give and take.

    Hypothetical example: “Bob” has $500k in 401k. He has a mortgage for $400k. His house is now worth $350k. He’s looking for a loan mod. Why should the bank reduce his payments or principal when he’s got a significant chunk of money sitting there?

    June 21, 2009 at 11:35 AM #418942
    PadreBrian
    Participant

    [quote=UCGal]Ok… People who need mortgage mods are those that have mortgages they contractually committed to, but are now looking for reductions in interest or principal. Why is it considered bad to look at ALL of that persons assets as “fair game” before putting a mod through? If the person had non-retirement savings would that be exempt from consideration? Probably not.

    Truthfully, I don’t see why 401ks should be considered as untouchable. Loan mods are a renegotiation of the contract – and there should be a give and take.

    Hypothetical example: “Bob” has $500k in 401k. He has a mortgage for $400k. His house is now worth $350k. He’s looking for a loan mod. Why should the bank reduce his payments or principal when he’s got a significant chunk of money sitting there?[/quote]
    I’m with you. These are the bank robbers who took the liar/ option only/ zero down “loan”…and NOW they bitch because they now actually have to provide 3.5% equity for the new lower loan amount? Holy ruck batman.

    June 21, 2009 at 11:35 AM #419103
    PadreBrian
    Participant

    [quote=UCGal]Ok… People who need mortgage mods are those that have mortgages they contractually committed to, but are now looking for reductions in interest or principal. Why is it considered bad to look at ALL of that persons assets as “fair game” before putting a mod through? If the person had non-retirement savings would that be exempt from consideration? Probably not.

    Truthfully, I don’t see why 401ks should be considered as untouchable. Loan mods are a renegotiation of the contract – and there should be a give and take.

    Hypothetical example: “Bob” has $500k in 401k. He has a mortgage for $400k. His house is now worth $350k. He’s looking for a loan mod. Why should the bank reduce his payments or principal when he’s got a significant chunk of money sitting there?[/quote]
    I’m with you. These are the bank robbers who took the liar/ option only/ zero down “loan”…and NOW they bitch because they now actually have to provide 3.5% equity for the new lower loan amount? Holy ruck batman.

    June 21, 2009 at 11:35 AM #418875
    PadreBrian
    Participant

    [quote=UCGal]Ok… People who need mortgage mods are those that have mortgages they contractually committed to, but are now looking for reductions in interest or principal. Why is it considered bad to look at ALL of that persons assets as “fair game” before putting a mod through? If the person had non-retirement savings would that be exempt from consideration? Probably not.

    Truthfully, I don’t see why 401ks should be considered as untouchable. Loan mods are a renegotiation of the contract – and there should be a give and take.

    Hypothetical example: “Bob” has $500k in 401k. He has a mortgage for $400k. His house is now worth $350k. He’s looking for a loan mod. Why should the bank reduce his payments or principal when he’s got a significant chunk of money sitting there?[/quote]
    I’m with you. These are the bank robbers who took the liar/ option only/ zero down “loan”…and NOW they bitch because they now actually have to provide 3.5% equity for the new lower loan amount? Holy ruck batman.

    June 21, 2009 at 11:35 AM #418382
    PadreBrian
    Participant

    [quote=UCGal]Ok… People who need mortgage mods are those that have mortgages they contractually committed to, but are now looking for reductions in interest or principal. Why is it considered bad to look at ALL of that persons assets as “fair game” before putting a mod through? If the person had non-retirement savings would that be exempt from consideration? Probably not.

    Truthfully, I don’t see why 401ks should be considered as untouchable. Loan mods are a renegotiation of the contract – and there should be a give and take.

    Hypothetical example: “Bob” has $500k in 401k. He has a mortgage for $400k. His house is now worth $350k. He’s looking for a loan mod. Why should the bank reduce his payments or principal when he’s got a significant chunk of money sitting there?[/quote]
    I’m with you. These are the bank robbers who took the liar/ option only/ zero down “loan”…and NOW they bitch because they now actually have to provide 3.5% equity for the new lower loan amount? Holy ruck batman.

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