Loan Mod – Requires using 401K money?

[patientrenter]

[quote=patb]…..
Because Bob doesn’t have 100 or 300 or 600K sitting there.

69 Year old Bob has money sitting there. 35 year old or 45 year old
Bob is just the caretaker for 69 year old bob.

Why aren’t companies in trouble allowed to use the pension funds to
pay salaries for all staff? After all, it’s just sitting there, and isn’t
it important the firm

If Bob uses that money now to settle his underwater house,
he won’t have a pension.

Bankers are supposed to be smart with money.

Shouldn’t the bank managers who got big bonuses for this mortgage
pay those back first?

(I do not understand republicans who weep for billionaires and rage
at poor people)[/quote]

Let’s see. I can afford either a nice retirement OR an overpriced home. Oh, I deserve both.

I agree that making sure you save enough when you are 40 to retire when you are 70 is a higher priority than buying an overpriced home. But the people getting loan mods without giving up their retirement money don’t have to give up anything. After all, they were the victims of predatory lenders. It’s good to be a victim in the USA today.

[UCGal]

[quote=GoUSC]To answer your point though…why should the bank help Bob if he actually has the money in hand. In fact why should Bob even consider keeping his house if the only way he can is by divesting his 401k.

If you can no longer afford your house…then you can no longer afford it. A certain percentage of people should be renters…and might always be renters. That is just the way it goes.
[/quote]

I agree with this. Too many people bought more house than they could afford. “Bob” has options: he can divest one asset (401k) to keep another asset (the house). Or he can keep his 401k intact and do a short sale or go for forclosure. He’s not obligated to go the loan mod way.

[UCGal]

[quote=GoUSC]To answer your point though…why should the bank help Bob if he actually has the money in hand. In fact why should Bob even consider keeping his house if the only way he can is by divesting his 401k.

If you can no longer afford your house…then you can no longer afford it. A certain percentage of people should be renters…and might always be renters. That is just the way it goes.
[/quote]

I agree with this. Too many people bought more house than they could afford. “Bob” has options: he can divest one asset (401k) to keep another asset (the house). Or he can keep his 401k intact and do a short sale or go for forclosure. He’s not obligated to go the loan mod way.

[UCGal]

[quote=GoUSC]To answer your point though…why should the bank help Bob if he actually has the money in hand. In fact why should Bob even consider keeping his house if the only way he can is by divesting his 401k.

If you can no longer afford your house…then you can no longer afford it. A certain percentage of people should be renters…and might always be renters. That is just the way it goes.
[/quote]

I agree with this. Too many people bought more house than they could afford. “Bob” has options: he can divest one asset (401k) to keep another asset (the house). Or he can keep his 401k intact and do a short sale or go for forclosure. He’s not obligated to go the loan mod way.

[UCGal]

[quote=GoUSC]To answer your point though…why should the bank help Bob if he actually has the money in hand. In fact why should Bob even consider keeping his house if the only way he can is by divesting his 401k.

If you can no longer afford your house…then you can no longer afford it. A certain percentage of people should be renters…and might always be renters. That is just the way it goes.
[/quote]

I agree with this. Too many people bought more house than they could afford. “Bob” has options: he can divest one asset (401k) to keep another asset (the house). Or he can keep his 401k intact and do a short sale or go for forclosure. He’s not obligated to go the loan mod way.

[UCGal]

[quote=GoUSC]To answer your point though…why should the bank help Bob if he actually has the money in hand. In fact why should Bob even consider keeping his house if the only way he can is by divesting his 401k.

If you can no longer afford your house…then you can no longer afford it. A certain percentage of people should be renters…and might always be renters. That is just the way it goes.
[/quote]

I agree with this. Too many people bought more house than they could afford. “Bob” has options: he can divest one asset (401k) to keep another asset (the house). Or he can keep his 401k intact and do a short sale or go for forclosure. He’s not obligated to go the loan mod way.

[scaredyclassic]

if i were the homeowner, I wouldn’t agree to tell the bank anything. the house is worth what it’s worth. if the loan mod is int he best interest of the bank, it’s a good deal for them if I’m a millionaire or just a working guy able tomake the payment. i shouldn’t have to kick in more just cause i have cash. screw the bank. nobody should disclose! it’s similar to a seller asking to see my bank acct/401k accounts to figure out whatt he selling price should be, for me. I say, whatever price it’s modified to has no relation to how much i can pay. caveat. im (barely) thinking as im typing and have no idea whether this makes sense.

[scaredyclassic]

if i were the homeowner, I wouldn’t agree to tell the bank anything. the house is worth what it’s worth. if the loan mod is int he best interest of the bank, it’s a good deal for them if I’m a millionaire or just a working guy able tomake the payment. i shouldn’t have to kick in more just cause i have cash. screw the bank. nobody should disclose! it’s similar to a seller asking to see my bank acct/401k accounts to figure out whatt he selling price should be, for me. I say, whatever price it’s modified to has no relation to how much i can pay. caveat. im (barely) thinking as im typing and have no idea whether this makes sense.

[scaredyclassic]

if i were the homeowner, I wouldn’t agree to tell the bank anything. the house is worth what it’s worth. if the loan mod is int he best interest of the bank, it’s a good deal for them if I’m a millionaire or just a working guy able tomake the payment. i shouldn’t have to kick in more just cause i have cash. screw the bank. nobody should disclose! it’s similar to a seller asking to see my bank acct/401k accounts to figure out whatt he selling price should be, for me. I say, whatever price it’s modified to has no relation to how much i can pay. caveat. im (barely) thinking as im typing and have no idea whether this makes sense.

[scaredyclassic]

if i were the homeowner, I wouldn’t agree to tell the bank anything. the house is worth what it’s worth. if the loan mod is int he best interest of the bank, it’s a good deal for them if I’m a millionaire or just a working guy able tomake the payment. i shouldn’t have to kick in more just cause i have cash. screw the bank. nobody should disclose! it’s similar to a seller asking to see my bank acct/401k accounts to figure out whatt he selling price should be, for me. I say, whatever price it’s modified to has no relation to how much i can pay. caveat. im (barely) thinking as im typing and have no idea whether this makes sense.

[scaredyclassic]

if i were the homeowner, I wouldn’t agree to tell the bank anything. the house is worth what it’s worth. if the loan mod is int he best interest of the bank, it’s a good deal for them if I’m a millionaire or just a working guy able tomake the payment. i shouldn’t have to kick in more just cause i have cash. screw the bank. nobody should disclose! it’s similar to a seller asking to see my bank acct/401k accounts to figure out whatt he selling price should be, for me. I say, whatever price it’s modified to has no relation to how much i can pay. caveat. im (barely) thinking as im typing and have no idea whether this makes sense.

[PadreBrian]

[quote=scaredycat]if i were the homeowner, I wouldn’t agree to tell the bank anything. the house is worth what it’s worth. if the loan mod is int he best interest of the bank, it’s a good deal for them if I’m a millionaire or just a working guy able tomake the payment. i shouldn’t have to kick in more just cause i have cash. screw the bank. nobody should disclose! it’s similar to a seller asking to see my bank acct/401k accounts to figure out whatt he selling price should be, for me. I say, whatever price it’s modified to has no relation to how much i can pay. caveat. im (barely) thinking as im typing and have no idea whether this makes sense.[/quote]

Fine, then no new reduced loan on the backs of the US tax payer.

[PadreBrian]

[quote=scaredycat]if i were the homeowner, I wouldn’t agree to tell the bank anything. the house is worth what it’s worth. if the loan mod is int he best interest of the bank, it’s a good deal for them if I’m a millionaire or just a working guy able tomake the payment. i shouldn’t have to kick in more just cause i have cash. screw the bank. nobody should disclose! it’s similar to a seller asking to see my bank acct/401k accounts to figure out whatt he selling price should be, for me. I say, whatever price it’s modified to has no relation to how much i can pay. caveat. im (barely) thinking as im typing and have no idea whether this makes sense.[/quote]

Fine, then no new reduced loan on the backs of the US tax payer.

[PadreBrian]

[quote=scaredycat]if i were the homeowner, I wouldn’t agree to tell the bank anything. the house is worth what it’s worth. if the loan mod is int he best interest of the bank, it’s a good deal for them if I’m a millionaire or just a working guy able tomake the payment. i shouldn’t have to kick in more just cause i have cash. screw the bank. nobody should disclose! it’s similar to a seller asking to see my bank acct/401k accounts to figure out whatt he selling price should be, for me. I say, whatever price it’s modified to has no relation to how much i can pay. caveat. im (barely) thinking as im typing and have no idea whether this makes sense.[/quote]

Fine, then no new reduced loan on the backs of the US tax payer.

[PadreBrian]

[quote=scaredycat]if i were the homeowner, I wouldn’t agree to tell the bank anything. the house is worth what it’s worth. if the loan mod is int he best interest of the bank, it’s a good deal for them if I’m a millionaire or just a working guy able tomake the payment. i shouldn’t have to kick in more just cause i have cash. screw the bank. nobody should disclose! it’s similar to a seller asking to see my bank acct/401k accounts to figure out whatt he selling price should be, for me. I say, whatever price it’s modified to has no relation to how much i can pay. caveat. im (barely) thinking as im typing and have no idea whether this makes sense.[/quote]

Fine, then no new reduced loan on the backs of the US tax payer.

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