loan mods – any stories?

[propertysearchaddiction]

I spoke with a friend who was has been working on a loan mod for over a year. They had put $120,000 down payment into the home and wanted to stay in the home. They had to stop making payments to get the bank to even talk to them. They were very frustrated by the end.
They had a second loan. The first loan agreed to the loan mod but the second wouldn’t budge so they ended up moving to Temecula this week to rent a home and let their old home foreclose.
I continue to hear the stories of failures and I have yet to hear of a success.

I guess I can say I have now heard of one successful loan mod…Zakaria’s. I can’t say his particular story gives me confidence that he will be in his home 5 years from now.

[jpinpb]

[quote=sdrealtor]I know tons of people working on them and those who have gotten them but none of whom would want to have their story told to the public.[/quote]

Why would they not want their story told public? I would think they would be elated if they got a loan mod AND give hope to others.

No one wants to talk about debt? That makes no sense to me. The public (public info) already knows how much they paid for their house and would know if there are any NODs.

It would seem to me that if it were me, I’d be glad to let people know the real estate dilemma I was in had been resolved w/a loan mod. I would be thrilled to let people know.

I mean, they bragged about the HELOCs and value of their house when it was up. Then so many people ended up w/NODs and is so common, there seems little shame there, why if I got a loan mod, I’d be proud to say what a deal I got that allowed me to keep my house.

[jpinpb]

[quote=sdrealtor]I know tons of people working on them and those who have gotten them but none of whom would want to have their story told to the public.[/quote]

Why would they not want their story told public? I would think they would be elated if they got a loan mod AND give hope to others.

No one wants to talk about debt? That makes no sense to me. The public (public info) already knows how much they paid for their house and would know if there are any NODs.

It would seem to me that if it were me, I’d be glad to let people know the real estate dilemma I was in had been resolved w/a loan mod. I would be thrilled to let people know.

I mean, they bragged about the HELOCs and value of their house when it was up. Then so many people ended up w/NODs and is so common, there seems little shame there, why if I got a loan mod, I’d be proud to say what a deal I got that allowed me to keep my house.

[jpinpb]

[quote=sdrealtor]I know tons of people working on them and those who have gotten them but none of whom would want to have their story told to the public.[/quote]

Why would they not want their story told public? I would think they would be elated if they got a loan mod AND give hope to others.

No one wants to talk about debt? That makes no sense to me. The public (public info) already knows how much they paid for their house and would know if there are any NODs.

It would seem to me that if it were me, I’d be glad to let people know the real estate dilemma I was in had been resolved w/a loan mod. I would be thrilled to let people know.

I mean, they bragged about the HELOCs and value of their house when it was up. Then so many people ended up w/NODs and is so common, there seems little shame there, why if I got a loan mod, I’d be proud to say what a deal I got that allowed me to keep my house.

[jpinpb]

[quote=sdrealtor]I know tons of people working on them and those who have gotten them but none of whom would want to have their story told to the public.[/quote]

Why would they not want their story told public? I would think they would be elated if they got a loan mod AND give hope to others.

No one wants to talk about debt? That makes no sense to me. The public (public info) already knows how much they paid for their house and would know if there are any NODs.

It would seem to me that if it were me, I’d be glad to let people know the real estate dilemma I was in had been resolved w/a loan mod. I would be thrilled to let people know.

I mean, they bragged about the HELOCs and value of their house when it was up. Then so many people ended up w/NODs and is so common, there seems little shame there, why if I got a loan mod, I’d be proud to say what a deal I got that allowed me to keep my house.

[jpinpb]

[quote=sdrealtor]I know tons of people working on them and those who have gotten them but none of whom would want to have their story told to the public.[/quote]

Why would they not want their story told public? I would think they would be elated if they got a loan mod AND give hope to others.

No one wants to talk about debt? That makes no sense to me. The public (public info) already knows how much they paid for their house and would know if there are any NODs.

It would seem to me that if it were me, I’d be glad to let people know the real estate dilemma I was in had been resolved w/a loan mod. I would be thrilled to let people know.

I mean, they bragged about the HELOCs and value of their house when it was up. Then so many people ended up w/NODs and is so common, there seems little shame there, why if I got a loan mod, I’d be proud to say what a deal I got that allowed me to keep my house.

[sfexporter]

Kelly,

Thanks for putting the story together. There is some serious issue if the banks willing to modify loans for people like Zakaria.

My parents purchased a home in San Francisco about 10 years ago for 250K. They refinanced it twice for lower interest rate without taking any equity out. Their payment today is less than $900 a month. As for Zakaria, he also refinanced his house two times but his old payments before modification were $3000+ per month. What did he do with the money pulled from refinances? Use it like an ATM and start his pizza business? Why should our tax dollars bail out people who are fiscal irresponsible? Should we bail out the financial investors who lost a ton in the stock market? People like Zakaria and the Filipino lady who chained herself to her mouse in Mira Mesa make me sick…WTF is wrong with this country!!!

Before anybody calls me a racist, I am an Asian like FLU.

[sfexporter]

Kelly,

Thanks for putting the story together. There is some serious issue if the banks willing to modify loans for people like Zakaria.

My parents purchased a home in San Francisco about 10 years ago for 250K. They refinanced it twice for lower interest rate without taking any equity out. Their payment today is less than $900 a month. As for Zakaria, he also refinanced his house two times but his old payments before modification were $3000+ per month. What did he do with the money pulled from refinances? Use it like an ATM and start his pizza business? Why should our tax dollars bail out people who are fiscal irresponsible? Should we bail out the financial investors who lost a ton in the stock market? People like Zakaria and the Filipino lady who chained herself to her mouse in Mira Mesa make me sick…WTF is wrong with this country!!!

Before anybody calls me a racist, I am an Asian like FLU.

[sfexporter]

Kelly,

Thanks for putting the story together. There is some serious issue if the banks willing to modify loans for people like Zakaria.

My parents purchased a home in San Francisco about 10 years ago for 250K. They refinanced it twice for lower interest rate without taking any equity out. Their payment today is less than $900 a month. As for Zakaria, he also refinanced his house two times but his old payments before modification were $3000+ per month. What did he do with the money pulled from refinances? Use it like an ATM and start his pizza business? Why should our tax dollars bail out people who are fiscal irresponsible? Should we bail out the financial investors who lost a ton in the stock market? People like Zakaria and the Filipino lady who chained herself to her mouse in Mira Mesa make me sick…WTF is wrong with this country!!!

Before anybody calls me a racist, I am an Asian like FLU.

[sfexporter]

Kelly,

Thanks for putting the story together. There is some serious issue if the banks willing to modify loans for people like Zakaria.

My parents purchased a home in San Francisco about 10 years ago for 250K. They refinanced it twice for lower interest rate without taking any equity out. Their payment today is less than $900 a month. As for Zakaria, he also refinanced his house two times but his old payments before modification were $3000+ per month. What did he do with the money pulled from refinances? Use it like an ATM and start his pizza business? Why should our tax dollars bail out people who are fiscal irresponsible? Should we bail out the financial investors who lost a ton in the stock market? People like Zakaria and the Filipino lady who chained herself to her mouse in Mira Mesa make me sick…WTF is wrong with this country!!!

Before anybody calls me a racist, I am an Asian like FLU.

[sfexporter]

Kelly,

Thanks for putting the story together. There is some serious issue if the banks willing to modify loans for people like Zakaria.

My parents purchased a home in San Francisco about 10 years ago for 250K. They refinanced it twice for lower interest rate without taking any equity out. Their payment today is less than $900 a month. As for Zakaria, he also refinanced his house two times but his old payments before modification were $3000+ per month. What did he do with the money pulled from refinances? Use it like an ATM and start his pizza business? Why should our tax dollars bail out people who are fiscal irresponsible? Should we bail out the financial investors who lost a ton in the stock market? People like Zakaria and the Filipino lady who chained herself to her mouse in Mira Mesa make me sick…WTF is wrong with this country!!!

Before anybody calls me a racist, I am an Asian like FLU.

[PCinSD]

heh heh . . chained herself to her mouse. I can picture it. (I know it was a typo – funny nonetheless).

[PCinSD]

heh heh . . chained herself to her mouse. I can picture it. (I know it was a typo – funny nonetheless).

[PCinSD]

heh heh . . chained herself to her mouse. I can picture it. (I know it was a typo – funny nonetheless).

[PCinSD]

heh heh . . chained herself to her mouse. I can picture it. (I know it was a typo – funny nonetheless).

[Author]

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