loan mods – any stories?

[Aecetia]

Kelly,

This might be an interesting follow up to the topic of loan modification:

http://piggington.com/anyone_else_see_problems_here_30_000_income_buys_316_000_house

[CA renter]

Thanks for sharing your article, Kelley.

Like the others, I know of one family that has been working on getting a loan mod for many months. They were told they had to stop making payments before the mod would even be considered. Last I talked to them, they were still in process.

When you first posted, I looked up some sites where people were sharing their “success stories” on mods — with everyone sharing their tips and tricks on how to get principal reductions. I believe someone originally linked the sites on one of the threads here, but I couldn’t find it here or via Google.

Thanks for your articles! 🙂

[CA renter]

Thanks for sharing your article, Kelley.

Like the others, I know of one family that has been working on getting a loan mod for many months. They were told they had to stop making payments before the mod would even be considered. Last I talked to them, they were still in process.

When you first posted, I looked up some sites where people were sharing their “success stories” on mods — with everyone sharing their tips and tricks on how to get principal reductions. I believe someone originally linked the sites on one of the threads here, but I couldn’t find it here or via Google.

Thanks for your articles! 🙂

[CA renter]

Thanks for sharing your article, Kelley.

Like the others, I know of one family that has been working on getting a loan mod for many months. They were told they had to stop making payments before the mod would even be considered. Last I talked to them, they were still in process.

When you first posted, I looked up some sites where people were sharing their “success stories” on mods — with everyone sharing their tips and tricks on how to get principal reductions. I believe someone originally linked the sites on one of the threads here, but I couldn’t find it here or via Google.

Thanks for your articles! 🙂

[CA renter]

Thanks for sharing your article, Kelley.

Like the others, I know of one family that has been working on getting a loan mod for many months. They were told they had to stop making payments before the mod would even be considered. Last I talked to them, they were still in process.

When you first posted, I looked up some sites where people were sharing their “success stories” on mods — with everyone sharing their tips and tricks on how to get principal reductions. I believe someone originally linked the sites on one of the threads here, but I couldn’t find it here or via Google.

Thanks for your articles! 🙂

[CA renter]

Thanks for sharing your article, Kelley.

Like the others, I know of one family that has been working on getting a loan mod for many months. They were told they had to stop making payments before the mod would even be considered. Last I talked to them, they were still in process.

When you first posted, I looked up some sites where people were sharing their “success stories” on mods — with everyone sharing their tips and tricks on how to get principal reductions. I believe someone originally linked the sites on one of the threads here, but I couldn’t find it here or via Google.

Thanks for your articles! 🙂

[sdrealtor]

I just spoke to someone that did an Obama Making Homes Affordable loan mod. It took about 30 days to get approved. There are plenty of horror stories but lots of successes also.

I have a friend that had two properties – a $2M+ in SD and $1M+ vacation home with about $1M owed on each. He’s an entrepreneur who lost many millions last year and was about to lose both homes. He got forbearances (they added the missed payments to the principal) and both got modified at affordable rates (about 3 to 4% 30 yr fixed). He’s back on his game and making a very good income again. In a few years he’ll probably pay them both off as the last year took a toll on him and he just wants to simplify his life. He plans to retire quietly and debt-free in a few years. Knowing him as I do, I beleive he’ll have no problem doing so. You would never see him telling his story in a publication.

[sdrealtor]

I just spoke to someone that did an Obama Making Homes Affordable loan mod. It took about 30 days to get approved. There are plenty of horror stories but lots of successes also.

I have a friend that had two properties – a $2M+ in SD and $1M+ vacation home with about $1M owed on each. He’s an entrepreneur who lost many millions last year and was about to lose both homes. He got forbearances (they added the missed payments to the principal) and both got modified at affordable rates (about 3 to 4% 30 yr fixed). He’s back on his game and making a very good income again. In a few years he’ll probably pay them both off as the last year took a toll on him and he just wants to simplify his life. He plans to retire quietly and debt-free in a few years. Knowing him as I do, I beleive he’ll have no problem doing so. You would never see him telling his story in a publication.

[sdrealtor]

I just spoke to someone that did an Obama Making Homes Affordable loan mod. It took about 30 days to get approved. There are plenty of horror stories but lots of successes also.

I have a friend that had two properties – a $2M+ in SD and $1M+ vacation home with about $1M owed on each. He’s an entrepreneur who lost many millions last year and was about to lose both homes. He got forbearances (they added the missed payments to the principal) and both got modified at affordable rates (about 3 to 4% 30 yr fixed). He’s back on his game and making a very good income again. In a few years he’ll probably pay them both off as the last year took a toll on him and he just wants to simplify his life. He plans to retire quietly and debt-free in a few years. Knowing him as I do, I beleive he’ll have no problem doing so. You would never see him telling his story in a publication.

[sdrealtor]

I just spoke to someone that did an Obama Making Homes Affordable loan mod. It took about 30 days to get approved. There are plenty of horror stories but lots of successes also.

I have a friend that had two properties – a $2M+ in SD and $1M+ vacation home with about $1M owed on each. He’s an entrepreneur who lost many millions last year and was about to lose both homes. He got forbearances (they added the missed payments to the principal) and both got modified at affordable rates (about 3 to 4% 30 yr fixed). He’s back on his game and making a very good income again. In a few years he’ll probably pay them both off as the last year took a toll on him and he just wants to simplify his life. He plans to retire quietly and debt-free in a few years. Knowing him as I do, I beleive he’ll have no problem doing so. You would never see him telling his story in a publication.

[sdrealtor]

I just spoke to someone that did an Obama Making Homes Affordable loan mod. It took about 30 days to get approved. There are plenty of horror stories but lots of successes also.

I have a friend that had two properties – a $2M+ in SD and $1M+ vacation home with about $1M owed on each. He’s an entrepreneur who lost many millions last year and was about to lose both homes. He got forbearances (they added the missed payments to the principal) and both got modified at affordable rates (about 3 to 4% 30 yr fixed). He’s back on his game and making a very good income again. In a few years he’ll probably pay them both off as the last year took a toll on him and he just wants to simplify his life. He plans to retire quietly and debt-free in a few years. Knowing him as I do, I beleive he’ll have no problem doing so. You would never see him telling his story in a publication.

[propertysearchaddiction]

I’ve actually been surprised at how many people are talking to me about their housing situations.
It comes up in conversation ALL THE TIME in San Marcos because everyone knows that the majority of people are underwater.
I can honestly say I have spoken to many people who are in the process of deciding whether to short sale, loan mod, foreclose, rent it out, buy another house before it forecloses etc.
They do not own 3 million in property. They are families who bought at the wrong time and played the housing lottery. Their arms are resetting, they have the same job they had 3-5 years ago but their payment tripled. They are sad but very matter of fact about it.

[propertysearchaddiction]

I’ve actually been surprised at how many people are talking to me about their housing situations.
It comes up in conversation ALL THE TIME in San Marcos because everyone knows that the majority of people are underwater.
I can honestly say I have spoken to many people who are in the process of deciding whether to short sale, loan mod, foreclose, rent it out, buy another house before it forecloses etc.
They do not own 3 million in property. They are families who bought at the wrong time and played the housing lottery. Their arms are resetting, they have the same job they had 3-5 years ago but their payment tripled. They are sad but very matter of fact about it.

[propertysearchaddiction]

I’ve actually been surprised at how many people are talking to me about their housing situations.
It comes up in conversation ALL THE TIME in San Marcos because everyone knows that the majority of people are underwater.
I can honestly say I have spoken to many people who are in the process of deciding whether to short sale, loan mod, foreclose, rent it out, buy another house before it forecloses etc.
They do not own 3 million in property. They are families who bought at the wrong time and played the housing lottery. Their arms are resetting, they have the same job they had 3-5 years ago but their payment tripled. They are sad but very matter of fact about it.

[propertysearchaddiction]

I’ve actually been surprised at how many people are talking to me about their housing situations.
It comes up in conversation ALL THE TIME in San Marcos because everyone knows that the majority of people are underwater.
I can honestly say I have spoken to many people who are in the process of deciding whether to short sale, loan mod, foreclose, rent it out, buy another house before it forecloses etc.
They do not own 3 million in property. They are families who bought at the wrong time and played the housing lottery. Their arms are resetting, they have the same job they had 3-5 years ago but their payment tripled. They are sad but very matter of fact about it.

[Author]

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