OT-What a loan modification with principal reduction really looks like

[pencilneck]

I wonder if the 2% interest rate for 5 years is the actual interest rate or just the payment amount. Is it possible that there is some negative amortization going on in these?

Guess you’d have to see the actual loan docs.

[sdrealtor]

I have heard of other sand that is a pretty standard offer across the board. The take the interest down as far as 2% to get the payment with taxes and inusrance to 31% of income. If they cant get there they reduce principal (it sounds like temporarily in this case) to get there. So to answer your question, I am fairly certain it is the actual interest rate.

[sdrealtor]

I have heard of other sand that is a pretty standard offer across the board. The take the interest down as far as 2% to get the payment with taxes and inusrance to 31% of income. If they cant get there they reduce principal (it sounds like temporarily in this case) to get there. So to answer your question, I am fairly certain it is the actual interest rate.

[sdrealtor]

I have heard of other sand that is a pretty standard offer across the board. The take the interest down as far as 2% to get the payment with taxes and inusrance to 31% of income. If they cant get there they reduce principal (it sounds like temporarily in this case) to get there. So to answer your question, I am fairly certain it is the actual interest rate.

[sdrealtor]

I have heard of other sand that is a pretty standard offer across the board. The take the interest down as far as 2% to get the payment with taxes and inusrance to 31% of income. If they cant get there they reduce principal (it sounds like temporarily in this case) to get there. So to answer your question, I am fairly certain it is the actual interest rate.

[sdrealtor]

I have heard of other sand that is a pretty standard offer across the board. The take the interest down as far as 2% to get the payment with taxes and inusrance to 31% of income. If they cant get there they reduce principal (it sounds like temporarily in this case) to get there. So to answer your question, I am fairly certain it is the actual interest rate.

[sdrealtor]

nsr,
It should be a win for everyone. In 5 years his income situation should be stabilized, he will have caught up on the consumer debt acquired during his layoff and he will rebuild his reserves. This is a pretty responsible guy rather than someone who lived off his house like an atm. I dont know what percentage of the distressed homeonweners fall into his category but its important to recognize there are people like him out there. Around here you would think every one of them had it coming and that no one who goes beyond 6o days late will ever return to paying their mortgage without defaulting.

[sdrealtor]

nsr,
It should be a win for everyone. In 5 years his income situation should be stabilized, he will have caught up on the consumer debt acquired during his layoff and he will rebuild his reserves. This is a pretty responsible guy rather than someone who lived off his house like an atm. I dont know what percentage of the distressed homeonweners fall into his category but its important to recognize there are people like him out there. Around here you would think every one of them had it coming and that no one who goes beyond 6o days late will ever return to paying their mortgage without defaulting.

[sdrealtor]

nsr,
It should be a win for everyone. In 5 years his income situation should be stabilized, he will have caught up on the consumer debt acquired during his layoff and he will rebuild his reserves. This is a pretty responsible guy rather than someone who lived off his house like an atm. I dont know what percentage of the distressed homeonweners fall into his category but its important to recognize there are people like him out there. Around here you would think every one of them had it coming and that no one who goes beyond 6o days late will ever return to paying their mortgage without defaulting.

[sdrealtor]

nsr,
It should be a win for everyone. In 5 years his income situation should be stabilized, he will have caught up on the consumer debt acquired during his layoff and he will rebuild his reserves. This is a pretty responsible guy rather than someone who lived off his house like an atm. I dont know what percentage of the distressed homeonweners fall into his category but its important to recognize there are people like him out there. Around here you would think every one of them had it coming and that no one who goes beyond 6o days late will ever return to paying their mortgage without defaulting.

[sdrealtor]

nsr,
It should be a win for everyone. In 5 years his income situation should be stabilized, he will have caught up on the consumer debt acquired during his layoff and he will rebuild his reserves. This is a pretty responsible guy rather than someone who lived off his house like an atm. I dont know what percentage of the distressed homeonweners fall into his category but its important to recognize there are people like him out there. Around here you would think every one of them had it coming and that no one who goes beyond 6o days late will ever return to paying their mortgage without defaulting.

[andymajumder]

“This is a pretty responsible guy rather than someone who lived off his house like an atm. ”

Does it really matter….being responsible is also a relative term. Basically, his 200K divorce got funded through taxpayers money.

As a renter, I feel sick about this, will a bank give me a 2% rate even with an excellent credit score, so that I can purchase a house well beyond my means and keep my payments to 31% of my gross. No, of course not…

We as a society will collectively pay (are paying) for these bailouts, trust me as these things go on and unemployment doesn’t improve, there will some kind of social unrest in this country as a ceratin section of people keep getting bailed out….

In fact, I myself wouldn’t mind taking to the streets to protest the fact that my tax payer money is being spent to keep losers in their expensive homes.

[andymajumder]

“This is a pretty responsible guy rather than someone who lived off his house like an atm. ”

Does it really matter….being responsible is also a relative term. Basically, his 200K divorce got funded through taxpayers money.

As a renter, I feel sick about this, will a bank give me a 2% rate even with an excellent credit score, so that I can purchase a house well beyond my means and keep my payments to 31% of my gross. No, of course not…

We as a society will collectively pay (are paying) for these bailouts, trust me as these things go on and unemployment doesn’t improve, there will some kind of social unrest in this country as a ceratin section of people keep getting bailed out….

In fact, I myself wouldn’t mind taking to the streets to protest the fact that my tax payer money is being spent to keep losers in their expensive homes.

[andymajumder]

“This is a pretty responsible guy rather than someone who lived off his house like an atm. ”

Does it really matter….being responsible is also a relative term. Basically, his 200K divorce got funded through taxpayers money.

As a renter, I feel sick about this, will a bank give me a 2% rate even with an excellent credit score, so that I can purchase a house well beyond my means and keep my payments to 31% of my gross. No, of course not…

We as a society will collectively pay (are paying) for these bailouts, trust me as these things go on and unemployment doesn’t improve, there will some kind of social unrest in this country as a ceratin section of people keep getting bailed out….

In fact, I myself wouldn’t mind taking to the streets to protest the fact that my tax payer money is being spent to keep losers in their expensive homes.

[andymajumder]

“This is a pretty responsible guy rather than someone who lived off his house like an atm. ”

Does it really matter….being responsible is also a relative term. Basically, his 200K divorce got funded through taxpayers money.

As a renter, I feel sick about this, will a bank give me a 2% rate even with an excellent credit score, so that I can purchase a house well beyond my means and keep my payments to 31% of my gross. No, of course not…

We as a society will collectively pay (are paying) for these bailouts, trust me as these things go on and unemployment doesn’t improve, there will some kind of social unrest in this country as a ceratin section of people keep getting bailed out….

In fact, I myself wouldn’t mind taking to the streets to protest the fact that my tax payer money is being spent to keep losers in their expensive homes.

[Author]

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