UT: Some blame foreclosures on mortgage modification

[pencilneck]

http://www.signonsandiego.com/news/2010/nov/07/homeowners-say-loan-mods-led-them-to-foreclosure/

The downside of those unsolicited offers for loan modifications:

“Casco said his monthly mortgage payments to Washington Mutual Inc. went up to $2,765 when he refinanced his home in 2006 to pay for a new a meat counter at his store in the industrial Los Angeles suburb of South Gate.

Chase was in the process of acquiring Washington Mutual in January 2009 when Casco said it sent a note telling him he qualified for a lower forbearance rate. The El Salvador native sent the tax returns and business documents the bank was requesting.

His payment was reduced to $1,250, where it remained for several months until Chase told him to apply for a trial loan modification.

Again, Casco said, he sent Chase the documentation they requested. His payment rose to $2,363 in June, then returned to the forbearance rate in October.

Casco said he continued paying what he was asked until August 2010, when Chase told his family that they were $50,000 behind on their payments and put them into foreclosure.”

[meadandale]

Casco said his monthly mortgage payments to Washington Mutual Inc. went up to $2,765 when he refinanced his home in 2006 to pay for a new a meat counter at his store in the industrial Los Angeles suburb of South Gate.

Why do these stories always focus on the ‘poor individual’ who used their house as an ATM?

No sympathy…

[meadandale]

Casco said his monthly mortgage payments to Washington Mutual Inc. went up to $2,765 when he refinanced his home in 2006 to pay for a new a meat counter at his store in the industrial Los Angeles suburb of South Gate.

Why do these stories always focus on the ‘poor individual’ who used their house as an ATM?

No sympathy…

[meadandale]

Casco said his monthly mortgage payments to Washington Mutual Inc. went up to $2,765 when he refinanced his home in 2006 to pay for a new a meat counter at his store in the industrial Los Angeles suburb of South Gate.

Why do these stories always focus on the ‘poor individual’ who used their house as an ATM?

No sympathy…

[meadandale]

Casco said his monthly mortgage payments to Washington Mutual Inc. went up to $2,765 when he refinanced his home in 2006 to pay for a new a meat counter at his store in the industrial Los Angeles suburb of South Gate.

Why do these stories always focus on the ‘poor individual’ who used their house as an ATM?

No sympathy…

[meadandale]

Casco said his monthly mortgage payments to Washington Mutual Inc. went up to $2,765 when he refinanced his home in 2006 to pay for a new a meat counter at his store in the industrial Los Angeles suburb of South Gate.

Why do these stories always focus on the ‘poor individual’ who used their house as an ATM?

No sympathy…

[pencilneck]

The twist is that that the mortgage modification offer was just another loan. I never looked into the details of these, so this is new to me.

The Wall Street Journal ran a better article on Saturday:

In a report to Congress on Oct. 26, Mr. Barofsky concluded that some borrowers seeking loan modifications through HAMP might wind up “worse off than before they participated.” Back payments, penalties and late fees triggered when homeowners are rejected for a permanent fix can push some borrowers over the edge, he said.

http://online.wsj.com/article/SB10001424052748704805204575594453938527666.html

[pencilneck]

The twist is that that the mortgage modification offer was just another loan. I never looked into the details of these, so this is new to me.

The Wall Street Journal ran a better article on Saturday:

In a report to Congress on Oct. 26, Mr. Barofsky concluded that some borrowers seeking loan modifications through HAMP might wind up “worse off than before they participated.” Back payments, penalties and late fees triggered when homeowners are rejected for a permanent fix can push some borrowers over the edge, he said.

http://online.wsj.com/article/SB10001424052748704805204575594453938527666.html

[pencilneck]

The twist is that that the mortgage modification offer was just another loan. I never looked into the details of these, so this is new to me.

The Wall Street Journal ran a better article on Saturday:

In a report to Congress on Oct. 26, Mr. Barofsky concluded that some borrowers seeking loan modifications through HAMP might wind up “worse off than before they participated.” Back payments, penalties and late fees triggered when homeowners are rejected for a permanent fix can push some borrowers over the edge, he said.

http://online.wsj.com/article/SB10001424052748704805204575594453938527666.html

[pencilneck]

The twist is that that the mortgage modification offer was just another loan. I never looked into the details of these, so this is new to me.

The Wall Street Journal ran a better article on Saturday:

In a report to Congress on Oct. 26, Mr. Barofsky concluded that some borrowers seeking loan modifications through HAMP might wind up “worse off than before they participated.” Back payments, penalties and late fees triggered when homeowners are rejected for a permanent fix can push some borrowers over the edge, he said.

http://online.wsj.com/article/SB10001424052748704805204575594453938527666.html

[pencilneck]

The twist is that that the mortgage modification offer was just another loan. I never looked into the details of these, so this is new to me.

The Wall Street Journal ran a better article on Saturday:

In a report to Congress on Oct. 26, Mr. Barofsky concluded that some borrowers seeking loan modifications through HAMP might wind up “worse off than before they participated.” Back payments, penalties and late fees triggered when homeowners are rejected for a permanent fix can push some borrowers over the edge, he said.

http://online.wsj.com/article/SB10001424052748704805204575594453938527666.html

[Coronita]

Did any really think these loan mods wouldn’t have strings attached?

[Coronita]

Did any really think these loan mods wouldn’t have strings attached?

[Coronita]

Did any really think these loan mods wouldn’t have strings attached?

[Coronita]

Did any really think these loan mods wouldn’t have strings attached?

[Author]

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