UT: Some blame foreclosures on mortgage modification

[Coronita]

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

[meadandale]

[quote=flu]Did any really think these loan mods wouldn’t have strings attached?[/quote]

I could see doing a good faith mod if you bought a house and the house had significantly declined in value since you bought and you still had the original loan.

However, anyone who either got a stupid loan (e.g. 3 year ARM that they could barely afford and who was depending on home appreciation) or who took money out of the house either to pay bills, buy stuff or invest in additional real estate…sorry.

We shouldn’t reward greed and/or stupidity. Which is the same reason that I don’t think we should have bailed out wall street either.

[meadandale]

[quote=flu]Did any really think these loan mods wouldn’t have strings attached?[/quote]

I could see doing a good faith mod if you bought a house and the house had significantly declined in value since you bought and you still had the original loan.

However, anyone who either got a stupid loan (e.g. 3 year ARM that they could barely afford and who was depending on home appreciation) or who took money out of the house either to pay bills, buy stuff or invest in additional real estate…sorry.

We shouldn’t reward greed and/or stupidity. Which is the same reason that I don’t think we should have bailed out wall street either.

[meadandale]

[quote=flu]Did any really think these loan mods wouldn’t have strings attached?[/quote]

I could see doing a good faith mod if you bought a house and the house had significantly declined in value since you bought and you still had the original loan.

However, anyone who either got a stupid loan (e.g. 3 year ARM that they could barely afford and who was depending on home appreciation) or who took money out of the house either to pay bills, buy stuff or invest in additional real estate…sorry.

We shouldn’t reward greed and/or stupidity. Which is the same reason that I don’t think we should have bailed out wall street either.

[meadandale]

[quote=flu]Did any really think these loan mods wouldn’t have strings attached?[/quote]

I could see doing a good faith mod if you bought a house and the house had significantly declined in value since you bought and you still had the original loan.

However, anyone who either got a stupid loan (e.g. 3 year ARM that they could barely afford and who was depending on home appreciation) or who took money out of the house either to pay bills, buy stuff or invest in additional real estate…sorry.

We shouldn’t reward greed and/or stupidity. Which is the same reason that I don’t think we should have bailed out wall street either.

[meadandale]

[quote=flu]Did any really think these loan mods wouldn’t have strings attached?[/quote]

I could see doing a good faith mod if you bought a house and the house had significantly declined in value since you bought and you still had the original loan.

However, anyone who either got a stupid loan (e.g. 3 year ARM that they could barely afford and who was depending on home appreciation) or who took money out of the house either to pay bills, buy stuff or invest in additional real estate…sorry.

We shouldn’t reward greed and/or stupidity. Which is the same reason that I don’t think we should have bailed out wall street either.

[pencilneck]

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

I didn’t know how they were attached or where. Or how the banks would profit from them. A picture is starting to form.

[pencilneck]

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

I didn’t know how they were attached or where. Or how the banks would profit from them. A picture is starting to form.

[pencilneck]

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

I didn’t know how they were attached or where. Or how the banks would profit from them. A picture is starting to form.

[pencilneck]

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

I didn’t know how they were attached or where. Or how the banks would profit from them. A picture is starting to form.

[pencilneck]

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

I didn’t know how they were attached or where. Or how the banks would profit from them. A picture is starting to form.

[sdrealtor]

I dont know. A good friend got one and I saw the papers for it that he had me review. It was a pretty good deal. He was only a little underwater because of buying out his ex even though he owned the house a long time. It kept him in his house that he’s owned for more than 10 years. He lost his job and had to get retrained for a new career which he has since done. He’s in good shape now and it saved his butt.

[sdrealtor]

I dont know. A good friend got one and I saw the papers for it that he had me review. It was a pretty good deal. He was only a little underwater because of buying out his ex even though he owned the house a long time. It kept him in his house that he’s owned for more than 10 years. He lost his job and had to get retrained for a new career which he has since done. He’s in good shape now and it saved his butt.

[sdrealtor]

I dont know. A good friend got one and I saw the papers for it that he had me review. It was a pretty good deal. He was only a little underwater because of buying out his ex even though he owned the house a long time. It kept him in his house that he’s owned for more than 10 years. He lost his job and had to get retrained for a new career which he has since done. He’s in good shape now and it saved his butt.

[sdrealtor]

I dont know. A good friend got one and I saw the papers for it that he had me review. It was a pretty good deal. He was only a little underwater because of buying out his ex even though he owned the house a long time. It kept him in his house that he’s owned for more than 10 years. He lost his job and had to get retrained for a new career which he has since done. He’s in good shape now and it saved his butt.

[Author]

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