Comments on: The Problem with Loan Modifications

By: Lyman Zuehlsdorff

Lyman Zuehlsdorff — Wed, 31 Mar 2010 08:26:57 +0000

The Government helped out the big corporations, but who helps out the average man on the street? No one. Banks are dragging their feet with loan modifications. Why? Because if asset values go up, they wont have to show as big a loss. In the meantime, thousands of fine folks are losing their houses. We now reveal Insider tips to avoid foreclosures. Its a free report you can get at Save My House Tips.

By: Magaly Koles

Magaly Koles — Mon, 15 Mar 2010 10:06:42 +0000

My mortgage repayments are already behind, can you suggest something?

By: My Loan Mod Story

My Loan Mod Story — Wed, 13 Jan 2010 16:06:09 +0000

I don’t typically take the time to leave a comment, but this was especially helpful to me today. As I myself am in the midst of a loan modification, this is incredibly useful advice. Thanks!

By: oswingrant

oswingrant — Sat, 21 Nov 2009 20:03:37 +0000

I hear ya. The programs that has been put out by both bush and obama’s administration have fell short of the expectation of the public. It goes to show that government can not fix all of our problems. I also write about mortgage frequently asked questions and answers at http://hstrial-oswingrant.homestead.com

By: Donald Marron

Donald Marron — Fri, 25 Sep 2009 21:04:35 +0000

Second mortgages really do muck up the modification process. I’d be interested to hear whether the Wells folks holding the second mortgage are willing to do anything for you.

By: Rodrigo S.

Rodrigo S. — Fri, 25 Sep 2009 04:58:05 +0000

So I received a call today from Wells Fargo that my loan modification was denied because my mortgage payment was less than 37% of my total monthly income. I explained to them that I have a 2nd mortgage, through Wells Fargo, that increase my mortgage to above 45 percent of my monthly income. There response was this . . . “We do not take your second loan into consideration when calculating your monthly mortgage. That is a seperate department.” I was floored! When I bought my home the 1st and 2nd loan came hand and hand. But now they are suddenly two seperate departments? Wells Fargo is a greedy, crooked company. Shame on them. Shame on the mortgage industry.

By: Megan McKenzie

Megan McKenzie — Sat, 08 Aug 2009 16:35:52 +0000

They bailed out wall street but kicked homeowners to the curb with no place to live.

I too am trapped in an interest only loan with America’s Servicing Company who obstinately won’t even send me the paperwork. If you are behind on payments they foreclose even IF they agree to a loan modification. They are unprofessional and unscrupulous. The government is doing NOTHING BUT….

They bailed out wall street and kicked homeowners to the curb with no place to live. They are taxing the middle class to death. We have been abandoned.

It is obvious this administration will do ANYTHING to help big business but will not help hard working Americans who want to stay in their homes and make their payments. For one thing the 31% of gross rule is absurd. For those in trouble, especially singles, their extravagant payments may already be at 31%. This is the case for me. BUT MY PAYMENT IS 55% OF MY NET.

The servicing companies get kickbacks for loan mods. The banks get bailed out. The TARP benefited everyone but the homeowner. President Obama has let us down and now he wants us to pay for healthcare.I’m not saying it’s a good idea but with Americans homeless how can we consider a new tax boondoggle? Obama could have used TARP funds to bailout homeowners but stiff armed us away with complicated rules and regulations that no one can qualify for.

By: Matt M

Matt M — Wed, 29 Jul 2009 15:56:15 +0000

Lesson: We should all be calling and requesting Loan Mods even if we don’t need them?