Jose and Kelly have been in and out of foreclosure and loan modification attempts for the last 6 years. They owe more than their home is worth. They have an 8.25% interest rate on their loan, have gotten behind 3 different times and each time, the servicer modified the loan and added their arrearage to the end of the loan. They started out with a $200,000 loan amount, now after back payments, late charges and attorney fees, they owe $240,000.
They told me that the value is under … (11 comments)
I am by no means in favor of the CFPB, which is truly an unnecessary, bureaucratic agency. So what happens with all of these complaints that they are talking about?
I did a little homework on these complaints. The majority of them were filed against the four largest banks in this country, that apparently could care less about servicing their customers correctly. I got this note from a builder this morning and wanted to share what great customer service sounds like, but I know you already know. Joe, every time I called … (7 comments)
loan modification: MOST LOAN MODIFICATIONS DEFAULT WITHIN 18 MONTHS
- 07/02/12 03:52 AM
“Most Loan Modifications default Within 18 Months” We are all hearing that most loan modifications default within 18 months. The way I look at this math, that is 40% that work out the way they are supposed to. So if a million modifications were done, that means 400,000 folks do what they agreed to do and want to continue owning their homes. The others, stop screwing around, get these foreclosures done, take a deed in lieu of foreclosure or pay them to leave and get new home owners in place. News Flash, there is no shortage of prospective home buyers. What … (6 comments)
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