Cram Down Versus Loan Modifications for Troubled Homeowners

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Real Estate Broker/Owner with Riede Real Estate, Lic. 01310792

 

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Rainer
68,842
Judy Tuscano
Prudential Verani Realty - Nottingham, NH
NH Real Estate Professional

Gena - you have some good ideas here to help people in trouble with their mortgages-

now I am more straight forward in my thinking - personally I would like to see the government withdraw their help going to the banks, companies etc and take the money and give it directly to the American citizens that pay taxes etc and will eventually pay back this money somehow, someday - the citizens could pay down their mortgages and their credit card balances thereby giving the banks and creditors the capital they need to continue doing business.

Feb 20, 2009 04:45 AM #1
Rainmaker
246,976
Gena Riede
Riede Real Estate, Lic. 01310792 - Sacramento, CA
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699

Judy,

Thanks for being brave enough to comment.

That sounds like a plan but the stimulus packages are already out of the gate and the first go round seems to have ended up buying other banks, giving bonuses and god knows what else. This stimulus appears to be giving money to the banks to get loan modifications up and running. With that said, since that's really where we are...what do you think? 1. Are loan modifications going to help? Or are they merely a temporary band-aid? 2. Are CramDowns the answer? 3. ?

Feb 20, 2009 10:50 AM #2
Rainmaker
197,736
Roberta Murphy
San Diego Previews Real Estate - Carlsbad, CA
Carlsbad Real Estate and Homes

Gena: Your car-driving video is an absolute wonder--and you also make good sense.  I'm not sure whether I would rather be a passenger in your car--or a participant in Peter Santilli's Chicago Tea Party:-)

Feb 20, 2009 03:47 PM #3
Rainmaker
197,736
Roberta Murphy
San Diego Previews Real Estate - Carlsbad, CA
Carlsbad Real Estate and Homes

Gena: Your car-driving video is an absolute wonder--and you also make good sense.  I'm not sure whether I would rather be a passenger in your car--or a participant in Peter Santilli's Chicago Tea Party:-)

Feb 20, 2009 03:48 PM #4
Rainmaker
246,976
Gena Riede
Riede Real Estate, Lic. 01310792 - Sacramento, CA
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699

Roberta, Peter is great...love the "accountability of the first half of the 350 billion with full transparency to the tax payers." Also love his recent Wachovia people are a bunch of idiots...here's proof. It's time all of this is transparent so that hearing junk like, "just call your bank," is in better perspective of what the caller can and does encounter.

I just heard from an agent that a recent loan modification in southern CA had the loan amount reduced considerably.  That was great news to hear. Since just doing a reduction of monthly payment and extending the loan is a mere band-aid in my opinion.

Feb 21, 2009 02:01 AM #5
Rainmaker
197,736
Roberta Murphy
San Diego Previews Real Estate - Carlsbad, CA
Carlsbad Real Estate and Homes

Gena: Your car-driving video is an absolute wonder--and you also make good sense.  I'm not sure whether I would rather be a passenger in your car--or a participant in Peter Santilli's Chicago Tea Party:-)

Feb 22, 2009 01:11 AM #6
Rainmaker
246,976
Gena Riede
Riede Real Estate, Lic. 01310792 - Sacramento, CA
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699

Hey girl, you can be a passenger in my car any day!

Feb 26, 2009 04:05 AM #7
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Rainmaker
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Gena Riede

Real Estate Broker - Sacramento CA Real Estate (916) 417-2699
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