Loan Mod? No Problema.

[quote author="No_Such_Reality" date=1252581599][quote author="awgee" date=1252578381][quote author="xoneinax" date=1252571908][quote author="awgee" date=1252552627]The foreclosure auction date for this $2 mil property is set for Friday and the NTS just recorded on 8/25/09</blockquote>it's a Coto bloodbath; 6 VELA COURT is going on the block tomorrow. So is 18 PORTMARNOCH COURT.</blockquote>
If you go to <a href="http://www.cotohousingblog.com/?p=4142">Coto Housiing Blog</a>, you will see that there are 14 Coto properties foreclosure scheduled for foreclosure this week, 7 of which are scheduled for tomorrow.</blockquote>


But how many will actually auction? None or one?</blockquote>
No telling until the auction. And the results are surprising. I know of one property for which the auction has been postponed 9 times, and there are some which do not postpone even once.
 
I am so tired of the idea of a loan modification. When will anyone actually say, "You bought something you couldn't afford, now move on with your life"? The whole idea is ridiculous, if even 5% of the people who need them are somehow eventually helped (I think 5% is too generous), does that make all of this worth it? We really need to push the re-start button and stop with all of the foolishness. The whole thing is just making me angry because it wastes so many people's time.
 
Ya... a 1 year moratorium on foreclosures to give people time to figure out whether they are eligible or not... that makes sense...??







<a href="http://www.latimes.com/business/la-fi-mortgage-mods10-2009sep10,0,4161046.story">Today's LA Times Article</A>



In some cases, loan servicers are using the plan's rules to keep homeowners from taking part, which results in homes heading to foreclosure anyway, said Bruce Dorpalen, director of housing counseling for the Assn. of Community Organizations for Reform Now, or ACORN.



"We need stronger enforcement," Dorpalen said. "We're still finding foreclosure sales going through with no review to see if homeowners are eligible for loan modifications."



ACORN is calling for the federal government to impose a one-year freeze on foreclosures to allow homeowners more time to figure out whether they are eligible for loan changes under the program.
 
[quote author="C Delroy Spuckler" date=1252590799]ACORN is calling for the federal government to impose a one-year freeze on foreclosures to allow homeowners more time to figure out whether they are eligible for loan changes under the program.</blockquote>


That jives with the goal of keeping poor people in the homes they couldn't afford in the first place, using loans the Government insisted be made available to them. At least ACORN isn't being disingenuous about their goals and motives.
 
More from



<a href="http://www.doctorhousingbubble.com/1-1-trillion-in-toxic-loans-908-billion-in-interest-only-and-198-billion-in-option-arms-the-zombie-loans-that-simply-dont-die/">Dr. Housing Bubble</a>:





<em>The Mollers owe so much more than their house is worth, and have so few options, that they are already anticipating doom.



?I?m praying for another boom,? said Mr. Moller, 34. ?Otherwise, we?ll have to walk.?</em>







<em>?The interest-only periods, which put off the principal payments for five, seven or 10 years, are now beginning to expire. In the next 12 months, $71 billion of interest-only loans will reset. The year after, another $100 billion will reset. After mid-2011, another $400 billion will reset.?</em>





<em>"Leave it to California to have these same players proclaim that the bottom is here. Where do you think most of the $1.1 trillion in loans sit? California, Florida, Nevada, and Arizona own 75 percent of the option ARMs. Alt-As? California holds 42 percent of all loans categorized as Alt-As. Yet here people are thinking it won?t impact them in Pasadena, Culver City, or other semi-prime areas."</em>





<em>"You might ask why banks have not dealt with these loans. Easy, that loan of Mr. Clavon is still on the bank balance sheet at face value. Do you think they want to lower it to $400,000 and eat the loss? They will go under. Shadow inventory is here and only those who are blind choose to ignore it."</em>
 
Please find some sources that aren't named Dr Housing Bubble.
 
[quote author="NewportSkipper" date=1252617303]Please find some sources that aren't named Dr Housing Bubble.</blockquote>


How about the NY Times.



<a href="http://www.nytimes.com/2009/09/09/business/09loans.html?_r=2">As an Exotic Mortgage Resets, Payments Skyrocket </a>



<blockquote>Experts predict a steady drumbeat of defaults over much of the next decade as these interest-only loans mature. Auctioned off at low prices, those foreclosed houses could help brake any revival in home prices.</blockquote>


You really should at least read the links people provide. Dr. Housing Bubble cited the NY Times article and linked to it.



That is where Awgee's quote ultimatly came from.
 
[quote author="trrenter" date=1252618189][quote author="NewportSkipper" date=1252617303]Please find some sources that aren't named Dr Housing Bubble.</blockquote>


How about the NY Times.



<a href="http://www.nytimes.com/2009/09/09/business/09loans.html?_r=2">As an Exotic Mortgage Resets, Payments Skyrocket </a>



<blockquote>Experts predict a steady drumbeat of defaults over much of the next decade as these interest-only loans mature. Auctioned off at low prices, those foreclosed houses could help brake any revival in home prices.</blockquote>


You really should at least read the links people provide. Dr. Housing Bubble cited the NY Times article and linked to it.



That is where Awgee's quote ultimatly came from.</blockquote>




Ordinary interest only loans recasting today are not going to rise to catastrophic levels and 2013 is a long way off.
 
You sound like this guy...



<blockquote><strong> "While local economies may experience significant speculative price imbalances, a national severe price distortion seems most unlikely."</strong>

</blockquote>


That quote is from Alan Greenspan in October of 2004 regarding a housing bubble.
 
Who needs "Shadow Inventory"? Let us just call it what it is: <strong><em>"a record high number of properties either entering default or being scheduled for a public foreclosure auction for the first time.?</em></strong>









From <a href="http://www.zerohedge.com/article/august-foreclosure-activity-remains-near-record-high">Zero Hedge</a>
 
For Skippy its the NAR Report or nothing.





<img src="http://2.bp.blogspot.com/_wFWqWIH-WFU/SVZIHlunyvI/AAAAAAAAIyM/n4oc6Y5FTSI/s200/DavidLereah.jpg" alt="" />
 
You are aware that Fannie Mae makes interest only loans, no?



"Mortgages With an Interest-Only Feature



Interest-only is a standard feature available to all lenders."



Do you really doubt for a minute that there will be a workaround to this situation? Do you doubt a simple extension will be drawn up?
 
[quote author="bltserv" date=1252619275]For Skippy its the NAR Report or nothing.





<img src="http://2.bp.blogspot.com/_wFWqWIH-WFU/SVZIHlunyvI/AAAAAAAAIyM/n4oc6Y5FTSI/s200/DavidLereah.jpg" alt="" /></blockquote>


Stop being disrespectful and start answering the tough questions. Why are people paying $2.5m in Turtle Ridge?
 
[quote author="NewportSkipper" date=1252619329]You are aware that Fannie Mae makes interest only loans, no?



"Mortgages With an Interest-Only Feature



Interest-only is a standard feature available to all lenders."



Do you really doubt for a minute that there will be a workaround to this situation? Do you doubt a simple extension will be drawn up?</blockquote>


Before the melt down the max loan from fannie or freddie was 417k tell me why this is important.



Oh and to answer your question YES I DO DOUBT all of those things.
 
[quote author="NewportSkipper" date=1252619377][quote author="bltserv" date=1252619275]For Skippy its the NAR Report or nothing.





<img src="http://2.bp.blogspot.com/_wFWqWIH-WFU/SVZIHlunyvI/AAAAAAAAIyM/n4oc6Y5FTSI/s200/DavidLereah.jpg" alt="" /></blockquote>


Stop being disrespectful and start answering the tough questions. Why are people paying $2.5m in Turtle Ridge?</blockquote>


Because there is always some portion of price indifferent/knife catcher buyers in any market. In no way does the presence of transactions indicate a bottom.
 
[quote author="CapitalismWorks" date=1252619547][quote author="NewportSkipper" date=1252619377][quote author="bltserv" date=1252619275]For Skippy its the NAR Report or nothing.





<img src="http://2.bp.blogspot.com/_wFWqWIH-WFU/SVZIHlunyvI/AAAAAAAAIyM/n4oc6Y5FTSI/s200/DavidLereah.jpg" alt="" /></blockquote>


Stop being disrespectful and start answering the tough questions. Why are people paying $2.5m in Turtle Ridge?</blockquote>


Because there is always some portion of price indifferent/knife catcher buyers in any market. In no way does the presence of transactions indicate a bottom.</blockquote>


And how many homes will be sold on the courthouse steps today ?
 
[quote author="trrenter" date=1252619434][quote author="NewportSkipper" date=1252619329]You are aware that Fannie Mae makes interest only loans, no?



"Mortgages With an Interest-Only Feature



Interest-only is a standard feature available to all lenders."



Do you really doubt for a minute that there will be a workaround to this situation? Do you doubt a simple extension will be drawn up?</blockquote>


Before the melt down the max loan from fannie or freddie was 417k tell me why this is important.



Oh and to answer your question YES I DO DOUBT all of those things.</blockquote>


You suffer from a lack of imagination. If this type of loan is not demonized there is a far greater chance of a yet another solution involving Fannie Mae.
 
[quote author="CapitalismWorks" date=1252619547][quote author="NewportSkipper" date=1252619377][quote author="bltserv" date=1252619275]For Skippy its the NAR Report or nothing.





<img src="http://2.bp.blogspot.com/_wFWqWIH-WFU/SVZIHlunyvI/AAAAAAAAIyM/n4oc6Y5FTSI/s200/DavidLereah.jpg" alt="" /></blockquote>


Stop being disrespectful and start answering the tough questions. Why are people paying $2.5m in Turtle Ridge?</blockquote>


Because there is always some portion of price indifferent/knife catcher buyers in any market. In no way does the presence of transactions indicate a bottom.</blockquote>


Are we discussing the current market or are we discussing that which cannot be known?
 
[quote author="bltserv" date=1252619867][quote author="CapitalismWorks" date=1252619547][quote author="NewportSkipper" date=1252619377][quote author="bltserv" date=1252619275]For Skippy its the NAR Report or nothing.





<img src="http://2.bp.blogspot.com/_wFWqWIH-WFU/SVZIHlunyvI/AAAAAAAAIyM/n4oc6Y5FTSI/s200/DavidLereah.jpg" alt="" /></blockquote>


Stop being disrespectful and start answering the tough questions. Why are people paying $2.5m in Turtle Ridge?</blockquote>


Because there is always some portion of price indifferent/knife catcher buyers in any market. In no way does the presence of transactions indicate a bottom.</blockquote>


And how many homes will be sold on the courthouse steps today ?</blockquote>


172 with 131 of them in Anaheim.
 
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