Loan Mod? No Problema.
- Thread starter awgee_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
The fact that many can be helped and it isn't a drop in the bucket. Read the rest of the article this is like putting lipstick on a pig.
You are free to have your opinion.
It wasn't my opinion it was the opinion of the site you linked to.
Why would you link to a site that says how bad this problem is if you don't think it is a valid point or argument?
I assume you can prove this. I also assume you have a reason why this is also not a desirable outcome.
Your statement that it is lipstick on a pig implies that the mods cannot solve the problem. The data just beginning to come in puts your entire premise in jeopardy, hence, it's your opinion.
I'm sorry, I thought there was a market under $2,000,000. My bad.
There isn't any relationship between the article posted and my question.
I bolded your question.
That is why it is not a desirable outcome.
But how many will actually auction? None or one?
irvine_home_owner_IHB
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That's my fault... need to just remove the <> symbols.bltserv said:
trrenter_IHB
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NewportSkipper said:
The fact that many can be helped and it isn't a drop in the bucket. Read the rest of the article this is like putting lipstick on a pig.
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NewportSkipper_IHB
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trrenter said:NewportSkipper said:
The fact that many can be helped and it isn't a drop in the bucket. Read the rest of the article this is like putting lipstick on a pig.
You are free to have your opinion.
trrenter_IHB
New member
It wasn't my opinion it was the opinion of the site you linked to.
Why would you link to a site that says how bad this problem is if you don't think it is a valid point or argument?
awgee_IHB
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There is another anecdotal story about a loan mod on Coto Housing Blog today. The foreclosure auction date for this $2 mil property is set for Friday and the NTS just recorded on 8/25/09.
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NewportSkipper_IHB
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awgee said:
I assume you can prove this. I also assume you have a reason why this is also not a desirable outcome.
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NewportSkipper_IHB
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trrenter said:
Your statement that it is lipstick on a pig implies that the mods cannot solve the problem. The data just beginning to come in puts your entire premise in jeopardy, hence, it's your opinion.
bltserv_IHB
New member
Its more than lipstick on a pig. Its rampant Fraud. Like the Mortgage Brokers found a new way
to scam the system a second time.
http://www.24-7pressrelease.com/press-release/cracking-down-on-loan-modification-fraud-114702.php
"In August, Brown ordered nearly 400 mortgage foreclosure consultants to post $100,000 bonds and register with the state attorney general's office. If they fail to register within 10 days, he said they risk prosecution.
He also ordered 27 companies to provide evidence supporting their advertising claims made in commercials for their loan modification services. Brown said the companies claim unusually high rates of success in preventing foreclosures in abnormally short periods of time.
According to officials, the California Department of Real Estate has received over 1,000 reports of loan modification swindles since October, resulting in more than 300 legal actions against the companies. In June of last year, the agency was investigating less than 10 such complaints.
Among the problems with loan modification companies is the limited oversight for these entities. Although the California Foreclosure Consultant Act was recently amended to provide more stringent guidelines, these types of companies have largely operated without significant regulations. This, combined with the current surge in home foreclosures, has provided an environment ripe for swindlers."
to scam the system a second time.
http://www.24-7pressrelease.com/press-release/cracking-down-on-loan-modification-fraud-114702.php
"In August, Brown ordered nearly 400 mortgage foreclosure consultants to post $100,000 bonds and register with the state attorney general's office. If they fail to register within 10 days, he said they risk prosecution.
He also ordered 27 companies to provide evidence supporting their advertising claims made in commercials for their loan modification services. Brown said the companies claim unusually high rates of success in preventing foreclosures in abnormally short periods of time.
According to officials, the California Department of Real Estate has received over 1,000 reports of loan modification swindles since October, resulting in more than 300 legal actions against the companies. In June of last year, the agency was investigating less than 10 such complaints.
Among the problems with loan modification companies is the limited oversight for these entities. Although the California Foreclosure Consultant Act was recently amended to provide more stringent guidelines, these types of companies have largely operated without significant regulations. This, combined with the current surge in home foreclosures, has provided an environment ripe for swindlers."
trrenter_IHB
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awgee_IHB
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Why don't they just get a laon mod?
"More individuals or families with at least $1,010,650 in secured debt and $336,900 unsecured are using Chapter 11 of the U.S. bankruptcy code typically associated with business reorganizations. Falling U.S. home prices leave them unable to refinance or sell properties when they drop below the value of the mortgage, said Joseph Baldi, a Chicago bankruptcy attorney."
"Listings of homes for sale worth $1 million or more increased 27.3 percent in July from October, according to Zillow.com, a Web site that tracks real estate transactions. The number of homes sold with a value between $1 million to $2 million fell 23 percent in July from a year earlier, according to the Chicago-based National Association of Realtors. There was a 21-month supply, up from 16 months last year."
Wealthy Families Face Bankruptcy on Real Estate Crash
That 21 month supply, up from 16 month supply, must be "stabilization".
"More individuals or families with at least $1,010,650 in secured debt and $336,900 unsecured are using Chapter 11 of the U.S. bankruptcy code typically associated with business reorganizations. Falling U.S. home prices leave them unable to refinance or sell properties when they drop below the value of the mortgage, said Joseph Baldi, a Chicago bankruptcy attorney."
"Listings of homes for sale worth $1 million or more increased 27.3 percent in July from October, according to Zillow.com, a Web site that tracks real estate transactions. The number of homes sold with a value between $1 million to $2 million fell 23 percent in July from a year earlier, according to the Chicago-based National Association of Realtors. There was a 21-month supply, up from 16 months last year."
Wealthy Families Face Bankruptcy on Real Estate Crash
That 21 month supply, up from 16 month supply, must be "stabilization".
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NewportSkipper_IHB
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awgee said:
I'm sorry, I thought there was a market under $2,000,000. My bad.
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NewportSkipper_IHB
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trrenter said:
There isn't any relationship between the article posted and my question.
trrenter_IHB
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NewportSkipper said:
I bolded your question.
That is why it is not a desirable outcome.
graphrix_IHB
New member
I think I might have seriously juicy loan mod data coming to me... snicker... snicker...
graphrix_IHB
New member
And... tomorrow is super foreclosure Thursday. I have never seen so many homes scheduled in on day, and many have minimum bids posted. Having the minimum bids posted is a pretty good sign they will be auctioned. Wow! Seriously, tomorrow is going to be a crazy day.
xoneinax_IHB
New member
it's a Coto bloodbath; 6 VELA COURT is going on the block tomorrow. So is 18 PORTMARNOCH COURT.awgee said:
awgee_IHB
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If you go to Coto Housiing Blog, you will see that there are 14 Coto properties foreclosure scheduled for foreclosure this week, 7 of which are scheduled for tomorrow.xoneinax said:
No_Such_Reality_IHB
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awgee said:
But how many will actually auction? None or one?