Mandatory mortgage modification major malfunction

**Greebo** · 12-07-2009, 10:45 AM

After 12 months, almost 70% of modified mortgages are back in default.

After just 3 months post modification - 40% are already delinquent.

**Russ** · 12-07-2009, 10:49 AM

If someone is without a job, what good would a modification be if they have no income to pay it?

**NikoSan999** · 12-07-2009, 11:42 AM

I just talked to a guy last week who foreclosure had started on and they did a modification. Thing was he was out of work which was the reason foreclosure had started. He was still out of work when they modified it, knowing he was still out of work.

Reason, my opinion, they had to hit the "quota" and hell with whether it worked or not. "They" had modified one and satisfied supposedly the government, got credit in the media for modification and helped their public eye.

Smoke and mirrors.

I, on the other hand, tried in Dec, Jan ( twice ) and June. In Dec and Jan we didn't qualify because you had to BE late and weren't. In April when we had no choice but to be late, they wouldn't modify because
1. I was unemployed
2. Because I had been late and credit sucked.
3. You had to have good credit. Her words.

How can you be late and have good credit?

Oh yeah, his was also Bank of Hell.

**Dancing Lotus** · 12-07-2009, 07:53 PM

I can't speak for others but I am one of the many who got my mortgage modified and it saved my life.

Some of you may recall my Dh got laid of twice. This caused a major financial struggle. But thanks to the modification our payments are inline with our income. Since getting it modified my husband has been able to not only keep up with payments but he is ahead of schedule. In the last year we have paid off all our debts, saved money and even got ahead on all the bills. We have no bills due this month and don't' have to stress about Christmas at all.

I'm sorry it didn't help the majority of the people who needed it but it wasn't a total waist. I for one am for the better.

**Palooka** · 12-07-2009, 08:21 PM

Niko, we should start marketing Bank of Hell t-shirts, buttons, and hats.

**NikoSan999** · 12-07-2009, 08:28 PM

Originally Posted by Palooka

Niko, we should start marketing Bank of Hell t-shirts, buttons, and hats.

Kid's laying here saying, yeah Mom, do it, do it...

Thing is if they had redone us back in June we would have stood a chance. The guy I'm talking about is still unemployed ( was when they modified ) wife isn't working....go figure.

I'd wear it. Can't get sued cause no where on the tee shirt would say the A word. The tellers at our bank would know cause I told them what my signature was.

They can't extend ours cause it's at 28 years. No where to extend it to.

**Greebo** · 12-07-2009, 09:56 PM

Can't sue you for making a Bank of Hell shirt using their logo even - it's satire and covered under fair use.

**Palooka** · 12-07-2009, 10:06 PM

I luvs me some satire humor

**littleplum** · 12-07-2009, 10:12 PM

Originally Posted by NikoSan999

Kid's laying here saying, yeah Mom, do it, do it...

Thing is if they had redone us back in June we would have stood a chance. The guy I'm talking about is still unemployed ( was when they modified ) wife isn't working....go figure.

I'd wear it. Can't get sued cause no where on the tee shirt would say the A word. The tellers at our bank would know cause I told them what my signature was.

They can't extend ours cause it's at 28 years. No where to extend it to.

Well, there's always the 40 year mortgage, if you can believe that.

**Palooka** · 12-07-2009, 10:37 PM

Originally Posted by littleplum

Well, there's always the 40 year mortgage, if you can believe that.

People can finance a mortgage for 40 years?

**sinopa27** · 12-08-2009, 12:14 AM

Originally Posted by littleplum

Well, there's always the 40 year mortgage, if you can believe that.

40 years!! wow.....I also learned that there is a 10 year finance plan for vehicles. WOW!!

**Palooka** · 12-08-2009, 12:27 AM

Originally Posted by sinopa27

40 years!! wow.....I also learned that there is a 10 year finance plan for vehicles. WOW!!

The highest I've heard was six years. 72 months.

**NikoSan999** · 12-08-2009, 04:40 PM

Imagine the total interest on those

**Mom2-3** · 12-08-2009, 04:59 PM

40 years?! Where do i sign up?

**annymoll** · 12-09-2009, 05:36 PM

Hmmmmmmmmmm.Maybe I should do owner finances,especially right around income tax return time. If I charge a down payment, a flat monthly fee (interest included), and stretch out the note I would be able to make some money. I wonder what kind of default clause I could pursue?Cause if I had two defaults a year, but had a 5 to 10 thousand dollar down, plus interest(especially on a cheap, fixer upper)...... Mom2-3.... Have I got a DEAL for you!!!!!!!!!40 years sugar, and it's yours!!!