Fed's Rosengren Says Housing Still Adding "Significant Uncertainty" to Economy

RE:Fed's Rosengren Says Housing Still Adding "Significant Uncertainty" to Economy

Anonymous — Mon, 02 Jun 2008 11:00:00 GMT

I am not naming names right now due to the legality of the situation. I can tell you all that our situation is not exactly like everyone else's. We have a lot of equity in our home and the mortgage is way under by a significant amount. Here again, we took some bad advice from some predatory lenders promising us this and that, lower interest rates, lower payments, oh come back next year and we will do you again. Yeah, they did us again allright because they knew they wanted to steal our house from us because of the amount of equity. It is as plain as the nose on your face! Does anybody out there have any business ethics these days?

RE:Fed's Rosengren Says Housing Still Adding "Significant Uncertainty" to Economy

Anonymous — Mon, 02 Jun 2008 11:00:00 GMT

What mortgage company are you referring to that didn't offer loan modification?

RE:Fed's Rosengren Says Housing Still Adding "Significant Uncertainty" to Economy

Douglas M. Thomson Sr. — Sun, 01 Jun 2008 11:00:00 GMT

If I was the lender and was about to take a big loss. I would lower the loan amount to 90% of current market value and reduse the interest rate to 5% interest only for the first 60 months. If the home owner does not agree to stay in the home after making this last attempt then I would Foreclose as soon as possible and then move on. Many Home owners are willing to stay in their home even though it is worth far below market value. Don't forget they do have some money allready invested in the home. If payment is to high then they can not afford to stay. The next thing the home owner does is look at the value of the home. Then they look at how much time it would take them to recover enough to buy a much lower priced home. Many Lease to Own for the next 2-5 years knowing it will take that long for their credit to repair and have enough value in equity growth to qualify for the home loan. These are tuff times. If I was the investor I would get involved with every home owner looking to stay in their home. I would do everything in my power to cut my loss and work with as many home owners I could. Some times taking a small loss is far better then paying out more money to recover from a loss. This happens when the investor is forced to forclose and then sells on the Court House steps. Many times the home sells for far below the loan amount and the loss becomes even more. Home owners are now in the perfect situation to negotiate the best possible terms ever. The lender has a choice make the terms of the loan acceptable to the home owner or take the loss it is that simple. Cut the loan servicer out of the picture and go right to the negotiator before it is too late.

RE:Fed's Rosengren Says Housing Still Adding "Significant Uncertainty" to Economy

Jonathan Logan — Fri, 30 May 2008 11:00:00 GMT

SPOT ON! I'm glad to hear him say this - finally! We're probably 9 months from turning the corner with the servicers, then another 6 - 9 months for the foreclosure peak to trend down, and for demand to re-surge. Hang in there, work diligently, and provide excellent service. Cheers - Jonathan Logan Sr. Loan Originator Portland, Oregon

RE:Fed's Rosengren Says Housing Still Adding "Significant Uncertainty" to Economy

Anonymous — Fri, 30 May 2008 11:00:00 GMT

Gee, this is interesting. We actually begged the mortgage company to modify our loan last summer. 3 different times they came back and said, "We can't come to terms with a loan modification". Well, guess what? We are still in our house even after they tried to illegally foreclose on us in November of 2007. Now, there they sit holding the bag, mainly because of mortgage fraud in our documents, but, we have not paid them anything since July of 2007. For over 6 months, we tried everything we could and paid what we could to get this loan back current and get us back on the right track, but they would not work with us. They would not even take 3/4 of the payment and the payments they did accept went into a suspense account and was not even applied to the loan. Because of their greed, now they are gonna loose big time and its about time!!