Posted on 02/17/2010 7:47:04 PM PST by cajuncow
NEW YORK (CNNMoney.com) -- One year after President Obama unveiled an ambitious plan to help struggling homeowners, more than 116,000 borrowers have received long-term reductions in their mortgage payments through January.
Loan servicers have approved the applications of another 76,000 delinquent borrowers but are awaiting signatures on the final paperwork, administration officials said Wednesday.
(Excerpt) Read more at money.cnn.com ...
How much of our money went towards Obama’s “ambitious” plan?
They are now renters. Nice job, Barry! You’ve done it again!
Hey, I paid my mortgage according to the contract I willingly signed with my mortgage lender.
Hey, can I get a loan reduction, or is that only for cheats and stupid people who can’t do simple math?
So far, it has cost $380,000+ per helped homeowner.
“borrowers have received long-term reductions in their mortgage payments”
I want a long term reduction.
It’s only for cheats and stupid people who can’t do simple math. Like most welfare schemes. The goal is to steal as much from productive citizens as possible, and give it to all the deadbeats in exchange for their (multiple) votes.
Standard democRAT practice.
“borrowers have received long-term reductions in their mortgage payments”
Sounds like they just refinanced and extended the loan length...
GIMME GIMME GIMME!!!!!!!!!!
No, I think they are talking loan modifications. Part of the principal may be written off (sweet deal); or the interest rate may be slashed artificially low (like 3%). The lender pays part, and the govt pays part.
In other words; you and I are paying someone else s mortgage.
A client came to me. He had already gone bankrupt. He no longer owed the debt. He had a 633k mortgage. The bank agreed to cut the principal to 500k and 2 percent per year for the next 10 years. Not a bad deal if you can get it.
my neighbor is in the process of a modification. She brought the paperwork to me and from Wells Fargo, there is no mention of the principal amount they want to base their figures off from. No interest rate. No mention of reduction in principal, no length of the note, and only a payment without principal.
I told her to not sign and ask them to spell the terms out with specifics. Frankly speaking, she should ride this out as long as possible.
I got my loan modified...all I wanted to do was go back to a 30 from a 15 that had 8 years left on it. Was in RV sales for 15 years and had refied to a 15yr after 11 straight years of very steady income. When the big RV downturn came, we thought it was a short-term lull, but it has ended up being a complete bust. I no longer had the income to refie back to a 30, so it was bankruptcy or loan modification. My payment has dropped from 1400/mo to 800/mo and was stretched back to 17 total years. First 5 years at 2%, 6th year at 3%, 7th year at 4% and the remaining years at 4.75%. My old rate was 5 5/8. I have changed fields but am making a fraction of my prev income and am willing to do a second shift to make up the diff. I lost 40% of the value of my home in Ga and 45% of the value of my home in Fl which is a rental, being rented at a 180$ loss each month. I have paid back every loan I have ever had, but this time nothing I did seemed to work, so modifying became my last option. Sucks, but for me I would rather have a chance than go bankrupt.
unfreaking believable.
Gotta make sure those illegals can keep their homes.
CNN carrying BO’s rancid water. What a surprise.
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