Nashville Woman Facing Foreclosure Fears (After loan modification expires)

News Channel 5 ^ | 06/23/2010 | News Channel 5

[sausageseller]

You found the needle in the haystack!

Loan modification's are almost nonexistent. Seems got your loan mod because of the few years owed.

[Wpin]

Well by all means Yes yes yes! Let’s just wipe out 30% of the balance off ALL loans, we are a nation of laws I believe and no individual has more property rights than the next (except banks and business in general...those bad guys who employ!).

And we all know that a 90 day loan modification is good for 30 years! To hell with the both parties agree thingy...if a borrower cannot pay, make the banks give up their property. No due process, just a “legal” taking or rather confiscation.

We are progressing very quickly into our communist nirvana, how proud we must all be.

[EBH]

Related: Half of all modified mortgages redefault within a year

[caver]

I have never heard of a “temporary” 90 day loan modification?

[Wpin]

“Wells Fargo did modify my loan. I went from 10 years remaining to 17, and from a payment of 1400 to 800; the first 5 years they dropped the rate to 2%, then it heads up as high as 5%. I had a 5 5/8 rate fixed for 15 yrs when I got the note. The RV industry which I was with for 15 years has gone bust and most retail sales jobs are in the tank right now. Happy to get the mod!”

Now that sounds like a true loan modification program, they gave you what you need (lower payments) but rather than just take a loss, they extended your term and gave you a two year very low interest rate. Something, hopefully you both can survive successfully with. You make much more sense to me than the article...something is missing there. The perception that banks should give up property for nothing in return is abhorable to me.

I have always had an affinity for the RV industry. When I was young, my father wrote articles for RV’s in a RV specific magazine. We got to use various RV’s for free and he would write about how they did. Our claim to fame was being the first people to drive a motor home up Pikes Peak...in a Winnebago! My mother and sister were scared to death, we made it up and back without incident. Sometime in the near future I think it will be a very good time to invest in good RV company stock. But, it may be another couple years yet.

I have almost always had some kind of RV, tent trailer and now a very nice motor home, which we don’t use enough. RV’s are wonderful for bringing your “cabin” with you when you travel...so you can go to new destinations whenever you want.

[absolootezer0]

if she got shafted on an ARM with interest that skyrocketed, then reducing her to a low fixed rate *could* account for most of that change. also, if her property taxes happened to get lowered at the same time, that could make a huge difference.

[yorkie01]

Wells Fargo didn’t give anything. It was nothing more than gubmint taxpayer handouts, redistributing the wealth, that brought about this ‘sad’ story.

[Oceander]

I'm sorry, but anecdote makes for a very poor basis on which to criticize or make broad general policies. I feel very badly for this woman, but the simple fact of the matter is that she cannot afford the house, she cannot afford to continue to timely perform the obligations she promised to perform, and she should have gotten out sooner rather than later - the law provides perfectly acceptable routes for getting out from under an obligation that becomes insupportable, and they exist for a reason. There is nothing shameful in admitting that you made a mistake - only God has perfect 20/20 foresight - and beating an honourable retreat through the foreclosure, or deed in lieu of foreclosure, or even short sale, routes. Now, because she was allowed to continue to delude herself well past that point, she's now going to get doubly hurt. Beyond any peradventure, the most scary words in the English language are, as Reagan said, "we're from the government and we're here to help."

[Common Sense 101]

Foreclose on Tameka? YES WE CAN!

[Pearls Before Swine]

An accountant for the State of Tennessee...that is enough said. How in the heck could a professional accountant not understand the terms of this program...

Said "accountant" is a state employee. Maybe there's a bit of title inflation here, and she is really a data entry clerk in an accounting department, or a very low level book-keeper.

[Wpin]

“Said “accountant” is a state employee. Maybe there’s a bit of title inflation here, and she is really a data entry clerk in an accounting department, or a very low level book-keeper.”

Bet you are correct...good thinking!

[toldyou]

LOL!

[LibLieSlayer]

:-)

LLS