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Originally Posted by ama125  I read this earlier today and laughed! Wait until that shadow inventory of foreclosures gets released, then we'll see headlines reading "Unexpected sharp decline in home sales" 'cause there won't be enough buyers out there to snap up that inventory not to mention that $8000 first-time homebuyer credit will be no more! Worst is still yet to come! Can't wait to see the next Treasury progress report on 9/4 on modifications. I wish they'd include how many trial mods have been made permanent! |
I believe most modifications to date that have been done are really just forbearances. Those that have been given a paymemt reduction are due to perserverance, LoanSafe, NACA and some luck.
For me I believe my modification was granted due in part to being upside down on my loan by $60,000 and not having PMI insurance to cover the difference if I walked away and BOA was forced to sell it at auction. This site and NACA were major players in getting my loan modified as well.