Mary Salzer

  

Chase is reasonable, however there has to be the hardship reflected to get them to "forgive" all or even some of the Short Amount.....that would be the issue that you would have to fight. They are requiring financial hardship that is extenuating and beyond the borrower's control....

The problem is that this has now seeped over to A paper issues, that is not just the primary toxic loans that reset and the borrower had no capacity to handle the financial responsibility that was then laid out. The foreclosure and market bubble bursting with the advent of no "easy" money loans any more...has now affected everyone, this is what I preached last year, my nightmare visited.

We can not, now criticize anyone, what I said then was to those who thought they were immune from this disaster, think carefully, we are all going to be seriously and horribly adversely impacted by tax issues, valuation of our mansions issues, school issues, infrastructure issues, police, etc....this is a total melt down.....aha, the reality is dawning on a whole separate segment of the demographics........oooopppppssss......sorry, but this situation was very predictable....I have seen it before in a regionalized environment. This is not getting better, check out the Sacramento area, they are looking at huge lay offs in the city personnel, Arizona is looking at huge tax issues and deficits, it is going to get very, very uncomfortable and as more people look at their homes and realize the "upside" down issue.....oh my....

Oh what a tangled web we weave when first we practice to lend money foolishly and support a smoke and mirror market......

You are not the first and certainly not the last to look at these matters, and it will get more and more prevalent....the question is are even short sales going to work down the road.....the equations that run through my head are fairly unpleasant....