My pleasure!
Quote:
|
What do you suggest for those of us who don't fall into the Jan 2005 - Dec 2007 timeframe - we are actually Oct 2004 - since we don't qualify under the new housing bill? Do you think that lenders will at some point seriously consider loan principal reduction? We are in San Diego where our area has been hit pretty hard.
|
[/QUOTE]
This is something that will be like pulling teeth to get and if it does happen. It will be a case by case basis. Plus it is voluntary and that means they will do what they want, when they want.
Think about this, if they announced that they were doing write downs, then everyone, I mean everyone would be demanding their mortgage written down and if they don't get what Joe Neighbor got, then they will walk.
A MASS EXODUS WOULD OCCUR.
There ARE millions of loans to be written down and that will take LOTS of time and LOTS of loan workouts done on a case by case basis. AND until these servicers hire the proper amount of people needed just to handle the people that need help now, then this is all just propaganda and it is doing what propaganda is intended for, to fool and confuse the people.
Just like we are having here.