Loan Modification Forum - LoanSafe.org - View Single Post

JBURT · 01-03-2009, 12:14 PM

Sorry folks, before i could complete the last post i hit the wrong button before i could add some further thoughts i am near blind and cant see the key board and did not spell check. The problem that i have with the loan mod agreement is that they are offering a loan amount that is not even close to what a bank would loan on. Is that responsiable lending ? And what are some of your thoughts as well as terms you are being offered from the c.w. Retention program. That came out in dec. The mod i recieved will put me back in the same situation 5 years from now and does not provide long term stability. There would not be a person willing to pay more than $250,000 for a house they want me to take out a $430,000 mortgage in which property values
are projected to decline another 20% this year.

I am in doubt as to my fiduciary duty to my family
to accept the loan mod offer

01-03-2009, 12:14 PM	#2 (permalink)
JBURT Member Join Date: Oct 2008 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: C.w. Loan program a brdige to nowhere Sorry folks, before i could complete the last post i hit the wrong button before i could add some further thoughts i am near blind and cant see the key board and did not spell check. The problem that i have with the loan mod agreement is that they are offering a loan amount that is not even close to what a bank would loan on. Is that responsiable lending ? And what are some of your thoughts as well as terms you are being offered from the c.w. Retention program. That came out in dec. The mod i recieved will put me back in the same situation 5 years from now and does not provide long term stability. There would not be a person willing to pay more than $250,000 for a house they want me to take out a $430,000 mortgage in which property values are projected to decline another 20% this year. I am in doubt as to my fiduciary duty to my family to accept the loan mod offer