Loan Modification Forum - LoanSafe.org - View Single Post - 30 year fixed Mortgage Cust Here<-----

wingman69 · 02-15-2009, 06:37 PM

Hello all,

There is no hope of modifying my loan. I have exhausted all avenues and they all lead to the same place- short sale.

The only modification that makes any sense simply is not out there. Can anyone here show me where anyone has received a reduction in their principal loan amount? How is giving us a lower payment going to solve our problem?It is obvious that they are merely selling us on a lower payment by temporarily reducing the interest rate for a period of time, only to go back up leaving us all in exactly the same place we are today.

What they offer puts it all on us, the home owner. The banks created this horrible mess and are refusing to share ANY of the burden to make it right.

The only solution to this is to permanently reduce each and every affected mortgage principal balance to current market value . Otherwise any other modification is simply more of what you already have. You are merely kicking the can down the road.

I pity all who have paid one or more mortgage payments to attorneys who in the end will only be able to negotiate a doomed settlement with these soulless entities. We talk about reducing payments by $300.00/month, like somehow that will solve our financial woes.Sadly, it will not If your margins are that close you are doomed to forever be a slave to these heartless/soulless companies/investors.They are going to convert us into permanent renters of our homes by extending to 40 years and giving temporary reductions in interest rates. They will also roll all missed payments/fees into the loan.

We have been fooled into believing that our FICO score is the measurement of our worth in this world. FICO =" I love debt!"and heres the big o'l 750 to 800 to prove it.

As of 12:01 am tomorrow we will be delinquent on our mortgage. After finally realizing that there is not one single person who has had a reduction of their principal mortgage balance, we are done. Our home loan/value got caught in the sub-prime fantail of the Titanic as it was/is sinking to the bottom of the ocean. I am throwing myself a life line! Our government is not going to save us. Why would anyone who has lost over 50% of the value of their home be standing in line to give away their hard earned paycheck to line the pockets of the unscrupulous bankers who through their greed and short sightedness have turned owning a home into a nightmare?

I have made every attempt to work it out with CW, beginning in June of 2008. I also have my integrity and morality to uphold. I will pursue the next right action-short sale. If this fails then foreclosure it will have to be. I will not have to regret anything. I will have done my utmost, and my best to reach an equitable solution.

Bless you all and good luck,

David

My eyes have been opened and what I see is years of prolonged foreclosures as a result of this "kick the can" approach to all this.

02-15-2009, 06:37 PM	#6 (permalink)
wingman69 Member Join Date: Feb 2009 Posts: 17 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Modification rejected so hired lawyer Hello all, There is no hope of modifying my loan. I have exhausted all avenues and they all lead to the same place- short sale. The only modification that makes any sense simply is not out there. Can anyone here show me where anyone has received a reduction in their principal loan amount? How is giving us a lower payment going to solve our problem?It is obvious that they are merely selling us on a lower payment by temporarily reducing the interest rate for a period of time, only to go back up leaving us all in exactly the same place we are today. What they offer puts it all on us, the home owner. The banks created this horrible mess and are refusing to share ANY of the burden to make it right. The only solution to this is to permanently reduce each and every affected mortgage principal balance to current market value . Otherwise any other modification is simply more of what you already have. You are merely kicking the can down the road. I pity all who have paid one or more mortgage payments to attorneys who in the end will only be able to negotiate a doomed settlement with these soulless entities. We talk about reducing payments by $300.00/month, like somehow that will solve our financial woes.Sadly, it will not If your margins are that close you are doomed to forever be a slave to these heartless/soulless companies/investors.They are going to convert us into permanent renters of our homes by extending to 40 years and giving temporary reductions in interest rates. They will also roll all missed payments/fees into the loan. We have been fooled into believing that our FICO score is the measurement of our worth in this world. FICO =" I love debt!"and heres the big o'l 750 to 800 to prove it. As of 12:01 am tomorrow we will be delinquent on our mortgage. After finally realizing that there is not one single person who has had a reduction of their principal mortgage balance, we are done. Our home loan/value got caught in the sub-prime fantail of the Titanic as it was/is sinking to the bottom of the ocean. I am throwing myself a life line! Our government is not going to save us. Why would anyone who has lost over 50% of the value of their home be standing in line to give away their hard earned paycheck to line the pockets of the unscrupulous bankers who through their greed and short sightedness have turned owning a home into a nightmare? I have made every attempt to work it out with CW, beginning in June of 2008. I also have my integrity and morality to uphold. I will pursue the next right action-short sale. If this fails then foreclosure it will have to be. I will not have to regret anything. I will have done my utmost, and my best to reach an equitable solution. Bless you all and good luck, David My eyes have been opened and what I see is years of prolonged foreclosures as a result of this "kick the can" approach to all this.