More banks now willing to do principal reductions - Loan Modification Forum

MAXIE19 · 10-01-2009, 10:36 AM

Interesting article, the tide may be turning for some.

WSJ.com - Banks Bite Bullet on Loans

Evan Bedard · 10-01-2009, 10:59 AM

Hi Maxie19,

I hope this is indeed true. I have seen maybe five principle reductions in the past two years and actually two of them were within the past month with Wachovia...

davephx · 10-01-2009, 11:01 AM

Quote:

Originally Posted by MAXIE19

Interesting article, the tide may be turning for some.
WSJ.com - Banks Bite Bullet on Loans

Or they are just doing a few isolated ones so they can look good in the press when in the real world like on this forum we don't see it being done to any significant extent.

ama125 · 10-01-2009, 11:07 AM

I wish it would mention if BofA or Fannie Mae was doing this. I could really use this on the second mortgage (and the first, too, that would be nice).

Chased around and around · 10-01-2009, 12:46 PM

As I see right now with my situation and being 219K underwater, they either do a reduction or I walk. Even the garbage 2% for 5 years, then adjusting up 1% per year til the 8th year, is still not worth it for me even if it is offered.

Yes my bags are already packed...

Jillian118 · 10-01-2009, 01:07 PM

I love how they always seem to talk to the upper mucky mucks at Chase, who is probably right now, hands down...the worst to get any type of modification through. I may just send Mr. Kelly an email detailing my now almost 10 months of frustration.

10-01-2009, 10:36 AM	#1 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	More banks now willing to do principal reductions Interesting article, the tide may be turning for some. WSJ.com - Banks Bite Bullet on Loans

10-01-2009, 10:59 AM	#2 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: More banks now willing to do principal reductions Hi Maxie19, I hope this is indeed true. I have seen maybe five principle reductions in the past two years and actually two of them were within the past month with Wachovia... __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

10-01-2009, 11:07 AM	#4 (permalink)
ama125 Senior Member Join Date: Jun 2009 Location: Reading, PA Posts: 1,494 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: More banks now willing to do principal reductions I wish it would mention if BofA or Fannie Mae was doing this. I could really use this on the second mortgage (and the first, too, that would be nice).

10-01-2009, 12:46 PM	#5 (permalink)
Chased around and around Senior Member Join Date: Jul 2009 Location: Orange County, CA Posts: 197 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: More banks now willing to do principal reductions As I see right now with my situation and being 219K underwater, they either do a reduction or I walk. Even the garbage 2% for 5 years, then adjusting up 1% per year til the 8th year, is still not worth it for me even if it is offered. Yes my bags are already packed...

10-01-2009, 01:07 PM	#6 (permalink)
Jillian118 Senior Member Join Date: Jun 2009 Posts: 294 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: More banks now willing to do principal reductions I love how they always seem to talk to the upper mucky mucks at Chase, who is probably right now, hands down...the worst to get any type of modification through. I may just send Mr. Kelly an email detailing my now almost 10 months of frustration.

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