Finally, permanent mod Truth!!!

[smit5454]

Expert: Loan Mod Numbers Utter Fantasy

amen

[caldwellb02]

This piece goes on to say:

Lenders and mortgage servicers are concerned that a sizable number of qualified borrowers will fail to make all the payments required during the trial period, using the HAMP application process to delay their impending foreclosures by another 5 or 6 months.

According to insidebclending.com, as of Sept. 1, only 1.26 percent of HAMP modifications had become permanent after the anticipated three-month trial period.

Looks to me like they are still passing the buck to us - If I could get a mod, I WOULD PAY. What the hell do they think we are doing here? It is not the homeowners who are messing this up. It is the banks!

[smit5454]

I know he pins much of the fault on us, but what's important is the percentage of permanent mods is now coming out. Once they dig deeper they will figure out it's the lender scamming us and the government. We've sent the paperwork in, hundreds of times, they just ain't approving anyone.

[SimonSaysSo]

Originally Posted by smit5454

Expert: Loan Mod Numbers Utter Fantasy

amen

WOW. Well, this just confirms my plans. I just made 3 trial payments after e-mailing the OOP at BOA. I was just assigned to a negotiator and my account status is "in review for mod" and I should have an answer by 11/23. Well I was going to make another trial payment in November but a friend of mine who works at Wachovia told me to save my money until they gave me a firm "yeah" or "no way". This story confirms that the banks in large part are just taking folks "trial payments" and putting them out of their homes anyway when it is all said and done.

[SwillerAlesbane]

"Lenders and mortgage servicers are concerned that a sizable number of qualified borrowers will fail to make all the payments required during the trial period, using the HAMP application process to delay their impending foreclosures by another 5 or 6 months."

If they are so worried, how come they don't foreclose and use mark-to-market values so the housing market will correct itself?


"According to insidebclending.com, as of Sept. 1, only 1.26 percent of HAMP modifications had become permanent after the anticipated three-month trial period."

This is on the heads of the banksters. They don't want to modify the loans as they want every red blood cell they can bleed out of the american worker from their usury they manipulated into a bubble. I say have ALL of america stop paying on their homes that are underwater.

That would get their attention. Maybe we NEED a collapse to rebuild it on good principles and not the evil that currently reigns.