2008-07-05 — ml-implode.com
Being forward thinking is key in understanding this mess. Talking about all of this is key because the only way we are going to navigate the murky waters ahead is for everyone to discuss and debate all options, share experiences and help each other out. For that I appreciate all of the responses.
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Good borrowers who put 20% down, went full doc and make their payments every month are being destroyed by crashing values. This is primarily who I am trying to help and who the banks are being very generous with when it comes to mortgage modifications. The borrower who could never afford the loan in the first place and can’t afford it now will not be eligible for a mortgage modification.
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Comments:
mortgagemess at 02:17 2008-07-06 said:
You are right on point. I know a guy right now with 2 mill in MTA loans, who HELCO his way from one property to the next facing foreclosures..should we give him a bailout? Hell no....but the people who did the right thing and put 20% down and went into a home they could afford..why should they sit there and make payments each month when 10 people have moved into the foreclosures in their community for 150-300K less than what they paid or vacant homes of 1/2 their value are bring crime waves into the community..no it is not fair..the lenders played the game, and like many had a few good years of gains that they are now having to give back..they helped to created this mess and the rules of the game..now they need to make some new ones to slow this mess down..lower prices for homes help many but also hurt alot of other people..for those that think everyone should suffer..your wrong.. Permalinkadd a comment | go to forum thread
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