Mortgage re-defaults rise with no sign of slowing

Been there done that at 09:54 2008-12-23 said:

:oops: Lets just say that the high default rate is because the banks and lenders just don't want to give it up! I have seen sooooooooooooo many examples of the lender being a jerk with loan modifications it has become a joke. Wachovia, Fidelity, Countrywide are just a few. Wachovia will not issue a loan modification if done through a 3rd party, Fidelity has increased payments trying to get the amount past due back and countrywide will not negotiate on any of their seconds, even if they are upside down several hundred thousand dollars. Lenders say they are modifying, and they are but to their benefit on a hope and prayer the customer will pay. How about a loan modification blog that can show how stupid these modifications are and identifies the lender? Example, actually real example, customer owes 544,000 on a negative am loan. Rate is actually 7.9%. Value is 375,000 and they refuse to modify or do a principle reduction. Customer is going to walk! is this where our bail out money is going to go???? Permalink

taps65 at 05:33 2008-12-24 said:

Repudiate loans originated by fraud and predatory lending. Modifications and refinancing only conceal debt rife with unjust enrichment and undue taxation. Of course we will be hearing failures for months to come. Loan mods were not meant to be sustainable and suitable. They were made to be the final "exotic" loan program before recycling the working poor. Permalink