PLEASE ONLY POST - Articles, Official Letters, Testimony, Rules and Regs. Moe - perhaps a Sticky is

THANKS2U

THANKS2U

LoanSafe Member
ama125 said:
So, Fannie Mae is requesting more bailout funds... Fannie Mae needs another $10.7B in federal aid - Aug. 6, 2009

Does this increase one's chance for a modification? Wouldn't more money coming in NOW be better than incurring the cost of foreclosure AND hoping to sell that property months (or years) down the road?
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Fannie Mae has not received the 10 Billion yet - But if they do receive the 10 + Billion or whatever amount they get, let us hope the regulators FORCE Fannie Mae to get their rears in gear and start giving FAST VIABLE loan modifications, with NO HASSLES -

Thanks again ama125 - Hope all goes well with your Mod

Is "our" thread a STICKY YET ????????????? !!!!!!!!!!!!!!!!!!!! :):):)
 
SillyWorld

SillyWorld

LoanSafe Member
luvmyhorse said:
Does anyone know what that 25000 means? Does that mean you have to have paid 25,000 in interest, or in principal? I didn't get that front end back end stuff, can anyone explain?
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It means if you are 25,000.00 in back payment to the bank forget about any MOD:eek: at $2000.00 a month if you were 13 months behind that would be 26,000.00 in the hole your out (on the street at that):eek:
 
SillyWorld

SillyWorld

LoanSafe Member
ama125 said:
So, Fannie Mae is requesting more bailout funds... Fannie Mae needs another $10.7B in federal aid - Aug. 6, 2009

Does this increase one's chance for a modification? Wouldn't more money coming in NOW be better than incurring the cost of foreclosure AND hoping to sell that property months (or years) down the road?
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They only need more cash because it is getting close to Holidays they need Bonus and Gift money for there employees:D:eek:
 
pdsfoley

pdsfoley

LoanSafe Member
THanks2u, Thought I would post this here since reading your posts...found out night before last NACA sent emails to BAC employees advertising for jobs...heres the KICKER....they are setting up space in the BAC building!! HOW DOES THAT WORK???!!!
 
THANKS2U

THANKS2U

LoanSafe Member
pdsfoley said:
THanks2u, Thought I would post this here since reading your posts...found out night before last NACA sent emails to BAC employees advertising for jobs...heres the KICKER....they are setting up space in the BAC building!! HOW DOES THAT WORK???!!!
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pdsfoley

It does not work and is clearly an illegal conflict of interest, in my opinion.

Do you have any actual articles or advertising of the NACA jobs being offered to BAC / Bank of America employees ?

If so, please post them here for all to see.

I spoke of this possible travesty happening in secret, but now it appears NACA will do it above board, in order to appear as though they are NOT hiding anything and that it is pefectly fine to have the money thieves, watch over the money vaults...

This is reverse psychology criminal activity at its worst...

Once again, please post any Articles or advertisements, showing NACA employee recruiters and or NACA offices are being set up at which BAC banks, etc

Thank you for your info






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SillyWorld

SillyWorld

LoanSafe Member
L

luvmyhorse

LoanSafe Member
I DON'T TRUST NACA! Everyone here is bragging about them, but they seem like another opportunistic vulture, and now they are moving in with BOA. The proof is in the eating of the pudding!

And of course they will slam all our credit.... they benifit from it. They can raise your interest rates and make a crapload more money on the backend, even though they are "helping" on the front..... and OBAMA is giving them carte blanche to do so!

I voted for him, but now I wonder if I was scammed again!
 
THANKS2U

THANKS2U

LoanSafe Member
ama125 said:
I've posted the credit reporting guidelines already, but here is an article about it:
Credit Reporting Industry?s Decision on Loan Modifications Boxes in Consumers - On the Money - Home & Real Estate - CNBC.com
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Great article ama125

When I read the article it states that SHORT REFINANCES are when your current bank refinances you and also lowers the principal balance -

HECK, maybe we should all ask for that - A simple refi please, at 2 to 3 % fixed and a principal balance reduction to equal our homes current market value... and were DONE !

SIMPLE ! : ) :p
 
A

ama125

LoanSafe Member
THANKS2U said:
Great article ama125

When I read the article it states that SHORT REFINANCES are when your current bank refinances you and also lowers the principal balance -

HECK, maybe we should all ask for that - A simple refi please, at 2 to 3 % fixed and a principal balance reduction to equal our homes current market value... and were DONE !

SIMPLE ! : ) :p
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I found that interesting, too. I had never heard of a short refi (but I'm going to assume that you can't be delinquent so looks like I'd be out of the running on that one!). While I hate the idea of taking a hit on one's credit for a loan modification, if you look at it from the perspective that I signed an agreement to pay back this money and now I am not, than I do deserve some slap on the wrist for it. I'm not saying that I like it, but you can't have your cake and eat it too! I'm just glad that we at least have an option to modify the loan and are given a second chance (if only it were easy to do so ;)).
 
A

ama125

LoanSafe Member
I posted about this before, but here is another article about renting your foreclosed home: Fixing foreclosures with a right to rent - Money Features

So here's my take, if the NPV test favors foreclosure over loan modification, but then they say, "oh, but we don't want to take the chance on foreclosure and it will hurt neighboring home values, so what's the rent at fair market value?", then wouldn't it just make more sense to do the loan modification anyway? What they should do is calculate the rent at fair market value and weigh that against the loan modification payments to determine which one is in the lender's best interest. If I was given the option to pay "X" dollars in rent and it was the same amount as my modified payment, wouldn't I want to take the modification and retain ownership status?
 
S

Skipper

LoanSafe Member
ama125 said:
I posted about this before, but here is another article about renting your foreclosed home: Fixing foreclosures with a right to rent - Money Features

So here's my take, if the NPV test favors foreclosure over loan modification, but then they say, "oh, but we don't want to take the chance on foreclosure and it will hurt neighboring home values, so what's the rent at fair market value?", then wouldn't it just make more sense to do the loan modification anyway? What they should do is calculate the rent at fair market value and weigh that against the loan modification payments to determine which one is in the lender's best interest. If I was given the option to pay "X" dollars in rent and it was the same amount as my modified payment, wouldn't I want to take the modification and retain ownership status?
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I think you spend too much time thinking about stuff :p....

Take the rest of the day off!

Skipper
 
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