Comments on: Explaining the Obama Loan Modification in Simple Terms

By: Michael J Long

Michael J Long — Thu, 24 Dec 2009 12:10:27 +0000

Hello, probably our posting could be off topic but anyhow, Having gone browsing about your weblog and it seems truly neat. It’s obvious you know the subject and you are fervent about it.

By: Sam@Lake Travis waterfront

Sam@Lake Travis waterfront — Wed, 23 Dec 2009 19:11:35 +0000

So who will be buying mortgaged backed securities when the bundles will contain mortgages that are likely to be modified? Nobody, unless they get a higher rate of return. Just one more reason rates are likely to rise.

By: Fred

Fred — Wed, 05 Aug 2009 21:44:43 +0000

According to the guidelines you have listed here I should qualify, the problem is my mortgage is held by Wachovia and they are not a part of the program. Am I out of luck or is there another way to go?

By: Sandy

Sandy — Tue, 16 Jun 2009 05:19:39 +0000

Hey Rodney! Actually a house with a mortgage >$729k is not unheard of, at least in DC and other urban areas where 1 bedroom lofts in the renovated area of Logan Circle were priced at $500k just four years ago. I made the unfortunate mistake of qualifying for a loan for an $800k property in 2005. The property (which is beautifully remodeled) is now worth $550k. Yes, basic subtraction means a loss of $250k. Love bites.
Sandy´s last blog ..The PMP Exam Audit Process

By: Fiona

Fiona — Tue, 16 Jun 2009 02:26:18 +0000

It’s good that you have written this blog to break it all down for people. It can be difficult to understand ‘politician talk’ sometimes!
Fiona´s last blog ..Market Samurai Review

By: RodneyB

RodneyB — Mon, 15 Jun 2009 14:19:30 +0000

Great summary of the requirements for the modification. Helpful simplification… But a mortgage of 729k? That’s a lot of house where I come from
RodneyB´s last blog ..Natural Acne Treatment: Safe And Effective

By: Sandy

Sandy — Sat, 13 Jun 2009 22:09:33 +0000

It would be great if they came out with some additional legislation that can help out folks with rental properties. So far all the mortgage debt relief act and recovery act legislation is only geared toward primary residences. As someone with multiple rental properties that are now worth 100s of thousands less than the mortgage on them, there is nothing out there (not even loan modification programs) that can offer help. .-= Sandy´s last blog ..Setting Goals Is Crucial to Succes =-.

By: Luca

Luca — Sat, 13 Jun 2009 19:34:09 +0000

It’s a step in the right direction. Thanks for the infornmation. This is not easy stuff to understand for most of us so your summary is very helpful
Luca´s last blog ..New PLR Membership Site With A Twist: Resell Rights Fortune

By: Fiona

Fiona — Fri, 12 Jun 2009 05:02:03 +0000

Although some people may not agree with the governments actions – at least they are trying to help? The Australian government has not offered a scheme like the one you discussed…I am sure there would be many out there that would appreciate it. The rate of foreclosure is very high here and lots of families are losing their homes. Interesting reading – thanks.
Fiona´s last blog ..Keyword Research Software and Links

By: Rocque

Rocque — Fri, 12 Jun 2009 00:15:35 +0000

I was listening to the financial report on the radio today while driving, and I heard them talking about the Obama plans to save the economy. Then they played an interview with Arnold talking about how the Government does not have any money to pay state employees in July. What happened to the USA?
So according to your calculations if you can not afford your almost 730K mortgage (yikes who are these people?), the government won’t help you so you might have to down size. I hope they can make the adjustments.

Thanks for this great information. It is really helpful even if I do not quite fit into the requirements.