Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
tried this about 6+ months ago along a similar vein - lender takes all profit (if any) for the 1st 10 ars after refinancing the mortgage (i.e. lower interest rate at current market rate would've worked fine) if the house sells, and then it reduces to 50% after that.
lender wouldn't work with me at all.
they (SDCCU) ate about $140k in losses
your idea is good. its' getting a lender to do it that will probably never work
You guy's in California really got it tough!! Due the SB 94 effectively deprives California’s homeowners from being able to engage legal representation. SB 94 makes it a crime for an attorney to represent homeowners punishable by incarceration simply for being paid for work to be performed just like every other attorney in the State of California is allowed to do, yet it allows banks and their employees, i.e. attorneys working for the banks, to unlawfully and unconscionably take advantage of property owners in foreclosure.
Again SB 94 makes it impossible for homeowners to get attorney, while the bank has their attorneys looking to reclaim as much profit as possible out of the homeowner - it is totally unfair...!!!
I remember a couple of uses years ago, I couldn't believe that law, it was definitely one sided (the side where the lender had all the control). Who wrote that bill again? Senator Caldron the Chairman of the Senate BANKING Committee. Right way I see a conflict of interest, somebody in your state should question that.
The main reason for this was to prevent people from getting scammed. What that bill cause was a surge in foreclosures in your state.... Yes it prevented people from being scammed, now it's worst people are falling victim to their banks because of SB 94....
..
Last edited by Modification Specialist; 12-23-2011 at 10:32 AM..
I predict a ticketing time bomb is going to explode within the next few years, the next wave of foreclosures across America...
Homeowners initially having interest rates that were below 7 percent. A major majority are receiving temporary lower interest rates before recasting back to what they had.
A "big" problem homeowners don't understand, the missed payments get added to the loan. After many months of non payments, when they get their reduced interest rater, initially they can have lower payment. But when the interest rate starts changing, because of the larger balance, will result in a higher payment. This will eventually cause them to default again.....
It seems that many of the folk who thought housing was a one way ticket to easy street now expect a get out of debt jail free card. And when this is not forthcoming, it's all about the nasty banks and government. Perpetual " not understanding" is often an excuse for not taking responsibility.
It's like blaming Mc Donalds cause we are fat, the tobacco companies cause we are addicted to cigs, bars because we cannot drink in moderation or casinos because the odds are always in their favor.
You guy's in California really got it tough!! Due the SB 94 effectively deprives California’s homeowners from being able to engage legal representation. SB 94 makes it a crime for an attorney to represent homeowners punishable by incarceration simply for being paid for work to be performed just like every other attorney in the State of California is allowed to do, ...
Again SB 94 makes it impossible for homeowners to get attorney, while the bank has their attorneys looking to reclaim as much profit as possible out of the homeowner - it is totally unfair...!!!...
..
Hmmmm, I see nothing in the civil code (SB 94) that precludes the homeowner from using an attorney. It does restrict when and how they can be compensated, but you can still use one. The intent of the bill was to go after loan modification companies that were scamming homeowners.
Banks destroying Cleveland. Foreclosing on homeowners but refuse to take title and maintain properties. Property values plummet, and the city forced to bulldoze abandoned bank properties. From 60 Minutes:
Irresponsible lending and borrowing go hand in hand.
Poor guy who lived in home 23 years lost it to foreclosure is only a part of the story. I want to hear about the premature equity he withdrew and where did all that money go? Maybe he used it to prop up his restaurant business. Maybe he had medical bills? Or maybe he just blew it on stuff to make himself feel good in the moment.
How does anyone reasonably determine who is eligible for a write down of their loan balance? What percentage of folk will still default? What about the overwhelming majority who are current with their mortgage or own free and clear because they made better choices?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
