Trial loan modifications are being canceled at an increasing rate
March 2, 2011 by
Filed under
Buying
Trial loan modifications are being canceled at an increasing rate
* August 30th, 2010 6:40 pm PT
There are still far too many of these signs out there as numbers of home sales continue to drop
Photo: http://www.flickr.com/photos/respres/2539334956/
Lenders are canceling trial loan modifications at an alarming rate. In fact, the number continues to rise so much that Citigroup has canceled the program altogether.
Citigroup, along with B of A had also been offering principal reductions to try to help home owners in trouble, but that program also seems to be offered at a reduced rate as this housing problem continues to plague, not just the U.S., but the world. Stock markets around the world have been in dive mode – the DOW dropped below 10,000 again today. The reason most often cited is the housing problem here in the U.S. which is not only not improving, but seems to be getting worse. People are not buying – while banks are sitting on cash, and tightening lending guidelines at the same time. The rationale, of course, is the fear of more bad loans.
What are some things to do/keep in mind, when buying a new home?
August 20, 2010 by
Filed under
Buying
My family and I have decided to end our renting way of life and buy an affordable and comfortable home for the family. Having great credit, applying to different banks and so on are some of the things we’ve done. But what more could we do and what are some mistakes people usually make when buying a home? Please give some advice on this subject based on your experience of buying home and the do’s and don’ts of home buying. Thank You.
Caffeinated Content
Why Won’t the Bank Do My Loan Modification?
If you got your home loan from Indymac Bank and are hoping to get a Loan Modification from them, you need to look at this video:
The IndyMac Slap in the Face
It’s an eye opening look at why OneWest (they took over IndyMac’s assets) might not have any desire or motivation to do your loan mod and help you stay in your home.
This may not be true for all banks. Take this video with a grain of salt. Some banks are doing right by their customers.
Take a look, and make sure your volume isn’t turned up too high, these guys have had way too much coffee!