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Seattle Bubble Forum Archive • View topic - will lenders re-work loans just because house value dropped?

will lenders re-work loans just because house value dropped?

Myth propagated by bitter ignorant renters, or statistical reality ignored by real estate professionals?

Moderators: synthetik, The Tim, Lake Hills Renter

will lenders re-work loans just because house value dropped?

Postby sniglet » Tue Feb 12, 2008 12:09 pm

With all these new mortgage bail-out efforts being announced I am wondering if any of these initiatives will help borrowers who's homes are under-water but are otherwise in sound financial shape and capable of continuing to pay?

Are the lenders finally starting to come up with incentives to encourage borrowers not to walk away? Something like reducing the loan principal to lower than current market value (leaving some equity cushion) would be enough to disuade most borrowers from bailing.

Is this what Countrywide and the group of six ("Project Lifeline") are offering?
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Re: will lenders re-work loans just because house value dropped?

Postby Rhonda P » Tue Feb 12, 2008 12:16 pm

When I watched Paulson this morning, my take is that lenders are so backlogged with potential foreclosures, they're giving themselves 30 more days to process the mortgage and hopefully, the home owner can somehow make it. It's only giving 30 more days to those who are all ready 90 days delinquent on their mortgage.

I think this is just spin from the banks to make it look like they're helping home owners. What will 30 days do for someone who is all ready 90 late? Maybe they can borrow money from friends and family?

I hate to sound negative... home owners should contact their lender at the first sign of slipping on their mortgage to make arrangements. Please don't wait until your 3 months late.

Lenders do not want to own homes.
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Re: will lenders re-work loans just because house value dropped?

Postby sniglet » Tue Feb 12, 2008 12:24 pm

sniglet
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Re: will lenders re-work loans just because house value dropped?

Postby rose-colored-coolaid » Tue Feb 12, 2008 2:47 pm

rose-colored-coolaid
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