Posted by 101livescan on 1/30/09 1:42am
Msg #275962
Loan Modification Scenario
I had a refinance of a property tonight at Chase...the loan officer and I were talking about loan modifications. Here's how he sized it up...
A great number of people were invited to a wonderful cocktail party where lots of free drinks were being offered. A lot of them had too much to drink, and they fell into the swimming pool~ drowning they were thrown styrofoam life rafts.
Those who watched the others sinking or being saved, also got drunk and fell into the pool to see if they too could be saved.
There are no warrantees, implied or expressed, a lot of them just drowned after sinking.
Pretty much sums up the loan modification "pool".
All these companies charging these bogus fees to collect info from borrowers are offering life rafts, which may or may not be instrumental in getting the drowning party to safe shoreline.
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Reply by janCA on 1/30/09 11:03am
Msg #275987
So what is your point? Any borrower who opts for a loan mod will still lose their home? I did three last weekend, the borrowers were thrilled. Yes, there's always a price, nothing is free but you could just see the relief on their faces. It still boils down to being responsible and living within your means and sacrificing. I believe our society is finally opening their eyes to this and it's about time.
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