Homeowners Needing Financial Help (3min.)

[LargoWinch]

The face of a recovery?

Runtime: 3min.
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[tofu2u2]

Re: Homeowners Needing Financial Help (3min.)

The face of a recovery?

No because these are the lucky few who have been able to modify their payments. There are so many others who haven't been able to modify thier payments.

[Wild Style]

Re: Homeowners Needing Financial Help (3min.)

@ 1:15 a man mentions he has no job, is living on savings and is seeking a home mortgage modification. I think that is the real story. How many of these people will get mortgage mods just to default at a later time because of a lack of sufficient funds?

[swgprop]

Re: Homeowners Needing Financial Help (3min.)

@ 1:15 a man mentions he has no job, is living on savings and is seeking a home mortgage modification. I think that is the real story. How many of these people will get mortgage mods just to default at a later time because of a lack of sufficient funds?

The vast majority will eventually redefault:



Fitch Ratings estimated a “conservative” projection of 65% to 75% of subprime delinquencies of 60 days or more that will re-default after 12 months post-modification.

The mod programs currently offered will be a failure. They don't address the issues of negative equity, excessive debt, unemployment. Sad to see desperate people churning through their savings trying to keep their homes. They need to do what is best for themselves and move on.

[LargoWinch]

Re: Homeowners Needing Financial Help (3min.)

...Sad to see desperate people churning through their savings trying to keep their homes. They need to do what is best for themselves and move on.

You right swgprop.

If the banks get their bail out, that is the least they can do: walk away with their savings.

Actually, I think these upside-down "homeowners" should live "rent free" until you get kicked out of the house. No thrashing the place however - that is just stupid.

[Wild Style]

Re: Homeowners Needing Financial Help (3min.)

Man Eric J. must be a psychic. I remember in one thing he wrote he said, as this thing drags on, he expects readership to drop off as the reality of this depression gets worse. I find myself coming here less and less. Its just to much to take in sometimes. Thank God I still have a job and actually started cutting expenses and such a few months back so I am in good shape, but still I can't help but feel sorry for some of these people. They were setup to fail from the beginning.

The mod programs currently offered will be a failure. They don't address the issues of negative equity, excessive debt, unemployment. Sad to see desperate people churning through their savings trying to keep their homes. They need to do what is best for themselves and move on.

you have to remember, these people have been told repeatedly that owning a home is what they are supposed to do. People on this forum take for granted their ability to see past marketing and the psychological warfare that govt. and industries have engaged in against John Q public. One lady I know who is about to lose her home due to adjustable mortgage resetting told me if she had to do it all over again she would because owning a home is everyones dream. I was reall shocked at the lack of intellectual deduction put into coming up with such a conclusion, but I guess the hype machine did what it was supposed to do.