Comments on: Hope Now Reports Record Loan Modifications in October http://blog.HomeForeclosureAdvisors.com/2008/12/12/hope-now-reports-record-loan-modifications-in-october/ Loan Modifications Stop Foreclosure with Lower Mortgage Rates...One Modification at a Time Tue, 19 Jan 2010 05:00:25 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: My Loan Mod Story http://blog.HomeForeclosureAdvisors.com/2008/12/12/hope-now-reports-record-loan-modifications-in-october/comment-page-1/#comment-179 My Loan Mod Story Wed, 13 Jan 2010 16:14:41 +0000 http://blog.HomeForeclosureAdvisors.com/?p=84#comment-179 Thanks for this - I've been struggling to get prepared with my loan modification process and trying to get a good understanding of everything I need to have in order. It's been stressful but I've found some great resources like this and am grateful. Thanks for this – I’ve been struggling to get prepared with my loan modification process and trying to get a good understanding of everything I need to have in order. It’s been stressful but I’ve found some great resources like this and am grateful.

]]> By: DICK HATZENBUHLER http://blog.HomeForeclosureAdvisors.com/2008/12/12/hope-now-reports-record-loan-modifications-in-october/comment-page-1/#comment-151 DICK HATZENBUHLER Sat, 27 Dec 2008 20:25:01 +0000 http://blog.HomeForeclosureAdvisors.com/?p=84#comment-151 I don't own a home, so I guess I'm lucky, but some of my kids do and are generally in trouble. I just saw Ms. Schwartz on Bloomberg TV and I commend you for your great work. OTOH I continue to be surprised that the lenders are not willing to go even farther - the alternative is foreclosure, with commonly a very large loss of money when the property is sold for far below its former value and often after a long delay. I have heard on the news that the sale of bundled, securitized mortgages creates a fragmentation of ownership of each mortgage which leaves nobody with authority to change the terms. In the early days of the TARP money, I hoped that if the government bought those securitized loans they would become the single owner which has been absent, and facilitate renegotiation of loans. That does not seem to be happening. Indeed, I realized from the beginning that it might be far too simplistic to assume that the government could reassemble all the broken parts of any single mortgage. OTOH, if the borrower cannot pay, everybody knows that the lender can foreclose, and then the original contract has nothing to do with the house; then the loan servicing party would be free to sell the house for whatever it would bring, and the new loan would have nothing to do with the old one. Oddly enough, right after Ms. Schwartz was on Bloomberg, a man named ALTAIR M. GOBO, a financial planner, was on Fox News saying that he agrees that lenders are more incined to give help to people who are failing to pay, but it seems they would do well to give relief to people who are only almost in trouble - hoping to avoid foreclosure. I don’t own a home, so I guess I’m lucky, but some of my kids do and are generally in trouble. I just saw Ms. Schwartz on Bloomberg TV and I commend you for your great work. OTOH I continue to be surprised that the lenders are not willing to go even farther – the alternative is foreclosure, with commonly a very large loss of money when the property is sold for far below its former value and often after a long delay. I have heard on the news that the sale of bundled, securitized mortgages creates a fragmentation of ownership of each mortgage which leaves nobody with authority to change the terms. In the early days of the TARP money, I hoped that if the government bought those securitized loans they would become the single owner which has been absent, and facilitate renegotiation of loans. That does not seem to be happening. Indeed, I realized from the beginning that it might be far too simplistic to assume that the government could reassemble all the broken parts of any single mortgage. OTOH, if the borrower cannot pay, everybody knows that the lender can foreclose, and then the original contract has nothing to do with the house; then the loan servicing party would be free to sell the house for whatever it would bring, and the new loan would have nothing to do with the old one.

Oddly enough, right after Ms. Schwartz was on Bloomberg, a man named ALTAIR M. GOBO, a financial planner, was on Fox News saying that he agrees that lenders are more incined to give help to people who are failing to pay, but it seems they would do well to give relief to people who are only almost in trouble – hoping to avoid foreclosure.

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