patrick.net

"Paul Salcido of Fresno County said he was willing to do anything to keep his home: "I have a job. I want to pay."

Willing to do anything except make the payments he agreed to make when he signed the loan papers, apparently. :P

Paul certainly blew it... way way overpaid for his home because he believed in the Hype.
So young and so foolish!

Paul Salcido
ITO Regional Operations Representative at HPES

Location Fresno, California Area
Industry Information Technology and Services
Current •ITO Regional Operations Representative at Hewlett-Packard Enterprise Services

Past •Customer Service Specialist at Bank of America
•Senior Team Lead at Alorica
•Business Liaison at Norwalk Chamber of Commerce
Education •ITT Technical Institute - Clovis, CA
•Long Beach City College
Education ITT Technical Institute - Clovis, CA Associate of Science Degree, Computer Network Systems 2007 – 2009
Long Beach City College Music Recording Engineering 2001 – 2003

On the radio a woman got her mortgage lowered from $4,300 to $1,700.

Wow.

Whatever, I guess I'll just get up and go back to work on monday like an idiot.

junkmail says

On the radio a woman got her mortgage lowered from $4,300 to $1,700.
Wow.
Whatever, I guess I’ll just get up and go back to work on monday like an idiot.

Somehow I think there's something else going on here - she didn't just get a 60% principal writedown and get to keep the house, nor did her interest just magically go away. Perhaps there's an enormous balloon payment on the end, or she was moved into another interest only arrangement that will adjust in another few years.

While trying to shortsale my house, my lender (without me asking) offered a modification which reduced the monthly payment by 35%. It's a temporary rate reduction - my guess is that they are hoping I'll be able to refinance with someone else, the value will increase, or some law will rescue them (or me) down the road. We can all assume it was not for MY benefit, of course! According to a lawyer friend of mine, 35% is pretty standard so nearly 60% by playing with the rate (or switching it to interest-only for a short time) doesn't seem unbelievable.

EightBall says

While trying to shortsale my house, my lender (without me asking) offered a modification which reduced the monthly payment by 35%. It’s a temporary rate reduction - my guess is that they are hoping I’ll be able to refinance with someone else, the value will increase, or some law will rescue them (or me) down the road. We can all assume it was not for MY benefit, of course! According to a lawyer friend of mine, 35% is pretty standard so nearly 60% by playing with the rate (or switching it to interest-only for a short time) doesn’t seem unbelievable.

Interesting. They offered reduction without slamming any conditions on you?

I am sick of these 'sob stories' airing on radio, even on NPR news segments.

I want them to ask each of these 'struggling home owners' the following questions:
- how much did they pay for their house
- how much was their annual income
- did they did any HELOC on the house

then, we will get to the bottom of the problem...

Other than changing the terms for two years and requiring additional escrow, there was nothing I would consider a major condition. They wanted some financial info but it didn't take very long for them to make the changes. After two years it reverts back to the original terms. They didn't give me a principle reduction - but their offer was enough for me to take it off the market as two years at the reduced payment is far lower than renting something comparable. I might kick myself in two years but having a house on the market this last year was complete lunacy.

EightBall says

Other than changing the terms for two years and requiring additional escrow, there was nothing I would consider a major condition. They wanted some financial info but it didn’t take very long for them to make the changes. After two years it reverts back to the original terms. They didn’t give me a principle reduction - but their offer was enough for me to take it off the market as two years at the reduced payment is far lower than renting something comparable. I might kick myself in two years but having a house on the market this last year was complete lunacy.

Good for you.

Good battle between CNBC and the CEO of NACA.

http://finance.yahoo.com/video/companynews-18928726/foreclosure-moratorium-s-moral-mess-22408950

EightBall says

Other than changing the terms for two years and requiring additional escrow, there was nothing I would consider a major condition. They wanted some financial info but it didn’t take very long for them to make the changes. After two years it reverts back to the original terms. They didn’t give me a principle reduction - but their offer was enough for me to take it off the market as two years at the reduced payment is far lower than renting something comparable. I might kick myself in two years but having a house on the market this last year was complete lunacy.

Good, i'm saving my money now and will hopefully have a large downpayment to buy a home in a few years when yours and other homes are cheaper.

EightBall says

Other than changing the terms for two years and requiring additional escrow, there was nothing I would consider a major condition. They wanted some financial info but it didn’t take very long for them to make the changes. After two years it reverts back to the original terms. They didn’t give me a principle reduction - but their offer was enough for me to take it off the market as two years at the reduced payment is far lower than renting something comparable. I might kick myself in two years but having a house on the market this last year was complete lunacy.

Good, i'm saving my money now and will hopefully have a large downpayment to buy a home in a few years when your and other homes are cheaper.