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HeadSet
2009 Sep 19, 12:22pm
From the link:
One of the questions asked to determine qualification for the loan mod is:
4. Does your current payment equal more than 31% of your gross monthly income? (including principal, interest, taxes, insurance and homeowners dues?)
If the answer to that question is "True," and you have not had a loss in income, then the next statement should be:
"Stand over there with your spouse and Banker, so Moe can come over to give the three of you the patented Stooges slap"
If the answer to that question is “True,†and you have not had a loss in income, then the next statement should be:
“Stand over there with your spouse and Banker, so Moe can come over to give the three of you the patented Stooges slapâ€
Totally agreed. I don't want to see anybody homeless or having a nervous break down over a stupid mistake. If the government must step in, rather than bailouts and mortgage write-downs, howabout a program where Uncle Sam acts as guarantor on a lease agreement for folks with wrecked credit scores that had to jump ship.
Instead, it seems like blank check city.
Interesting piece. If this is accurate, it seems like mortgage cram downs/principal reductions might come to pass, after all. Will this also have help those who's rates are about to adjust next year, thereby further distorting the market?
http://myloanmodificationcenter.com/blog/loan-modification-who-qualifies-for-obamas-2-mortgage/
#housing