Fewer Loan Mods: Unanticipated Bailout Fallout?

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If anyone needs help with their mortgage, go to www.HomeownerReliefUSA.com to learn more about loan modifications.

Shawn Anderson of CO 2:00PM October 17, 2008

We don't own a house, can't afford it. What about us. How is this helping renters who can't afford their rent. We have a pretty low rent rate at $1300.00 a month, very low by Maui standards. We handled it well up til now. We live in Maui, Hawaii and its nice usually, but lately its gotten so hard for us. We work two jobs and are happy to have those two jobs. Many, many friends and family around us are being laid off. Our hours cut back, whats next. I'll tell you, we went to the food bank because we couldn't afford food, only to be turned away. NO FOOD. We don't receive food drops in Hawaii, food banks rely on donates which is not happening. It was disappointing when our nation could drop food in China but what about us. Gas reaching an all time high, its barely come down and won't come down enough to make ends meet. I hate telling my children sorry we can't afford that, Milk, bread, etc. such a needed item for them. Our problem is, we make just a little to much for food stamps but not enough to keep our bills and living quarters current. What happens to the barely making it people, who is trying so hard. WE NEED HELP!!! HELP US, YOUR PEOPLE, NOT OTHER COUNTRIES!

Caught in the Middle of HI 4:37AM October 17, 2008

Following the 2008 run for the White House, careful now, notice I did not use the term 'Presidential' or 'Campaign', as a keen, but occassional observer of the political electioneering process, I can't help but think back to the last two such processes, namely, the 1992 race for the presidency, between an incumbent George (H.W.) Bush and Bill Clinton. Incidentally, the encumberred and defunct slogan of 'NO MORE TAXES', later rephrased to 'NO NEW TAXES' by the incumbent George Bush, just to fool the voters and win the election still reverberates. Interestingly, I, not only followed the campaign speeches and promises of the candidates, but recorded them. One thing I still notice is that 'WHEN CANDIDATES OR EVEN A PARTY HAS NO BETTER THING TO OFFER, THEY RESORT TO FEAR MONGERING, AND MUDSLINGING CAMPAIGN TACTICS. This, unfrtunately, has been the Repulican Campaign Style. Their main slogan has always been 'The Democrats will raise your Taxes'. The truth is that for the republicans to keep harpping on taxes they would have seen the obvious and innevitable need for such tax hike but would not be honest and bold enough to confront the voters with the truth about the state of things (the economy). They keep painting a Rosey, but false picture. One thing the voters usually fail to understand or ask questions about is, after all these deceptive and fallacious claims and promises of no tax hikes, how can anyone justify the hikes we see in the toll bridges, subways, bus tokens, college tuitions, and the list goes on-----? or is it simply that these hikes do not go by the name of "Income Taxes", they are not considered burdensome to the hard working citizens of this country, who toil daily trying to take care of their families? Again, this brings me back to the 1992 presidential campaign which, as I mentioned before, I was able to record some of the campaign speech(es) by Bill Clinton. He, as President Bill Clinton, is the only one I still remember, in my nearly three decades living in the US, who kept and even went beyond 'ALL' his campaign promises, whether it was rebuilding the economy, or balacing the budget, creating a bouyant economic surplus, or helping the break-away Soviet Republics integrate into the global economy, and helping Russia to revamp its own economy by dismantling and converting their old war machines (the Tankers) into Agricultural/or Industrial Machinaries, also creating jobs, jobs, and jobs here, in America. Unfortunately, the republicans and, of course, the "Clinton haters" would not give him credit for the economy, they rather credited it to Reaganomics program, this was so foolish and absurd. The question people forgot to ask was why couldn't the same Raeganomics work for George H.W Bush, four years before President Clinton?
In 2000 elcetion we saw the Florida vote rigging by Republican operatives against Al Gore a Democrat. Now we see how, in the debates and campaings, John McCain keeps muddling up issues with no specifics.

Austin Azu. Nwankpa of NY 12:53AM October 17, 2008

Following the 2008 run for the White House, careful now, notice I did not use the term 'Presidential' or 'Campaign', as a keen, but occassional observer of the political electioneering process, I can't help but think back to the last two such processes, namely, the 1992 race for the presidency, between an incumbent George (H.W.) Bush and Bill Clinton. Incidentally, the encumberred and defunct slogan of 'NO MORE TAXES', later rephrased to 'NO NEW TAXES' by the incumbent George Bush, just to fool the voters and win the election still reverberates. Interestingly, I, not only followed the campaign speeches and promises of the candidates, but recorded them. One thing I still notice is that 'WHEN CANDIDATES OR EVEN A PARTY HAS NO BETTER THING TO OFFER, THEY RESORT TO FEAR MONGERING, AND MUDSLINGING CAMPAIGN TACTICS. This, unfrtunately, has been the Repulican Campaign Style. Their main slogan has always been 'The Democrats will raise your Taxes'. The truth is that for the republicans to keep harpping on taxes they would have seen the obvious and innevitable need for such tax hike but would not be honest and bold enough to confront the voters with the truth about the state of things (the economy). They keep painting a Rosey, but false picture. One thing the voters usually fail to understand or ask questions about is, after all these deceptive and fallacious claims and promises of no tax hikes, how can anyone justify the hikes we see in the toll bridges, subways, bus tokens, college tuitions, and the list goes on-----? or is it simply that these hikes do not go by the name of "Income Taxes", they are not considered burdensome to the hard working citizens of this country, who toil daily trying to take care of their families? Again, this brings me back to the 1992 presidential campaign which, as I mentioned before, I was able to record some of the campaign speech(es) by Bill Clinton. He, as President Bill Clinton, is the only one I still remember, in my nearly three decades living in the US, who kept and even went beyond 'ALL' his campaign promises, whether it was rebuilding the economy, or balacing the budget, creating a bouyant economic surplus, or helping the break-away Soviet Republics integrate into the global economy, and helping Russia to revamp its own economy by dismantling and converting their old war machines (the Tankers) into Agricultural/or Industrial Machinaries, also creating jobs, jobs, and jobs here, in America. Unfortunately, the republicans and, of course, the "Clinton haters" would not give him credit for the economy, they rather credited it to Reaganomics program, this was so foolish and absurd. The question people forgot to ask was why couldn't the same Raeganomics work for George H.W Bush, four years before President Clinton?
In 2000 elcetion we saw the Florida vote rigging by Republican operatives against Al Gore a Democrat. Now we see how, in the debates and campaings, John McCain keeps muddling up issues with no specifics.

Austin N of NY 12:44AM October 17, 2008

I'm 57 years old!
Been in my home almost 20 years.
Borrowed against it with a new mortgage and a line of credit then eat up 90% - 95% back into the house.
I have a 5 year old and her mother is an adversary living in my home.
Put an extension and redid the house so that my daughter could stay near me.
Now seems like such a Naive idea!
I pay all the bills or at least used to AND now I've been feeding my daughter with the help of friends and extended family to also pay a bill here and there. The Priority gets tougher every day and the hand outs are drying up too.
I USED TO BE THE GUY OTHERS BORROWED FROM!
Was a bartender for thirty years and thought i was a Realtor during the day :)
8 years ago I changed from Real Estate Broker Associate focus to learn a new career in Appraisals.
Worked 14-15 hour days as an apprentice with a fast growing Appraisal company for $125 a day.
When had enough of that abuse went to work as a Certified Licensed Appraiser for other Appraisers who had more than they could handle.
Was old enough to know that I didn't know what i didn't know so continued to work for others. When felt comfortable enough went out on my own...within six months the bottom fell out of the market.
Now in between I married a woman with a 9year old who told me she couldn't have any more children and just wanted to help in order to have security for her son.
I'm not allowed to say a word to the kid in guidance without being accused of abuse.
The boy knows the difference and is basically a good kid but now he's a teenager who simply cares about nothing but himself
My daughter came along and is the single greatest gift from God that anyone could even imagine. Used to think there was nothing better than a Labrador Retriever until she came along.
Started working nights in a Restaurant again to bring in some cash.
Three weeks ago that Restaurant closed it's doors and i haven't been able to find another job like it since.
i get one appraisal job here and there when it takes at least 4 or 5 a week to just pay the bills.
I haven't paid my Mortgage in awhile and now close to that on the 2nd [ line of credit is closed of course ]
The fear is of loosing my home and not providing for my daughter is worse than the feelings of shame.
The 1st mortgage company has sent me 3 different Modification offers but each one needs to have accompanying documentation of income.
If i could still show that...would probably still be paying the mortgages.
Have over an acre of flat land which is becoming rare on long Island. A few of my Neighbors have similar lots and we just had a rough draft of four or five build able lots if we join our land.
It would take 2 years in this town before we could build.
2 years ago the line of Credit bank did a drive by and Appraised this house for $700k
....
Is there anyone out there that can really help or is interested in a short sale for the potential here.
Ed

Ed of NY 10:47PM October 16, 2008

Who is responsible for the windfall reaped by the banking industry ? Who reduced the conditions to obtain mortgages?The government stops the monopolistic movement in big business except....B_ _ king .Which big business owns the most and tallest skyscrappers on the primest land in the country ?
ANSWERS They are . They did.Unchecked Banking .Banks .
Bailedout doesn't mean help to the needy ,obviously.
Loan modification means relief to homeowners caught in this declining debacle brought on by bad banking decisions . Remember the Bank of New England back at the end of the eighties? Banks still are not policed properly .What's changed?
The politicians are dancing around the responsibility issue because they don't want to offend the greed machine.Put tighter restrictions on the decision making now ,mandatory if necessary.
Loan modification should be the first line of a working effort by these botttom feeding scoundrels .People need help now and any banker worth his salt should know that stepping up to help will make them shine in the heart of those helpful deeds.Modify,modify,modify ,it cries to the commonest of sense.
Example ....House was bought for 200K 90%
financing @ 7% Interest ARM 2 yrs(2006)
House appraised for 200K then
the same house is now worth 160K the
Interest rate has climbed to 11%
the equity is too low after two years to refinance
the profit margin for the first two years (almost all interest with little reduction of principle)is huge .Bankers know this!!!
These people for whatever reason(loss of job,mortgage increased
illness,other simple honest reasons)cannot keep up their payments . Hey bankers jump in with a thing called decency.
Some people should be helped though a case for all might be hard to make.This simple process (modification) takes little time and effort .
Common Decency skould be part of the banking creed .