What's Behind the Foreclosure Decrease

Reader Comments
Back to blog

I have tried to get loan modification and refinancing. My mortgage that i am current on is way more than my house is currently worth as are hundreds of thousands around the country. I have attempted several times to contact my lender to work on a deal. I cannot get a straight answer from anybody. When I call my mortgage company's 800 number, I know I am talking with somebody in India and I get a confusing, convoluted, response that leaves me with not much choice. My mortgage company is not willing to help.
This housing situation was not created by me. I have been paying my payments for over 17 years. I feel that absolutely everybody involved in the housing of our society is dishonest and has created this, especially the politicians and bankers with their lip service.
The point I am trying to make is this. I'm a good person willing to continue making my payments, but where ever I turn to get a little help, I run into a wall. I'm ready to pull the plug and let the bank have the house just out of complete frustration!!

Rich A of CO 12:34PM October 14, 2010

Where I live in South Florida is notorious for the absolute real estate mess.
Adjustable rate mortgages are coming due and rates will icrease to the maximum allowable by the agreed upon loan.
Mortgage Menders is a Wilmington, NC-based consulting group which was able to negotiate with my two lenders on both of my properties for more favorable terms and payment plans, which saved me from foreclosure.
Very positive experience, well-trained and worth the money and time I spent researching them. A link to contact them is below.
Office no. 910-509-7172
http://www.facebook.com/pages/Wilmington-NC/Mortgage-Menders/118062278245833?ref=ts

Corey W of FL 3:39PM August 17, 2010

I had worked my entire life The first 15 yrs,commonly 2 or 3 jobs to make ends meet, always paying my share of f.i.c.a. & s/s + state & fed. tax. Now after NO-DOC liar loans got people in homes with no money down & they have gone bankrupt and they have gotten loan modification for their mortgages.They are living with thousands of dollars of luxury items they never paid for.Yes from Michigan to Ohio to N.Y. to Fl.the game is the same. Retirees struggle to survive these spoiled people live above their heads & decent people pay for it.

Green man of NY 1:19AM April 26, 2010

Are Dennis of CA and Anthony of IN saying that with a current FICO of 550 a want to be home owner can get a home financed with no money down? Last time I checked most wanted at least around 625 or above. This was true also with the VA that is supposed to be helping Vets. Please tell me where this score is acceptable. Thanks.

Sue Camargo of WI 8:52AM February 22, 2010

No one complaint brought real estate as investments which ran up real estate up 10 to 20% per year. They gave every individual an opportunity to own a home with a 550 credit score and no money down. Now that we have a recession and a housing slump. We are now helping out all these people that brought real estate as a investment. The Government is just rising our taxes to pay for it.

Dennis of CA 1:11PM February 21, 2010

It's funny no one complaint when we saw real estate investments run up 10 to 20% per year in certain pockets around the country and we gave every individual an opportunity to own a home with a 550 credit score and no money down. This nationalistic program lasted 10 years, now your suprised we have a recession and a housing bomb. This mess will continue for the next 5 to 8 years, regardless of what the economist and so called experts want you to hear. Welcome to the new normal my friend. Your property values have dipped 10 to 30%, no matter how nice you think your home is. Also expect your property taxes to go up, some one has to pay for the schools and declining infrastructure, it is common sense economics.

Anthony of IN 11:04AM February 21, 2010

The Obama administration appears to have the presumption that the high home prices during the bubble are realistic. This action will end in one of two ways: The inevitable national home price readjustment (circa 1999) will be deferred at a later date.
Or most likely, the Obama administration will succeed in devaluing the dollar, to attain peak bubble level home prices.
Winners & Losers
Winners
The main beneficiaries of these actions are the financial institutions. (Too big to fail.)
The Fed wins, as they are now one of the biggest mortgage paper holders and have vested interest in higher home prices.
Losers
Fiscally prudent individuals are the ones who will be punished the most.
Think not, look at the interest rate your savings are generating.

David Dangerman of CA 9:26AM February 21, 2010

I agree with Mr. Spinardi Comments. I also see the effect in my modification clients, but i'm seeing that the commercial sector rentals are now experiencing business closings in retail and office rentals. These commercial property owners also need help. The main problem with the commercial modifications is that the property owners must be in arrears on their payments before the bank considers them for the modification. We think the banks should consider case by case situations to prevent the property owners from going into a pre-foreclosure status.

Joseph P. Nicola Esq. New Jersey of NJ 4:41PM February 20, 2010

Our company has seen an expansion of pre-foreclosure clients that are self employed. Business owners are currently not able to make the same incomes they experienced 4 years ago. Sixty percent of our clients that come into our office for mortgage modifications are self employed. Twenty five percent are landlords with income producing properties. Landlords are experiencing tenants who are getting laid off and not paying rents on their residential properties. The economy is getting worse and our modification business has gone up 400% over the last 120 days. But I must say most banks are getting the job done and completing a much higher percent of mortgage modifications over the last 90 days.
Charles Spinardi Esq. New York City

Charles Spinardi Esq. of NY 4:25PM February 20, 2010

what protection to hard working people that cant pay there curent property taxes because of losws of jobs?
they may have paid for many years,but duelossof job could face tax sale in two years.
WHY?????

joe pilewsky of FL 10:32AM February 14, 2010