Comments on: Home Equity: Why 2015 is the New Zero http://blog.hsh.com/index.php/2009/11/home-equity-why-2015-is-the-new-zero/ Things you should know about consumer news and finance. Thu, 09 Feb 2012 13:21:21 -0800 http://wordpress.org/?v=2.8.5 hourly 1 By: Compare Mortgages http://blog.hsh.com/index.php/2009/11/home-equity-why-2015-is-the-new-zero/comment-page-1/#comment-56540 Compare Mortgages Fri, 19 Feb 2010 07:27:00 +0000 http://blog.hsh.com/?p=7146#comment-56540 We are $200,000 (60%) underwater on a lot and the lender wasn't excavation with us on a mod (it was finance ppty). The judge was 8% and after stipendiary it for 5 life we could neither delude nor give it. After threatening Ch 13 we got a 2% evaluate, $1400 petty defrayal). Flatbottom tho' it's not a player reduction it gave us a lowly payment than we would hump had at the 8% rank with a $150 k reaction. And when we can afford it we'll verbalize the superfluous $ at it until it's exhausted. Corpus reductions seem unworkable because they are so dirty to those who don;t groom for mods, can't see that event on a significant metric. =========== jonsmit We are $200,000 (60%) underwater on a lot and the lender wasn’t excavation with us on a mod (it was finance ppty). The judge was 8% and after stipendiary it for 5 life we could neither delude nor give it. After threatening Ch 13 we got a 2% evaluate, $1400 petty defrayal). Flatbottom tho’ it’s not a player reduction it gave us a lowly payment than we would hump had at the 8% rank with a $150 k reaction. And when we can afford it we’ll verbalize the superfluous $ at it until it’s exhausted. Corpus reductions seem unworkable because they are so dirty to those who don;t groom for mods, can’t see that event on a significant metric.
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jonsmit

]]> By: Tim Manni http://blog.hsh.com/index.php/2009/11/home-equity-why-2015-is-the-new-zero/comment-page-1/#comment-52422 Tim Manni Tue, 02 Feb 2010 15:30:59 +0000 http://blog.hsh.com/?p=7146#comment-52422 s2kreno, Thanks for commenting. When it comes to mods, it's all about the lender weighing the costs -- what's going to work out best for them (financially). At least with a lower interest rate, the lender can still collect some interest. If they carve off a sizable chunk of your principal, that's thousands the lender can no longer collect interest on. The lenders can still collect interest, and your lower rate makes it seem like you've got a principal reduction. If you were a lender would you agree to a principal reduction? Thanks for commenting, hope to hear from you again soon, Tim s2kreno,

Thanks for commenting. When it comes to mods, it’s all about the lender weighing the costs — what’s going to work out best for them (financially). At least with a lower interest rate, the lender can still collect some interest. If they carve off a sizable chunk of your principal, that’s thousands the lender can no longer collect interest on. The lenders can still collect interest, and your lower rate makes it seem like you’ve got a principal reduction.

If you were a lender would you agree to a principal reduction?

Thanks for commenting, hope to hear from you again soon,
Tim

]]> By: s2kreno http://blog.hsh.com/index.php/2009/11/home-equity-why-2015-is-the-new-zero/comment-page-1/#comment-52252 s2kreno Tue, 02 Feb 2010 00:20:38 +0000 http://blog.hsh.com/?p=7146#comment-52252 We are $200,000 (60%) underwater on a lot and the lender wasn't working with us on a mod (it was investment ppty). The rate was 8% and after paying it for 5 years we could neither sell nor afford it. After threatening Ch 13 we got a 2% rate, $1400 lower payment). Even though it's not a principal reduction it gave us a lower payment than we would have had at the 8% rate with a $150 k reduction. And when we can afford it we'll throw the extra $ at it until it's gone. Principal reductions seem impracticable because they are so unfair to those who don;t qualify for mods, can't see that happening on a large scale. We are $200,000 (60%) underwater on a lot and the lender wasn’t working with us on a mod (it was investment ppty). The rate was 8% and after paying it for 5 years we could neither sell nor afford it. After threatening Ch 13 we got a 2% rate, $1400 lower payment). Even though it’s not a principal reduction it gave us a lower payment than we would have had at the 8% rate with a $150 k reduction. And when we can afford it we’ll throw the extra $ at it until it’s gone. Principal reductions seem impracticable because they are so unfair to those who don;t qualify for mods, can’t see that happening on a large scale.

]]> By: Tim Manni http://blog.hsh.com/index.php/2009/11/home-equity-why-2015-is-the-new-zero/comment-page-1/#comment-37048 Tim Manni Mon, 30 Nov 2009 16:01:38 +0000 http://blog.hsh.com/?p=7146#comment-37048 Tycoon, You're probably right. Thanks for the comment. -Tim Tycoon,

You’re probably right. Thanks for the comment.

-Tim

]]> By: tycoon cashflow http://blog.hsh.com/index.php/2009/11/home-equity-why-2015-is-the-new-zero/comment-page-1/#comment-36922 tycoon cashflow Sun, 29 Nov 2009 21:25:33 +0000 http://blog.hsh.com/?p=7146#comment-36922 Oh well, in the end it's the taxpayer that is going to pay all these debts. Sad but true. Oh well, in the end it’s the taxpayer that is going to pay all these debts. Sad but true.

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