Comments on: Mortgage Modifications - Very Ugly Re-Default Statistics

By: inline

inline — Mon, 09 Feb 2009 23:13:27 +0000

I suggest that before anyone attempts a “short sale” they should check with a qualified tax attorney or a tax accountant, preferrably a CPA, my understanding is that you would be taxed either as ordinary income or as a capital gain on the portion of the mortgage that was forgiven.

By: Andre

Andre — Wed, 03 Dec 2008 17:03:51 +0000

But the point is 500 were able to keep their property!
I think that number makes it worth the effort?

Right???

A 50% success rate is fantastic in my book!!

Right???

There’s enough investment opportunities for all of us.

By: Chris

Chris — Wed, 19 Nov 2008 19:40:29 +0000

One of the things about Barney Frank and Dodd both is getting as much attention on anything else so they don’t get investigated. The two of them are at the heart of the current mortgage meltdown and they know it.
Does McCarthy ring a bell in anyone’s head?

Once again it is a government regulation that requires the banks to wait until you are 90 days behind before they can do anything for a customer. Do you hear any talk by those idiots Frank or Dodd to change any of that? NO!
Chris B

By: jeff

jeff — Wed, 19 Nov 2008 17:59:23 +0000

The problem with loan mods and their failure rate is due to the fact that most institutions are not willing to modify any terms until the borrower is 90days late. That leaves all the people fighting to pay the mortgages, and doing so, at the back of the line. Barney Frank wants those 90+ day lates to go to the front of the line for loan mods (idiot). All that tells borrowers is to default, as they won’t get any assistance until they do!! Brilliant ideas coming out of the govt…

By: kalimah

kalimah — Wed, 19 Nov 2008 16:27:32 +0000

Wow, it’s a hard pill to swallow. I guess it’s a wake-up call that not everyone is financially/mentally prepared for the “american dream of home ownership”. Although we would like to think that everyone who wants a home, should own one, this seems to be evidence to the contrary.
Thanks for the wake-up call.