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Reflections Aftermath Subprime Loan Modification Is Light At The End Of The Tunnel
Loan modification is a new way to save your home with a view to using the usual techniques of debt mitigation cleaning / loss for previous years. Never before have we seen such a surge in foreclosures and pre-foreclosures. The old adage "power in numbers" is true for distressed homeowners.
Many Americans were boiling in the rescue of 700 million dollars in the last plan / recovery. You and I are ultimately left taxpayers to foot the bill for the mistakes of the banks. Good, bad or indifferent to, no one has complained that their stimulus checks. I did not get a stimulus check, and agree with the government not to give me one. Of course, an additional $ 600.00 would have been nice but not necessary. I passed the income threshold for filing my status.I not believe my taxes should go to help the less fortunate, and has a family who may be losing their homes. The stimulus check of $ 600.00 can help a homeowner in trouble, but probably not keep up with bills
In the current economic situation is very easy to get caught in debt. The government credit vein stopped.Now steps and do what Americans do. Helping the poor, the tired, hungry and those who may face foreclosure. When I asked one of my clients, "Why do you borrow against your home when you only 450K 45K a year?" His answer was simple: "I do not think the bank would allow me to borrow more than they could afford." I would have thought a lot if you do not have the advantage of being a prime bank. The entire scenario is remincient "Friends do not let friends drive drunk" campaigns. One would think that your bank will not let you borrow more than they could afford, right? Like the friend who let a friend drive drunk, right? Poor
Banks are not your friends, they are about to take your money and do more of it. In the early stages it was lucrative to allow people to borrow more than they could afford. And banks made more money by selling these loans into securities backed by mortgages on the secondary market. Why? Because investors had no idea what they are buying or risk. They only knew that they had taken to protect them in a standard and trade loans. After all, the bond ratings of AAA stautus. Fast forward to near-collapse of ING, Bear Stears, Merrill, etc. .. They were the underwriters of derivatives. So if they become insolvent, there is no choice but to go back and rework loan portfolios.