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They will just re-modify the loans.
I wonder if this could be of use to those in the mental health professions.
A case study in the power of denial.
The more obvious that which is being denied becomes, the stronger the denial gets until one day
SNAP.
LMAO!!
I had heard once that people who took out equity to pay off credit cards end up in the same debt situation before long. Same thing really. Its like that girlfriend you have that always dates loosers--she always will and nothing you say to her will change it until something truly horible happens......and then perhaps she will get off the wheel and change.
You would make for a great case study in insanity spleng!
"I had heard once that people who took out equity to pay off credit cards end up in the same debt situation before long"
I had a roommate that did that. Bought a house at nearly ten times his income, ran up $20k in cc debt, refied to pay it off and buy a bunch of crap, and did the cycle all over again. Now his fat ass has slipped away from all that debt (with a hit to his credit score of course, boo hoo) and I'm sure he'd do it again if he could. Which is why these deadbeats need to get thrown out on the street. Selfish idiots.
It seems to me that the re-mods conducted 8 months ago were a lot less aggressive then the ones they are talking about today. Banks seem to be a lot more interested in them these days. These people probly got some lame mod of couple interst rate point teaser period, and now see the news about new mods with principle reductions, differed principle, payments being 38% there income and so on. Time to default and get a better hand out, not like it will hurt there credit!
It seems to me that the re-mods conducted 8 months ago were a lot less aggressive then the ones they are talking about today. Banks seem to be a lot more interested in them these days. These people probly got some lame mod of couple interst rate point teaser period, and now see the news about new mods with principle reductions, differed principle, payments being 38% there income and so on. Time to default and get a better hand out, not like it will hurt there credit!
I had a roommate that did that. Bought a house at nearly ten times his income, ran up $20k in cc debt, refied to pay it off and buy a bunch of crap, and did the cycle all over again. Now his fat ass has slipped away from all that debt (with a hit to his credit score of course, boo hoo) and I'm sure he'd do it again if he could. Which is why these deadbeats need to get thrown out on the street. Selfish idiots.
Exactly - why are we supposed to feel sorry for these people? Not everyone abused the system to the same extent your roommate did, but anyone who was (a) living in a house they couldn't afford and (b) buying crap they couldn't afford was abusing the system.
There are poor people in America who aren't living in homes they cannot afford. The fact that some idiots (and that's being generous and not calling them liars) got themselves into a debt they could never repay and accustomed to a lifestyle they could never afford does not suddenly entitle them to a govt bailout to reward them.
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Loan Mod Bomb
jal74
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For all of those who believe that loan modifications will be some sort of panacae for what ails the current market, that somehow these will forestall foreclosures, please go read the new study by the OCC
You can find it HERE
What they found is that within 6 months of the loan mod, over 53% had once again become delinquint. It appears that loan mods only appear to forestall the real foreclosure for about 6 months
That of course means increased supply next summer and into the fall as all of these loans that are currently being modified will once again start going into default by Summer 2009's end
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