Comments for Repo Homes Blog

Comment on Why do Mortgage Modifications Usually End Up in Foreclosure by Wendy Smith

Wendy Smith — Wed, 28 Jan 2009 12:24:37 +0000

All too often lenders arrange repayment plans that are not truly loan modifications – it is nothing more than a repayment plan or forbearance of the past due amounts. A homeowner called yesterday asking for help – her mortgage company increased her monthly payment from $1109 to $1589 – let’s see, if she fell behind with $1109 due each month, why would anyone figure that she could afford $1589 per month?
I keep hearing about “prinipal reductions” but I have not yet seen or heard of any – I personally asked WAMU, Wachovia, BoA, Nationstar and a few others – all said absolutely not.

Comment on Who Spends More Than 38 Percent of Their Monthly Income to Prevent Foreclosure? by Minnesota Home Owner

Minnesota Home Owner — Fri, 23 Jan 2009 14:33:48 +0000

It is unfortunate that many people are placed in this situation. At least the homes in Minnesota are affordable. I am so glad that I live in Minnesota where the homes are affordable and the land is beautiful!

Comment on Foreclosures Down in Maryland but Homeowners Still Not Off the Hook by Robert

Robert — Sun, 04 Jan 2009 05:41:56 +0000

Thanks for these stats, Looking forward to your first post in 2009! Happy new year!