Comments on: Loan Modifications Set to Expire Beginning This Year https://4closurefraud.org/2014/05/06/loan-modifications-set-to-expire-beginning-this-year/ - Fighting Foreclosure Fraud BY SHARING THE KNOWLEDGE Tue, 02 Dec 2025 15:41:12 +0000 hourly 1 https://wordpress.org/?v=7.0.1 By: Bobbi Swann https://4closurefraud.org/2014/05/06/loan-modifications-set-to-expire-beginning-this-year/#comment-439446 Wed, 07 May 2014 15:01:13 +0000 https://4closurefraud.org/?p=61129#comment-439446 In reply to Incognito123.

Nice to see you back in the forum! I should have added your comment as a #1 however, there are still folks out there who have not been able to comprehend the aspects of the secondary market, MBS’s and the like to understand that for the most part once that occured it nullified obligation in the first place.

]]> By: Incognito123 https://4closurefraud.org/2014/05/06/loan-modifications-set-to-expire-beginning-this-year/#comment-439365 Wed, 07 May 2014 02:28:54 +0000 https://4closurefraud.org/?p=61129#comment-439365 Can’t modify what is not owed in the first place.

]]> By: Bobbi Swann https://4closurefraud.org/2014/05/06/loan-modifications-set-to-expire-beginning-this-year/#comment-439266 Tue, 06 May 2014 15:08:46 +0000 https://4closurefraud.org/?p=61129#comment-439266 So sorry folks. This is EXACTLY why I have been dead set against modifications. For the most part, none of them are even ‘true’ modifications since I estimate about 99% of them are never recorded in public records. Second, your allowing the lender to ‘escape’ through the bars of fraud. Third, you’re just setting yourself up for another foreclosure default. Most of the HAMP modifications were neg-am so the principal balance has been RISING over the last 5 years. There are some solutions in some cases, depending on whether or not there is any equity (as in NOT underwater) in the property. There are those who may be able to refinance the curent HAMP mortgage if the modification payments have been made timely. There were a lot of variations in the HAMP modification program so not all borrowers have the same situation. I would consult a mortgage broker as they have a wider array of programs to offer versus a bank or credit union. If none of these options are available to you, we are looking at yet another financial crisis to hit the market when those re-sets hit in September and defaults start the clock 90 days later. January 2015, I predict, will be the ‘hottest’ month of the year everywhere in the USA.

]]>