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ORIGINAL: VideoAdminAlpha
I obviously am not going to give my opinions and get involved in this conversation, but let me tell you FROM PERSONAL EXPERIENCE, at least with Bank of America;those loan modification programs and promises of lower rates (when because of self employment when loans start result in 13% interest rates) sounds wonderful, but in reality, getting approved no matter WHAT the legislation says and the chance of it working when you have a homeowner who is talking to a "modification specialist" that does not even know what the correct forms are to send to you, and then denies the modification because the correct paperwork was not filled out, is what in fact happens ALOT. The paperwork that the homeowners(If you can't tell Im one of that group rather recently) that has been sent out about illegal foreclosures is tortuous to understand( and I am a licensed Real Estate Broker) and is not a panacea to someone that lost their home because they followed directions the first time. I would not be suprised if the modification procedure itself has not been modified, so good luck to those trying to even get that bigger amount.

**SOrry for the rant, but, to others, some of the foreclosures happened to people that built their house from the ground up then lived in it 16 years. It was not just people that ran out and willy nilly got loans, and the foreclosure crisis has not just affected "deadbeats". With that I will end my comment, and return you back to your normally schedules programming.

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I obviously am not going to give my opinions and get involved in this conversation, but let me tell you FROM PERSONAL EXPERIENCE, at least with Bank of America;those loan modification programs and promises of lower rates (when because of self employment when loans start result in 13% interest rates) sounds wonderful, but in reality, getting approved no matter WHAT the legislation says and the chance of it working when you have a homeowner who is talking to a "modification specialist" that does not even know what the correct forms are to send to you, and then denies the modification because the correct paperwork was not filled out, is what in fact happens ALOT. The paperwork that the homeowners(If you can't tell Im one of that group rather recently) that has been sent out about illegal foreclosures is tortuous to understand( and I am a licensed Real Estate Broker) and is not a panacea to someone that lost their home because they followed directions the first time. I would not be suprised if the modification procedure itself has not been modified, so good luck to those trying to even get that bigger amount.

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You didn't miss a thing darlin.

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ORIGINAL: tazzygirl

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ORIGINAL: servantforuse

What ever happened tp personal responsilbity? There are a couple of nice cars out there that I would like to have. I can't afford them so I'm not going to buy them. Some of these folks were buying expensive homes making 30 to 40,000 a year. Are the banks partly responsible, yes. Should everyone who was underwater on a home loan get $2000, no.

Because, as I have shown Iamsweet before, people were lied too. Not all people, but enough that the banks are hardly blameless.

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ORIGINAL: Iamsemisweet

You have certainly expressed your opinion. I don't know if you have shown me anything. The banks are not blameless, but the home owners aren't necessarily either
In any case, I have high hopes for this plan. As a public policy, I fail to see how paying people who have already been foreclosed on, regardless of the circumstances, seems pointless

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ORIGINAL: tazzygirl

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ORIGINAL: servantforuse

What ever happened tp personal responsilbity? There are a couple of nice cars out there that I would like to have. I can't afford them so I'm not going to buy them. Some of these folks were buying expensive homes making 30 to 40,000 a year. Are the banks partly responsible, yes. Should everyone who was underwater on a home loan get $2000, no.

Because, as I have shown Iamsweet before, people were lied too. Not all people, but enough that the banks are hardly blameless.