total national credit score data mining Imagine the possibilities
I guess asking why will not get me anywhere. I am constantly asking questions about things I can’t change. If you do have any ideas to the question please let me know. Different perspectives always help.
I am working on it. However why is so much more challenging than what. But one thing is for sure somewhere the why is related to self interest of someone or group. No matter how much humanist want to believe that man is basically good it is a lie standing against history. The Utopian lie is that a special educated elite group "the working group of enlightened ones" will act in a way that is in the best interest of those not in the group. Lie Lie Lie!!! Absolute power corrupts absolutely.
Thank you for your response. What other questions are you working out?
I am not sure at the moment what the insightful question is. But asking the right question leads to helpful answers. Why is still hounding me night and day. I am having dreams of this stuff, which is a good sign. I sense being on the edge of a helpful insight that will hopefully answer questions and impact problems we are facing.
you guys should get a room!
Does any of this tell us how to protect ourselves or our families, or is it just another indicator saying the worst is yet to come?
Lundsta and Radiance,
I just read your interchange.
I found it extremely interesting and valuable. I’m glad you have this ‘room’ to pursue these questions and interests.
You said: " If your income to debt ratio is 65% or higher you don’t make enough and if it is lower than 50% they believe you can afford the payments."
Are the applicants in that 15% range of ‘just right’ debt/income group the same people you referred to as "only about 5% can qualify for a modification."?
What percentage do you suppose actually get a modification?
Are your chances of getting ‘modified’ better if there is no second mortgage.
How would an FHA mortgage fare compare to a Fanny or Freddy?
Inquiring minds want to know.
I can only answer your first question based on the larger banking institutions.
5% could qualify for a modification. I am finding that only 2.5% actually follow through the entire process and get the modification. Next is the tricky part. The modifications we started in the beginning of 2008 are now back in the delinquency state. (The 2.5% are now needing help once again) Once a bank does a mod they will not do another one for at least 1 year. A maximum of 5 the entire length of the loan. A sneaky way for banks to postpone losses.
Opportunities for modifications do not change with the amount of liens on the property.
I would have to get back to you about the FHA mortgage. They tend to keep that information secret.
I am still trying to find the best way to resolve the crisis.
I think moving all trouble homeowners into a fixed interest rate loan is key. The gov was proposing new mortgage loans at 4.5% so I will use that number.
Then make the loans unsecured. The banks cannot afford the mass foreclosures anyways. This would also prevent the gov from writing off banks bad debts. The plan allows people to stay in their homes.
The unsecured debt could then be totaled together with other outstanding debt. Equally one payment for all debt.
So now the picture would look like this:
100k (1st mort)
50k (2nd mort)
25k (credit card debt)
175k total debt @ 4.5% interest =886.0 per month
I know some people would loose out here, but it would be shared between bankers, gov and homeowners. No plan is perfect. I do not agree with wiping out all debt. Debt forgiveness is unfair to the people that pay on time and manage their money. Bailouts are also not acceptable. If assistance was the best option it is best to spread it around. The trickle down effect only works for non-selfish creatures. Last I checked this was not the human race.
The only other option is a "do-over". Let things burn out and then rebuild.
Your plan is the best I have heard yet! It solves so many problems. Why the gov and fed have refused to implement real change and what their real plan is still needs considered. What ever their real plan is thus far with all the signs on the road it looks bad, real bad. I am still struggling to perceive their thinking by their actions. Honest people have a hard time seeing sinister plots and they recoil at the idea of a sinister plot. Hence why the conspiracy theorists are so easily cast aside. Chris’s point about money creation being counterintuitive is an example of honest people not perceiving evil.
To bad they won’t use any of our ideas. I guess they would never listen to a 23 year old woman anyways. Haha. Thanks for your response.
This is just my perspective, but I feel it is important to research and understand all aspects of these issues. I cannot protect my family without all of this information. I know what my children will be facing in the next few years. I cannot teach them, protect them or most of all encourage them without all of this insight. This forum topic provided good information about what is to come so any person can use that info to protect loved ones.
Thanks for your answers. I understand that some parts of what you are saying are your opinions. Far better for you to share them than to let them go unheard. Even if many iignore or devalue them because of your age, gender or whatever.
You may have the info someone badly needs to solve their individual puzzle. Nothing is for everyone. No use trying to please all. It is reported that Buddah, on his deathbed, told his students: "Doubt everything and find your own light."
Now for more questions.
When a bank does a mod does the new loan eliminate the option of relinquishing the asset to discharge the debt? I’ve read that many existing loans have that option and and it is called a non-recourse loan. Is that true?
What info about FHA mortgages is secret and why? (Ha! I know…it’s a secret.)
Thnks for your time and expertise.