Mr Mortgage: Mortgage Modifications Part 2 - Being Forward Thinking
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2008-07-05 — ml-implode.com
Being forward thinking is key in understanding this mess. Talking about all of this is key because the only way we are going to navigate the murky waters ahead is for everyone to discuss and debate all options, share experiences and help each other out. For that I appreciate all of the responses.
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Good borrowers who put 20% down, went full doc and make their payments every month are being destroyed by crashing values. This is primarily who I am trying to help and who the banks are being very generous with when it comes to mortgage modifications. The borrower who could never afford the loan in the first place and can’t afford it now will not be eligible for a mortgage modification.
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