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[+] Comment on "First American releases HARP 2.0 Program" - Source of Title/OH (4 replies)
1/5/2012 1:31:34 PM (3181 views)

[-] Pilot " principal write down" program - Leigh Attridge/MA (2 replies)
1/4/2012 4:39:05 PM (4193 views)
I don't think this will ever catch on - Slade Smith/OH
1/5/2012 2:23:57 PM (2304 views)

The program makes a lot of sense in some cases:  If a bank would approve a short sale to a third party buyer, why wouldn't the bank approve a short sale back to the existing homeowner for the same money, if the homeowner can afford the lower payments?

But there are reasons why a bank wouldn't do this in most cases:

--There is going to be a lot of overlap between the people for whom this program is appropriate and for whom a modification is appropriate, and I'd think the bank would rather do a modification than write down principal,

--Banks aren't making loans to people except for those who have good credit and solid incomes.  A third party short sale buyer seeking a mortgage would be required to have good credit and a solid income, and so I would think that those criteria would also be required of participants in this program-- otherwise, the bank would be better off forcing a short sale, all else equal.  But we know that a lot of these loans that are in danger of default were made to people with poor credit and spotty incomes, and the financial credentials of many of these folks have probably gotten worse in the recession.  I just don't see the banks being interested in writing down principal and still being stuck with a loan that is likely to default.

--Banks don't want to do anything that would allow people who will otherwise find a way to make their existing payments to get a break.  So I don't think they would ever offer a principal writedown to anyone who was not already in default.

--What about second mortgages?  I would imagine that this program will only work when there is one mortgage on the property.  I can't see a lender writing down half the principal on a first mortgage while the principal of a second mortgage was left untouched.

Also, I think I've seen some observers claim that widespread principal writedowns would tend to interfere with banks' "extend and pretend" strategies-- in other words, they can't write down principal even if they wanted to because of accounting considerations. 

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Principal Reduction MYTH - Victoria Moate/NJ
2/20/2012 7:46:31 PM (2152 views)

Site Maintenance - Slade Smith/OH
1/3/2012 6:52:14 PM (1917 views)

[+] E & O Insurance - Nancy McDonald/AL (4 replies)
1/3/2012 7:20:02 AM (2915 views)

The Joy of Quiet - Leigh Attridge/MA
12/30/2011 9:21:09 AM (3764 views)


Real Title Services


[+] Coast to Coast dead beat company - Marian Severance/PA (6 replies)
12/29/2011 7:07:29 AM (3002 views)

[+] Comment on "Title Agent Gets Two Years for Stealing Escrow Money to Buy Her Home" - Source of Title/OH (5 replies)
12/28/2011 2:19:22 PM (2519 views)

[+] Commission advances? Now this is scarey - CHARLENE  PERRY/MD (1 reply)
12/28/2011 2:18:30 PM (4207 views)

[+] Texas Cash out - LORRAINE CHRISTOPHER/TX (3 replies)
12/27/2011 5:24:03 PM (2527 views)

[+] Express National - Las Vegas non-pay - Anita Binns/IL (15 replies)
12/27/2011 2:26:05 PM (4825 views)

Findthefraud.com - Leigh Attridge/MA
12/22/2011 12:11:27 PM (4339 views)

[+] Abstrax - Deborah Jackson/GA (6 replies)
12/22/2011 11:12:53 AM (3319 views)

335 Million Settlement on C'wide Lending Bias - Leigh Attridge/MA
12/21/2011 6:58:31 PM (3714 views)

[+] Schey v Johnson teardown in Mhead - Leigh Attridge/MA (2 replies)
12/20/2011 4:28:14 PM (4503 views)

[+] Comment on "Rich Bank, Poor Bank" - Source of Title/OH (2 replies)
12/20/2011 1:56:32 PM (2318 views)


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