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What to do when the bank won't approve your loan m
Thursday, December 02, 2010
For the past year and a half I have tried to modify my loan with Chase and have sent in four packages to them. They always approve my initial modification with trial payments but then they lose my paperwork or reject me. I keep trying but I want to know what is the method of getting an approval with them? Anyone know how to get a final modification?
Posted by Don at 23:29:35
Thursday, December 02, 2010
It's disingenuous for you to point out that "85% of the mortgages were to take money out of a house ('cash-outs'), as opposed to buying a house" and still base your argument against sympathy for borrowers on the premise that "the homes bought with fraudulent statements, teaser interest rates, and no money down, [were not] something they truly owned." You are smart enough that you know plenty of people were sold credit cards, sold crap they didn't need, and then sold a mortgage that put their house on the line in exchange for a lower interest rate than the credit card debt. These are people who understood the terms of neither their credit card nor their mortgage. I too am sometimes fond of the argument that stupid people deserve to lose their money to smart people, but when such a game culminates in stupid people losing their homes that then sit boarded up because the bank can't find anyone else who will pay a reasonable price for them while at least 10% of the nation sits unemployed and growth is in the toilet, it's possible that our "smart people" went a bit too far and destroyed not only their victims but also their own game. You should reckon with this possibility rather than blaming the least sophisticated party, who were sold to by people with very sophisticated marketing, legal and financial plans who nonetheless utterly failed to manage the risk even to their own corporations and shareholders, much less the nation at large.
Posted by Raj at 23:43:54