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  #1  
Old 09-10-2012, 08:40 AM
Franc Tireur Franc Tireur is offline
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Surprise! Chase is refinancing your mortgage

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While millions of struggling homeowners have had to jump through all sorts of hoops trying to refinance their mortgages, Michelle and Bob Irwin barely had to lift a finger.

This summer, the couple received a letter from JPMorgan Chase (JPM, Fortune 500), their mortgage servicer, informing them that it was going to slash the interest rate on their mortgage to 2.8% from their current rate of 6.5% for the next five years and then adjust it to a fixed 3.9% for the remaining 18-year term of their loan -- a move that would reduce their payments by $229 a month.

The couple, one of thousands that Chase has sent similar letters to, had no idea they were even under consideration for new loan terms. And it couldn't have come at a better time. The Irwins had fallen 20 months behind on their mortgage payments after Bob was laid off from his job at the local lumber mill in Darrington, Wash. The couple was about to lose their home.

Bob had found work as a commercial fisherman a year ago. And while the job entailed a lucrative crabbing season off the coast of California, the couple was still playing catch-up with their finances.

They had tried to work with Chase to get their payments reduced, but with very little income they couldn't get approved for a mortgage modification and fell further behind.

So when the letter arrived, Michelle's heart sank. "I saw a FedEx envelope on the porch from Chase and I thought, 'Oh no, that can't be good,'" she said. "Then I opened it and read it... I felt like I won the lottery. I ran out into the front yard, screaming like a kid."
http://money.cnn.com/2012/09/10/real...nance-mortgage

I am not a banks fan like many of you already know, but I must admit that JPMorgan Chase made the smartest move because they found the key to unlock the mortgage market mess.

What are your thoughts on this?
 
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  #2  
Old 09-11-2012, 05:28 AM
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JakeMoore JakeMoore is offline
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Solutions like this are what will stabilize the housing market. All banks need to participate, but this is a good start.
 
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Old 09-11-2012, 07:47 AM
Franc Tireur Franc Tireur is offline
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Originally Posted by JakeMoore View Post
Solutions like this are what will stabilize the housing market. All banks need to participate, but this is a good start.
It is only a combination of rate reduction and principal, that is not secured by the market price that can really fix the real estate, mortgage market, etc
 
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Old 09-11-2012, 01:08 PM
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Must be finally using the money that was intended for that purpose.....
 
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Old 09-11-2012, 05:36 PM
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JakeMoore JakeMoore is offline
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Originally Posted by Natural Elements View Post
It is only a combination of rate reduction and principal, that is not secured by the market price that can really fix the real estate, mortgage market, etc
I don't think the banks have to go that far. Most Americans are good decent people and if they can make their payments they are not going to walk away from their home. Making their payments affordable will keep them out of foreclosure. It's the foreclosure market that still puts downward pressure on home values.

It's about time that the banks see they are their own worst enemy.
 
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Old 09-11-2012, 06:43 PM
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Having dealt with Chase a few times I would have to ask how much closing costs they want cause I know they are going to screw those folks somewhere.
 
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Old 09-11-2012, 06:53 PM
Franc Tireur Franc Tireur is offline
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Quote:
Originally Posted by JakeMoore View Post
I don't think the banks have to go that far. Most Americans are good decent people and if they can make their payments they are not going to walk away from their home. Making their payments affordable will keep them out of foreclosure. It's the foreclosure market that still puts downward pressure on home values.

It's about time that the banks see they are their own worst enemy.
Well, I will say the same thing as the Huffingtonpost did:
"When you do it, it's immoral. When they do it, it's "strategic."

If Morgan Stanley Walks Away, Why Shouldn't You? Firm Walks Away From 5 Properties
http://www.huffingtonpost.com/2009/1..._n_396543.html

I understand why the people walk away from their mortgage, when the mortgage servicer screw you over, there is not a lot option.

Jake you have to define payments affordable, most of the mortgage servicers make your payment affordable and then what? You start your mortgage over, with more years to pay with a 40 years mortgage, or 50 years mortgage with principal forbearance.

Do you really think that's going to help the homeowner? That's why I talked about the principal forgiveness, because the mortgage is not secured by the market price.

You are still underwater and perhaps the option is walking away from your mortgage like the banks do with their own properties. When banks or businesses walk away it is by billions.
 
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Old 09-12-2012, 05:39 AM
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Quote:
Originally Posted by Natural Elements View Post
Jake you have to define payments affordable, most of the mortgage servicers make your payment affordable and then what? You start your mortgage over, with more years to pay with a 40 years mortgage, or 50 years mortgage with principal forbearance.
I'm defining affordable like the article did...and they did not rewrite the note for 40 years. They are using a new and different approach that is not like the modifications.

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Originally Posted by Natural Elements View Post
Do you really think that's going to help the homeowner? That's why I talked about the principal forgiveness, because the mortgage is not secured by the market price.
Not unless everyone does it. When volumes of people are still getting foreclosed on nothing will solve the problem because there is still too much downward pressure on the market. Agents try to convince buyers, banks and appraisers that there are too markets -- foreclosures and market rate sales. Well that only works until a buyer becomes a seller and realizes that the pool of people who want to buy at market rates is very small when the neighbors house is $50k less due to foreclosure.

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Originally Posted by Natural Elements View Post
You are still underwater and perhaps the option is walking away from your mortgage like the banks do with their own properties. When banks or businesses walk away it is by billions.
Right, my point was not the morality of it, but the fact that most people will not walk away if they can afford it.

There is also a huge psychological difference between walking away from a business property and your home.
 
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Old 09-12-2012, 06:37 AM
Franc Tireur Franc Tireur is offline
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Quote:
Originally Posted by JakeMoore View Post
I'm defining affordable like the article did...and they did not rewrite the note for 40 years. They are using a new and different approach that is not like the modifications.
I wasn't refered to the article for the 40 years note re-write and principal forbearance, but my personal experience with another servicer.

Quote:
Not unless everyone does it. When volumes of people are still getting foreclosed on nothing will solve the problem because there is still too much downward pressure on the market. Agents try to convince buyers, banks and appraisers that there are too markets -- foreclosures and market rate sales. Well that only works until a buyer becomes a seller and realizes that the pool of people who want to buy at market rates is very small when the neighbors house is $50k less due to foreclosure.
Right, for example here in Nevada, the real estate market is a complete mess, we lost so far 80% from the original price, just take my address from my site and search on Zillow.com. If you listen the TV or read newspapers, they will talk about different numbers. Are they real? Is this disinformation? Are they hidding the truh from the people?

Quote:
Right, my point was not the morality of it, but the fact that most people will not walk away if they can afford it.

There is also a huge psychological difference between walking away from a business property and your home.
When you know how the modern money mechanic works and how the money is created from thin air, mortgage included, morality and psychology do not play at all.

People need to wake up and learn how this system works.
 
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Old 09-12-2012, 08:05 AM
Franc Tireur Franc Tireur is offline
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An interesting article to read.

Principal Forbearance vs. Forgiveness; More on CFPB and Servicing; More Investor Updates
http://www.mortgagenewsdaily.com/cha...rgiveness.aspx

Quote:
That all being said, DeMarco expressed a clear preference for forbearance over forgiveness
I think it is a narrow way of thinking, because forbearance is a way to let you underwater. Forbearance is not only bad for the homeowner but also for the market. When you think about it, neighbours are still feeling the pain with a low value of their homes, because the market is stagnant and will remain like this as long as people are underwater.

Let's not forget why this market was destroyed, the people who created this bubble are responsible for the most part, and it will not be fixed until they will accept the loss.

My mortgage is 80% underwater, should I walk away from it?
 
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  #11  
Old 09-13-2012, 10:58 AM
Franc Tireur Franc Tireur is offline
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Fed to launch QE3 by buying mortgage securities

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The Fed said it would buy mortgage-backed securities at a pace of $40 billion per month
http://stream.marketwatch.com/story/...anke-on-policy

What does it mean exactly?
 
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