Monday, October 27, 2008
Hi Everyone - I just wanted to mention a weekly market update newsletter that is SO informative, interesting and entertaining. It's one of my favorites, and it's called The Mortgage Market Guide from Barcode Financial. Check it out for weekly reports that are quick, easy overviews of different aspects of the market (financial and housing) if you need some clarification on what the heck is happening out there. I know it feels as if any second now Dorothy and Toto are about to fly past your window, so you may want an idea of which way the storm is heading and where Auntie Em can go for cash if she needs a new home when the storm blows over. Have a great week - Gwen
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2 comments:
Hi Gwen,
A friend of mine tried to get a loan modification with all payments up to date and great FICO scores but was turned down by the bank because they were not delinquent. What's going on out there in the lending world??
Thanks,
Kristin
Oh, man, don't get me started! It's no wonder the lending institutions are such a mess! Thanks for your question, Kristin. I have heard the same story several times recently - decent people with great scores who have managed to stay current on their payments in spite of mounting medical bills, education bills, reduced income, etc., who fear they cannot make their next payment but are turned down when requesting slight loan modifications or brief periods of suspended payments (to be paid back later of course.) These people are not trying to get out of paying - they are trying to be responsible.
However, it seems the banks only want to help the delinquent ones because they assume that those people are the most likely to default. Those who struggle to pay are not treated with as much consideration. I have also heard a lot of complaints from people who have called their lenders numerous times and can't even get a callback.
I do know of one organization out there that is helping those with financial challenges. I have not dealt with them directly, so I cannot give a personal referral, but they have been written up by such news outlets as Forbes and CNN. Have your friend check out NACA, (Neighborhood Assistance Corporation of America), as they offer a lot of assistance in that area. And please have your friend let me know what he finds out. I know several people who have submitted applications for loan modifications, so I also will report back. - Gwen
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