Page 21 - Loan Modification News Today : Breaking News, Live Updates & Top Stories | Vimarsana

More loan modification and longer periods of unemployment and benefits. she wonders, if we can't teach our kids the basics of running a lemonade stand, how can we teach congress economics? we go to kitty for comments. [meowing] >> hungry kitty doesn't care if lunch is free or not. as a socialist, you must think all lemonade must be limited and free and very, very high demand and no supply. >> i think terry is hanging out in the wrong areas. i was wandering in downtown new york and i went past theale store and opposite was a guy selling fake apple goods, accessories across from the apple store ...

Loan modification in trying to work with the bank. but in terms of the ethical side of it, i see this as a -- the market crashed ands if they need to walk away to save their finances, i believe that's the best decision. >> and donna, are they going to save their finances? if you walk away from a mortgage, what are the implications? >> there are a lot of people in this situation, there are one in four homeowners who are under water on their mortgage today. you can debate the moral part of it, but there are serious financial consequences to it too. the lender can go after you for the balance of ...

On and i don't know how long it's going to take me to pay, you know, to find a job again, i mean what does capacity to pay mean? >> this is not a legal term, and it's certainly very difficult to prove, i think fannie mae and freddie mac will have a hard time doing that. that said, when you go through a loan modification, one of the things that -- exercises you go through is looking at whether you can afford your mortgage, have you gone through a hardship, have you lost your job, has a family member lost their job, have you had a medical expense. so there are ways that you can tell, but it's re...

Mortgage or they own the home and they're renting it to someone else, collecting the rent and not paying the bank. fannie mae says be careful. it says walking away is bad for borrowers and bad for communities and they've reinstated a seven-year lockout from getting a new loan and are also saying there could be legal action in some states where they could go after you for what you have walked away. getting a deficiency judgment against you for the money that you've left on the table. they say these are, they're talking about people who have not, tj, tried the alternative. who have not tried a l...

Christine romans is here "minding your business" and getting a lot of comments on the blog. >> i am. talking about walk ago way from your home loan, if can you afford to pay the bills but walking away, it's an increasing trend. fannie mae saying if you do this, they're going to shut you out of a fannie mae-backed loan for seven years, probably ruin your credit and they could take you to court in some states to get that mortgage balance. on the blogs what you're saying is there are two camps. eye for an eye. hey, the banks are bad actors, why can't we be? or two wrongs don't make a right. there...