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Hillary speaks out on foreclosure... she is being remarkably perceptive here!

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Filed: K-3 Visa Country: Jamaica
Timeline
Posted

they've already trying to do that, a friend of mine was offered this loan modification. we'll treat your mortgage as a 40 year and not a 30 year with a ballon payment due in 30 years . In the meantime she gets to make payments like it is a 40 year loan but their not refinancing the loan. This is just pushing the risk out 30 years.

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Me turn professional panhandler!!! but mi look good, don't??

Filed: Timeline
Posted
they've already trying to do that, a friend of mine was offered this loan modification. we'll treat your mortgage as a 40 year and not a 30 year with a ballon payment due in 30 years . In the meantime she gets to make payments like it is a 40 year loan but their not refinancing the loan. This is just pushing the risk out 30 years.

Which is good enough seeing that most people will have sold the home within such time frame which, assuming that between now and then the real estate market recovers which it most likely will, would ensure proper pay-off of the loan rather than the otherwise almost certain default and foreclosure.

Filed: K-1 Visa Country: England
Timeline
Posted
they've already trying to do that, a friend of mine was offered this loan modification. we'll treat your mortgage as a 40 year and not a 30 year with a ballon payment due in 30 years . In the meantime she gets to make payments like it is a 40 year loan but their not refinancing the loan. This is just pushing the risk out 30 years.

Which is good enough seeing that most people will have sold the home within such time frame which, assuming that between now and then the real estate market recovers which it most likely will, would ensure proper pay-off of the loan rather than the otherwise almost certain default and foreclosure.

Also people could make extra principle payments which if you look at an amortization (sp?) table would help tremendously in the first few years of a loan...provided there's no major penalty to do that.

"The course of true love never did run smooth" - William Shakespeare

K1:

10/29/05...met online

11/23/05...met in person for the first time in London, England

06/29/07...got engaged!

07/19/07...mailed I-129F via certified express overnight mail

08/02/07...check cashed

08/04/07...NOA1 received in mail

12/11/07...NOA2 issued from CRIS email!! YAY!

12/12/07...touch!

12/17/07...received hard copy of noa2

1/14/08.....file reaches NVC

1/28/08.....packet 3 received

2/29/08.....medical interview

4/01/08.....interview

04/03/08...visa in hand!!

04/14/08...POE JFK!

05/17/08...Wedding!

Adjustment of status

06/21/08...Mailed AOS,EAD, and AP paperwork

06/27/08...NOA1

07/17/08...Biometrics

07/29/08...Transferred to CSC

08/21/08...Touch I-485!

08/22/08...Touch I-485!

08/25/08...Received AP in the mail!

08/28/08...Received EAD in the mail!

08/29/08...Email from CRIS welcoming the new permanent resident! YAY!

09/06/08...Green card received in mail!

Posted (edited)
they've already trying to do that, a friend of mine was offered this loan modification. we'll treat your mortgage as a 40 year and not a 30 year with a ballon payment due in 30 years . In the meantime she gets to make payments like it is a 40 year loan but their not refinancing the loan. This is just pushing the risk out 30 years.

Which is good enough seeing that most people will have sold the home within such time frame which, assuming that between now and then the real estate market recovers which it most likely will, would ensure proper pay-off of the loan rather than the otherwise almost certain default and foreclosure.

Also people could make extra principle payments which if you look at an amortization (sp?) table would help tremendously in the first few years of a loan...provided there's no major penalty to do that.

I think that is PART of the problem with the motgage industry that got us where we are today, they offered minimum payments lower then the interest payments so the extra interest has ballooned their payments out of the range the borrowers expected to pay and with the lower payments they were already stretching themselves thin.

We are getting a 30 year fixed for our house and I plan on paying only slightly more then minimum each month...but that slightly more is ALL principle :dance:

Edited by Marc and Olga

K-1 timeline

05/03/06: NOA1

06/29/06: IMBRA RFE Received

07/28/06: NOA2 received in the mail!

10/06/06: Interview

02/12/07: Olga arrived

02/19/07: Marc and Olga marry

02/20/07: DISNEYLAND!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

AOS Timeline

03/29/07: NOA1

04/02/07: Notice of biometrics appointment

04/14/07: Biometrics appointment

07/10/07: AOS Interview - Passed.

Done with USCIS until 2009!

 

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