Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

How many modified mortgages foreclosed anyway?

And how many cash for clunkers cars have been repossessed?

I've been Googling and I can't find anything national, only specific states or regions.

Answer Question

Asked by Anonymous at 9:29 PM on Jan. 21, 2010 in Politics & Current Events

Answers (11)
  • I have a funny feeling that it is more than you would think.......

    Answer by 29again at 9:47 PM on Jan. 21, 2010

  • "I shall still OWN my "clunker" when they repossess your hybid." I want to make a bumper sticker with this on it and slap it on our jeep.

    My husband actually pointed this out to me at the time they started cash for clunkers. The whole thing seemed designed to create more personal debt instead. Sometimes I really think the Radicals are bent on destroying this country entirely so they can remake it in thier own twisted image. Drives me bonkers.

    Answer by Mintavia at 11:56 PM on Jan. 21, 2010

  • I agree with Mintivia!
    I would love to know if anyone did get a modified mortgage, thus far I haven't run across anyone who was able to get one. According to the gov't, mortgages would be redone at today's market value but I have not heard of anyone that this was done for. I tried to get our home refinanced and they told me that they, Citimortgage, wasn't doing that. Then I was told that if I was 3 months behind, that they might be able to help me. So I said let me get this straight, you're telling me to stop making my payments and when I am 3 months behind and you are about to foreclose on me, then you will TRY to help me? Oh NO, I am not telling you to STOP paying your payment, (whatever!) So my take from all this was that they never intended to really help people, However if any of you got this done, please tell us about it, nothing personal, just if you were able to get a good loan with a decent interest rate... :)

    Answer by agentwanda at 12:52 AM on Jan. 22, 2010

  • Agentwanda, I was 3 months behind a couple months ago. I didn't think my bank was doing that, since I have my mortgage through a traditional bank. Well, I finally called them, they said they could help me out, but I had to have income. At that time, there was no income......Thankfully, I now get more unemployment (not sure if I like it or not.....) and dh is now employed. Called the bank back, they said to wait until dh got a FULL check. Well, his 1st check (for 3 weeks) was for mostly training, really short 2-3 hour shifts, and was less than $250. I haven't called them back yet, because I am almost caught up (yay for unemployment!) and next week, when I get the next installment, I will be all caught up with it. I think I will call them after I make that payment, and see if the mortgage can be reduced. What are my chances???? I say slim to none, and slim just left. I will let you know what happens.

    Answer by 29again at 3:19 AM on Jan. 22, 2010

  • "nearly 40 percent of homeowners who had their monthly payments cut by 20 percent or more last year were delinquent again within a year"

    "Lenders participating in the program have offered trial loan modifications to 760,000 eligible borrowers since it was launched in March. As of last month, just 31,000 of them had been made permanent, which requires at least three on-time payments and proof of income. Nearly the same number had dropped out of the program or were found to be ineligible."



    Answer by LoriKeet at 7:19 AM on Jan. 22, 2010

  • As for Cash for Clunkers, I think we'll start seeing the repos in about 3-4 months.

    Answer by LoriKeet at 7:25 AM on Jan. 22, 2010

  • Idk but cash for clunker didnt help hubbys work load pick up any of course it did the opposite..hes an auto mechanic..bad enough alot of folks are just broke right now..

    Answer by tnmomofive at 7:55 AM on Jan. 22, 2010

  • My brother and his wife had theirs modified and within 8 months they were delinquent again. They make a decent living just did not change how they spent money. They are losing their home this time the bank will not work with them their interest rate was lowered by a lot so their mortgage payment went down by 400 a month. They were stupid like most people are and got behind again. I feel for my nieces and nephews they will move from a house their parents could afford just were too stupid to make a budget and live in a 2 bedroom apartment since that is all they can get into without a co signer. I won't co sign for them they ruined their own credit will keep mine intact.

    Answer by Anonymous at 9:33 AM on Jan. 22, 2010

  • I don't know....I forgot to keep track. @@

    Answer by Anonymous at 10:27 AM on Jan. 22, 2010

  • I don't know about mortgages, but Cash for Clunkers killed the used car business. A friend of mine stopped selling used cars because of Cash for Clunkers. Another friend's car recently died, and she can only afford used. There were very few cars out there that she could afford. She had to go to visit two different cities to find what she wanted.

    It's sad. If you are already struggling financially and your car dies, you can't replace it easily with another used car. How is that good for the economy?

    Answer by mancosmomma at 10:46 AM on Jan. 22, 2010

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.