Loan Modification Quotes

I'm short-selling my house. I have more loans than I can sell the house for. The house will not go into foreclosure. It will be a short sale. I can't afford the house as I once could.

We've actually got a Chelsea loan WhatsApp group. The loan department set it up. Sometimes it drains your battery when everyone is messaging each other.

As I travel across Illinois and talk with people, and as others reach out to my office desperate for help, I am becoming convinced that, despite their rhetoric, many lenders have no interest in actually helping their customers.

Fannie Mae has traditionally only bought and sold mortgages. But when a loan held by the company goes into foreclosure, Fannie Mae gains ownership of the underlying property until it is resold to new investors.

The most troubling loan we had was actually to the 'Octomom'. That was a terrible situation, and we worked very, very hard to move her to another home that they could afford.

In a forbearance, the homeowner pays interest and principal on a smaller mortgage, at least for a time, but still owes the full amount. The lower monthly payment helps with affordability, giving stressed homeowners a break.

The decline in home equity makes it more difficult for struggling homeowners to refinance and reduces the financial incentive of stressed borrowers to remain in their homes.

Every day there are homeowners in California who will either receive relief so they can stay in their home, or will be in the foreclosure process and potentially lose their home. And that always weighed heavily on my mind.

For many, the loan modification process has been a giant sham.

I ran a 'loan modification machine.'

We were the first bank to start a loan modification at IndyMac and had a very good record of working with the regulators.

I think the millions of people who had been able to renegotiate their mortgages so they are paying lower interest rates are better off.

Subprime mortgages, typically defined as those issued to borrowers with low credit scores, make up roughly the riskiest one-third of all mortgages.

There is no better way to quickly buoy hard-pressed homeowners than helping them take advantage of the currently record low fixed mortgage rates and significantly reduce their monthly mortgage payments.

It's time to pull the bandage off America's foreclosure problem. The economy is ready to emerge from its recent dark period, but to make it happen soon we need to speed the resolution of millions of troubled home loans. Six years have passed since the crisis began, yet instead of accelerating, foreclosures have slowed.

I can't think of another enterprise other than being a homeowner that can't have its debt restructured in bankruptcy. Corporations can but a homeowner can't? Now with securitization the homeowner can't go to the owner of the loan and work things out.

In the past, if a homeowner with a mortgage had a problem making the payment, often he'd get together with a lender and strike a deal, because foreclosures are very expensive to the lender and obviously not good for the homeowner and the community.

We have to be pretty tough with mortgage companies and say you have got to give people the chance to work out their debts, sort out future mortgages.

I look at subprime lending and I see the American dream in action.

It's a good idea to revitalize community colleges, to cut back, to modify the student loan program so it doesn't go through banks.

In the old days, when you took out a mortgage, it was probably through a local bank or a credit union, and whoever gave you your loan held on to it for life. If you lost your job or got too sick to work and suddenly had trouble making your payments, you could call a human being and work things out.

We have seen the big loan servicers drag their feet in the Obama administration's well-intentioned mortgage modification program.

More than a quarter of mortgage borrowers are underwater, and 11 percent of all homes are vacant.

Indeed, the FHA was born out of the Great Depression, which was also caused in significant part by a foreclosure crisis. Mortgages in the early 1930s were mostly three- to five-year 'bullet' loans, which did not amortize and were due in full at maturity.

And I think we need a combination of a freeze, potentially, and also we need to sit down with the - with the banking industry and talk to them about ways in which we can help them be able to work those mortgages out, because it's absolutely imperative that we keep people in their homes.