Mr Mortgage on Loan Mods, TARP & Home Sales 11-12-08

[justjacqueline2004]

As of 10.14.2009,a lot of what you spoke about in 2008 has come about,except for the implosion perhaps that is next.

Where have you gone,great vids?

[JerryE1961]

Maybe he was paid to shut the hell up.

[JerryE1961]

What happened to this guy? Did someone tell him to shut up and go away? He just dropped off the face of the Earth.

[dsauce84]

you know its dirtbags like tonmagicwon that has driven this economy down since they take out loans they cant obviously afford. why scam another mortgage company? if you want the american dream theres a price that has to be paid. stop being irresponsible and pay the bills and quit advocating for shit bag tactics...remember anyone can buy a house, it takes responsibility to make it a home. FUCK THE IDIOTS who don't know what they are getting themselves into.

[tonmagicwon]

loan mods are a joke ! the best thing 4 you to do is ether,sue your lender and stay in your home 2 years free like we did ,and rent it out .get your wife, or husband ,mother,or father to get the new home in there name 4 pennys on the dollar!get out of your 500tho$ house and buy the 1 next door for 186tho$ simply put or ,rent [and save your money,]

[ollowert]

Mr. Mortgage, what is your take on the bad bank scheme they have cooked up. Is it really the salvation of the banking system that the markets are responding to?? Need some insight

[LouieFrias]

Great information! Thank you for helpinf educate people. Here's another resource to consider. FederalHomeLoanMods(dot)com

[UcantBeSerious03]

CNBC just mentioned you

[70road]

If your house is worth less than you owe, too bad you fucked up.

[saveurhomeplease]

Don't Get Foreclosed On Modify Your Loan go to homesaver(DOT)tk

[Martian74]

2-3 TRILLION dollars to fix house prices? WTF. Where does that money come from?

[TexnTuber]

Did Mr Mortgage get foreclosed on?

[mannyfeseha]

thehelpfund.blogspot

[Spurgeon123]

I have a question I checked the top ten foreclosure states and averaging the foreclosure rate of the ten you get about 1 in every 300 homes is in foreclosure. Thats still 299 homeowners out of 300 is good in the worst markets, How is this a crisis of the proportions the media is talking about?

[ohio1998]

That depends. On the coasts, it's way higher. In Utah, not so much.

[tonmagicwon]

you forgot the biggest thing buddy ,defaults! and negative equity, why stay in your home and pay 2700$ a month to buy a house ,when its only going to be worth 25% of what you paid 4 it after 5years of paying 4 it ,the key is finding some body to get/ you another loan?after forclosure,mother ,sis,uncle, inlaws i dont know

[BoogieWithStew]

Because if you got into a bidding war, you would have overpaid. People who overpaid, are underwater. Purchase price is everything, which people are finally starting to realize.

But even though you didn't get into a bidding war, it seems you still overpaid. How can foreclosures cause 'market values' in your area to roll back 10+ years? They should roll prices back to pre-bubble years (2002 or 2003) give or take a few percent, not 10+ years.

[BoogieWithStew]

Sounds like you paid too much, did you "win" a bidding war to purchase?

That's the only way you should be underwater, having bought 7 years ago...

[loanmod101]

Good job! Mr. Mortgage

As a mortgage industry veteran, I saw so many borrowers been taken advantage of by lenders when they show little knowledge of how things work in mortgage world. If you are one of the borrowers in deep debt and want to consider loan modification as an option, please email my gmail account loanmod101. I offer free consultation regarding mortgage modification. Thank you!

[L2PNV]

You hit the nail on the head!

[avwinerycom]

Mr. Money, you're right on the money! I work for Fidelity Title and I've been telling my clients the same. Thanks, Frank

[gunsandroses1111]

From the UK here. Mr Mortgage is great, terminology apart what he says holds here totally too. So many made two errors a)that house prices never go down and b) that houses should be speculative investments, not purely to live in. Those that made these errors are where they are. And the US auto industry? Dump the gas engine, go electric, provide home solar/wind generation. NO fuel costs, NO OPEC, running costs near zero, in a recession cars will sell. Are you listening GM?

[mediaboyz]

stop the SPAM

[bruce3681]

Perhaps the right wanted to rob the masses before the left got their chance?

[bruce3681]

Government should pay for the housing costs for those who cant. Those who can should pay by themselves. Those who have jobs should work hard. Those who don't work should get stipends to cover their daily expenses. Free healthcare for the poor will be paid for by those with insurance. Schools shall teach minority cultural agendas, but, shun the majorities beliefs. The wealthy shall pay for a clean environment so the rest can enjoy it. These are just a few basic policies. Get used to the pattern.

[mrspatrickcampbell]

sorry to hear that stinky, but it is always best to pay 100% cash, as we always do. We don't pay ONE PENNY in interest to the banking cartel. Also, prepare for even worse under Bareback Obama - who is owned 100% by the Globalists/banking cartels.

[stinkypoon]

What have the banks done to all of us? If I bought a $500k house with 50% down and my idiot neighbor bought his with an option ARM, he'll get a mortgage reduction and I'll be left paying the full buck. We are NOT all in the same boat. The wreckless and irresponsible get bailed out on the backs of taxpayers. It is utterly despicable.

[xxx12345yyy]

I feel bad for anyone who bought an overpriced house with a downpayment, they are screwed.

[bjmccullough]

Right On Mr. Mortgage!!!!!!!!!!!!

[mrspatrickcampbell]

We don't care what Mr Mortgage's 'persuasia' is - we still want to 'do' him!

[andrewl2007]

Look, this idea of all of us moving on to better days is crap. If the market were left to sort itself out, the people who would benefit are the ones who avoided debt or assiduously paid off their debt. By contrast, loan modification rewards the people who were foolish and couldn't see the biggest bubble in history. What sort of economy or country is it that has such upside down values?

[bruce3681]

If they modify a loan and reset its value by 30%, what happens when the market drops another 30%? Remodify again? Let these puppies drop to a reasonable value. Theres enough blame to go around to all participants of this bubble. The party is over and the hangover hurts.

[7816551]

DIDN'T YOU KNOW

MR. MORTGAGE IS GAY

[mrspatrickcampbell]

Mr Mortgage is cute!

Are there nude photos of Mr Mortgage?

[davincij15]

Mortgage modification mixed in with all the bailouts is hyper inflationary. Why?

The dollars you paid for the home was created when you went into debt and only get extinguish when you pay off the principle. The government (has no money) will pay off (extinguish) your principle but the dollars are still out there. Those dollars will be used to running up prices because there is no asset other than food and energy left to make money.

Well at least you will own your home sooner than you think. ;)

[davincij15]

Also note the money people owe on their upside down house is only transferred to everyone else. For a fee of 4% annually for now.

Do I need to paint you a picture how that will not work still?

[markmti]

For all of you who did nothing wrong and are being punished, I sympathize.

But unless an effective, large scale mod effort at all banks is implemented and well-received by borrowers, housing will have a decade of pain ahead that will hit you hard as well.

All that a loan mod effort does is expedite revaluation and de-leveraging process so we can move on. The leverage has to be drained from the residential real estate market or the economy will not recover.

[markmti]

If the trillions given to banks and everyone else would have been spent here in the first place, the problem would never have become this bad in the first place. You will pay for all this one way or another. Paying to de-lever borrowers and expedite the real estate revaluation process will trickle back to you to a much greater degree than any other program I have heard yet.

[tnoyy34rt]

@markmti - but the Banks payed taxpayers back in full, we even earned $24 Billion in profits from TARP, so you might want to do research before posting.

[stinkypoon]

Mark, I find it repugnant that they are reducing the mortgages for these idiots. All my friends are underwater and can afford their overpriced houses, but will do everything possible to get a mortgage reduction. And despite their $100,000+ salaries, they probably will. This is morally despicable and I cannot believe somebody as smart as yourself could think this is a good thing. Let the market correct. Don't subsidize selfish idiots's houses.

[strabes]

doofus...THIS IS THE MARKET CORRECTING. negotiating with a private sector lender to reach an agreeable contract that shares some of the asset deflation, that's a beautiful, moral, good capitalist thing. what's "morally despicable" is if the government was coming in to pay down a few people's mortgages using other people's tax money...that's subsidizing.

[firethefed]

5 stars... keep us informed Mr. Mortgage...

Thanks again!

[danceisvitalbreath]

Mr. Mortgage, Aren't some 80% of homeowners who bought between '03-'07 underwater right now? With these modifications being offered, even people who CAN afford the payments on their underwater homes will likely stop paying and force a modification too, no? That will mean MASSIVE writedowns for the banks still to come and perhaps less debt forgiveness that they are able to offer per mortgage as well...?

[markmti]

you are correct, which is another reason why a large scale mortgage mod effort is needed or this problem will drag out forever and housing will not recover for a decade.

[dabruin2]

1.Considering ethics in an unethical game is foolish.

2.Those responsible that saved will also be responsible for paying off the current bailouts.

3.Banks that have received money from the bailouts are not using the money to ease credit (re: salaries, paying dividends and bonuses).

4.Work=further taxation.

5.Mortgage restructing is open to people that haven't paid on their mortgage--so, why pay at this point?

6.Credit will be meaningless soon.

[dimahot]

"Guilty..." - dude, u're so f'ing funny. loooooooooooooool

[MrFredGSanford]

You are a true asset to YouTube sir. Keep up the excellent work, thanks. :-)

[uclaztec2]

Mark, great information as usual and extremely helpful. I'm glad that there are people like you in this wild world who actually provide helpful information to the masses.

[Kittenkattan]

You must be one of these "geniuses" that are under water in their homes. If so, You're welcome.

[damnationdefied777]

Well im a first time buyer looking to get a house in california but im hearing it every which way, I think im just gonna hold out and save up a little more, maybe we'll see some more reduced prices ;)

[markmti]

great idea, prices will come down substantially in CA in the next couple of years.

[shadroth]

I'm in the same situation (1st home buyer in CA) and am considering waiting. Do you really expect house prices to drop even further? Here in San Gabriel valley they seem to be close to the bottom. Also, what time of year is the best to buy in terms of seasonal variations?

[markymarkuss777]

BEST PERCENTAGE DAYS OF THE DOW (#3 IS THE DAY AFTER THE CRASH IN 1929) 1 March 15 1933 62.10 8.26 15.34 2 October 6 1931 99.34 12.86 14.87 3 October 30 1929 258.47 28.40 12.34 4 September 21 1932 75.16 7.67 11.36 5 October 13 2008 9387.61 936.42 11.08 6 October 28 2008 9065.12 889.35 10.88 7 October 21 1987 2027.85 186.84 10.15 8 August 3 1932 58.22 5.06 9.52 9 February 11 1932 78.60 6.80 9.47 10 November 14 1929 217.28 18.59 9.36

[Kittenkattan]

MM777,

Brother, We know. You pointed this out a couple of times over the last month. Come up with something else to share with us. Thanks.

[markymarkuss777]

you'd be surprised how many people DON'T know it. They get tricked by what is happening in the stock market rallies.

[Kittenkattan]

You may be right. I stand corrected.

[markmti]

You get screwed. Sorry. You are screwed one way or another anyway. If they don't do something values will continue to plummet for years. If they do it right it could really help. The problem is they probably won't do it right especially with the govt involved.

[Kittenkattan]

That is a lamer response than Goldman Sachs saying that the $700 billion is so we can keep paying the share holders that new we were screwing the Home owner. Come on bud, how about making a video for us hard working jerks that believed that walking away from our house was the same a committing a capital crime. Make me and others like me whole! We, the honest will stand against the thieves that have taken this money and they all will pay. G-d help us all.

[Kittenkattan]

Mr. Mortgage, What do I get, for paying my payments and paid it off with double payments?

I think that this stinks. I settled for a small "Summer Home" because I wouldn't get "Creative financing". What do I get???!!!

Why should I save the Fucks that were stupid enough to screw themselves! I get shit. Hey give me a $200,000.00 bonus for not screwing up the U.S. Economy! I know a lot of us non screw ups will be screaming our heads off this coming year. Let me know what I get.

Peace.

[andrewl2007]

I agree completely. Over the last couple of years I poured everything I could scrape together to pay off my house. And I drove the same old pickup for twenty years so that I could get out of debt. So, what advantage is there to us for houses to hold their value? We get to pay higher taxes, and have to pay too much for a second house.

[Kittenkattan]

A second house! I sweated for 15 years for my first one. And that is a hunting cabin in the woods. I still live in an apartment and am happy to go there 4 times a year. I am the middle class and I am pissed! Sons of bitches had multi million dollar homes and I did the "right thing" and lived within my means. For what? to give these assholes a bailout and keep their million dollar homes at fire sale prices, come on!!!! Let them live in shanty towns!

[Kittenkattan]

I deserve a $200,000.00 bailout as a bonus for my hard work. I'd take that money and buy a REAL HOUSE to live in for myself. Reward me!!! and people like me. I will rent to these vagrants, and charge them a fair rent. I should be making a profit off these shits not the other way around!

[tyronebiggums3]

Yes. I don't have a mortgage, but I would also like a bailout. Where do I get my $200K?

[markmti]

I am on your side, believe me. This has to go in steps. You will get something too. Everyone will. That's what happens in socialist nations.

But unless they get in there an undo all the bad mortgage loans made in the past six years, the housing market will remain in turmoil for a decade. It may anyway.

[Kittenkattan]

Can I have that in writing please! I know that I will get nothing but the bill. That is what every hard working, live within their means person gets. Next, I will be paying off these shits credit cards, and their vacations to Europe. I will give you 10% of what ever I get, promise. Which I know is nothing. G-d I am mad!!!

[markmti]

that is exactly what is next - credit card debt foregivness but that banks can likely manage that on their own. Mortgage debt is 1200% larger.

[Kittenkattan]

What are you try to do, make me commit suicide? I don't even own a credit card! Fucking spoil children. And I have to pay for it! Is anyone else had enough yet. Now, who do I vote for? Ron Paul, or Ralph Nader? Maybe I will write myself in. G-d!!!!!

[codediporpal]

"I am on your side, believe me. This has to go in steps. You will get something too. Everyone will. That's what happens in socialist nations."

B.S. All us savers, who acted responsible are going to get is massive inflation down the road to wipe away our savings.

[ohio1998]

Thanks again Mark. Time to buy if your long. If your a Boomer, too bad.