http://blog.jimgogek.com/2009/01/02/cram-down-a-word-you-need-to-know-in-2009-it-may-be-the-only-way-out-of-the-mortgage-disaster/ Policy, not politics. Change policy, change the world. Tue, 20 Jul 2010 09:14:51 +0000 hourly 1 http://wordpress.com/ http://blog.jimgogek.com/2009/01/02/cram-down-a-word-you-need-to-know-in-2009-it-may-be-the-only-way-out-of-the-mortgage-disaster/#comment-377 Devin Margot Tue, 20 Jul 2010 09:14:51 +0000 http://jgogek.wordpress.com/?p=218#comment-377 Mortgages, in general, are secured debt. They are secured by the residence that you bought with the mortgage. It's not standard to have any further rights in a mortgage loan than foreclosure (it can happen, though). About the only way they can come after you is if they can prove that you were trying to cheat them when you got that property finance loan (fraud). If you let the house go to foreclosure, your credit will be absolutely trashed for various years. You might want to see if you can negotiate a short sale on that home (with that lender). A short sale won't trash your credit like the foreclosure would. Mortgages, in general, are secured debt. They are secured by the residence that you bought with the mortgage. It’s not standard to have any further rights in a mortgage loan than foreclosure (it can happen, though). About the only way they can come after you is if they can prove that you were trying to cheat them when you got that property finance loan (fraud). If you let the house go to foreclosure, your credit will be absolutely trashed for various years. You might want to see if you can negotiate a short sale on that home (with that lender). A short sale won’t trash your credit like the foreclosure would.

]]> http://blog.jimgogek.com/2009/01/02/cram-down-a-word-you-need-to-know-in-2009-it-may-be-the-only-way-out-of-the-mortgage-disaster/#comment-45 More consumer loans from TARP? Wouldn’t take it to the bank… « Jim Gogek Mon, 26 Jan 2009 05:59:08 +0000 http://jgogek.wordpress.com/?p=218#comment-45 [...] twist lending institutions and investors to renegotiate consumer debt, like threatening them with cram-downs, which already seems to have worked. Use TARP to help banks stay solvent, while economic stimulus [...] [...] twist lending institutions and investors to renegotiate consumer debt, like threatening them with cram-downs, which already seems to have worked. Use TARP to help banks stay solvent, while economic stimulus [...]

]]> http://blog.jimgogek.com/2009/01/02/cram-down-a-word-you-need-to-know-in-2009-it-may-be-the-only-way-out-of-the-mortgage-disaster/#comment-39 Donna Miller Sat, 03 Jan 2009 00:08:25 +0000 http://jgogek.wordpress.com/?p=218#comment-39 I'm happy to say I was never one of those people who overextended. In fact, I'm guilty of underextending. There are many home features I wish I had, but I'm not sure if the financial responsibility is worth it. We are looking forward to paying our mortgage off this year, after 18 years. Around the holidays when I wish I had more room to entertain, I yearn for more, but the rest of the year, I enjoy sleeping well at nights. I’m happy to say I was never one of those people who overextended. In fact, I’m guilty of underextending. There are many home features I wish I had, but I’m not sure if the financial responsibility is worth it. We are looking forward to paying our mortgage off this year, after 18 years. Around the holidays when I wish I had more room to entertain, I yearn for more, but the rest of the year, I enjoy sleeping well at nights.

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