HERE IS SOME JUSTICE. The Orlando Sentinel reported on April 29, 2010 that a Ramon Cendana, 48, of Orlando was sentenced to more that six years in Federal Prison for his role in a mortgage-fraud scheme. He as also ordered to pay more than $240,000 in restitution. It apparently was what amounted to a Ponzi scheme.
AIN'T GONNA LIVE THAT LONG. The Orlando Sentinel reported on April 9, 2010 that Orlando's single-family home prices are unlikely to return to their 2006 peak for the next three decades....until after 2039. Seems like that is a awfully long time to try to hold on to sell the old homestead...
FEEL SORRY FOR YOU BANK. The Orlando Sentinel reported on April 19, 2010 that many banks were found to be in poor shape at the end of 2009. Several banks have too little capital on hand and too many real estate loans going bad too quickly. How about actually reducing payments significantly on these delinquent loans and allow the homeowner to make payments he/she can afford? No........that would make too much sense....go ahead and foreclose!
BANK OF AMERICA LEADS THE WAY! The Orlando Sentinel reported on March 5, 2010 that Bank of America is the holder of more than a million delinquent loans (based upon 1,066,025 loans with estimated eligibility of 60+ days of delinquency). With nearly a third of these that would qualify for permanent loan modification, BOA has grated loan modifications to One (1%) Percent. GO BOA!
AND, from my experience with clients who wish to keep their homes, the modifications take months, sometimes over a year, to get and the amount of the monthly payment may be so small it is an insult and is not helpful to the borrower at all.
I guess that would have some relationship to the fact that over half of the so-called "modifications" go back into a delinquent status after a few short months...
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