http://blog.foreclosure.com/2008/04/jingle-mail/ Distressed Real Estate News and Opinion Thu, 02 Feb 2012 16:42:28 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://blog.foreclosure.com/2008/04/jingle-mail/comment-page-1/#comment-40308 beverly Wed, 25 Aug 2010 18:47:58 +0000 http://blog.foreclosure.com/?p=388#comment-40308 the government and news media needs to stop promoting that it is a good idea not to pay your bills. it is ruining the country the government and news media needs to stop promoting that it is a good idea not to pay your bills. it is ruining the country

]]> http://blog.foreclosure.com/2008/04/jingle-mail/comment-page-1/#comment-1152 Michael Racinowski Thu, 17 Apr 2008 01:04:14 +0000 http://blog.foreclosure.com/?p=388#comment-1152 Jingle Mail vs. Deed In Lieu of Foreclosure? Here in Nevada if you mail the keys back to the lender they still have to complete a foreclosure to take legal possession of the property. About a 6 month process (Nevada) and considerable associated fee's. Where in retrospect, if a lender would utilize the Deed In Lieu of Foreclosure process, it is immediate. Why would a lender want to wait 6 months at considerable expense, it just does not make sense. If the Borrower is wanting to mail back the keys, they are not going to pay the mortgage anyway. Why put good money to bad? With this new Fannie and Freddie penalty, it will just force Borrowers into bankruptcy and then its a moot point. Just what we need, more back-logged Federal Bankruptcy Courts. The answer: Offer a "REALISTIC" workout for "ALL" Borrowers that are saddled with a bad loan/home. Even if they have a low FICO, most would "still" pay. Think about it, they paid for two years before their loan adjusted and they would most likely pay for another 2-3 years at the same rate. By that time their home would have most likely started to gain equity again and then they could re-fi. Most of the foreclosure problems are workable, if they just try. Jingle Mail vs. Deed In Lieu of Foreclosure? Here in Nevada if you mail the keys back to the lender they still have to complete a foreclosure to take legal possession of the property. About a 6 month process (Nevada) and considerable associated fee’s. Where in retrospect, if a lender would utilize the Deed In Lieu of Foreclosure process, it is immediate. Why would a lender want to wait 6 months at considerable expense, it just does not make sense. If the Borrower is wanting to mail back the keys, they are not going to pay the mortgage anyway. Why put good money to bad? With this new Fannie and Freddie penalty, it will just force Borrowers into bankruptcy and then its a moot point. Just what we need, more back-logged Federal Bankruptcy Courts. The answer: Offer a “REALISTIC” workout for “ALL” Borrowers that are saddled with a bad loan/home. Even if they have a low FICO, most would “still” pay. Think about it, they paid for two years before their loan adjusted and they would most likely pay for another 2-3 years at the same rate. By that time their home would have most likely started to gain equity again and then they could re-fi. Most of the foreclosure problems are workable, if they just try.

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