Piggington has featured our friends at Effective Demand, and their recent post about loan mods:
http://effectivedemand.blogspot.com/2009/06/california-loan-modifications-update.html
It’s an update from the California DofC about who’s getting what when it comes to modifications, and it’s noted that virtually no one is getting their principal reduced.
Jim Klinge
Klinge Realty Group
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
CA DRE #01527365, CA DRE #00873197
Trustindex verifies that the original source of the review is Google. Jim & Donna Klinge helped us sell our home of 30 years in Ocean Hills. We were very happy with their service and would HIGHLY recommend them to anyone looking for an Honest, Knowledgeable, Skilled, Informed Efficient realty team. Both Jim & Donna were so helpful in different ways and complemented each others skills. Please refer to a more detailed review that we wrote on YELP. Thank You Both for all your help!!!Trustindex verifies that the original source of the review is Google. A+ thank youTrustindex verifies that the original source of the review is Google. Many years ago, we purchased a home in Carlsbad, using a realtor that was recommended to us - Jim Klinge. Fast forward to 2025, we recently had the privilege of selling 2 homes in Carlsbad, CA and didn't hesitate to reach out to Jim and Donna Klinge of Klinge Realty Group to guide us through the sales. The transactions were very different, each with its own unique situation, opportunities and challenges. From start to finish, Donna and Jim helped navigate the pre-sale preparation, the listing, showing of the house, buyer negotiations, the final close and all of the paperwork and decisions in between. What stands out with both transactions is the professionalism of Jim and Donna (and their team), wonderful communication (timely, relevant, concise), their deep understanding of market dynamics (setting realistic expectations), their access to top-notch contractors, and last, their ability to guide us across the finish line successfully. We wouldn't hesitate to use Jim and Donna in the future and highly recommend them for anyone looking to buy or sell a property in North San Diego County.Trustindex verifies that the original source of the review is Google. We sold a home with Jim and Donna and from beginning to end they were consummate professionals. Their initial walk through the property resulted in a list of items to be repaired or updated. They supplied a list of vendors and job quotes to do the repairs and updates. We originally wanted to sell ‘as is’ and just get it over with. They gave us a selling price for ‘as is’ and options for doing a few updates/repairs to doing it all with the selling price for each option. We agreed to do all they suggested and we sold for the exact price they predicted. For every dollar spent we got back more than $2 back in the selling price. And they got that price in a rising interest rate environment! Donna and Jim are extremely detailed and guide you through ever aspect of the sale. There were no surprises thanks to their guidance. We couldn’t be more pleased with their representation. Thank you Donna and Jim, Jerry and MaryTrustindex verifies that the original source of the review is Google. We have known Jim & Donna Klinge for over a dozen years, having met them in Carlsbad where our children went to the same school. As long time North County residents, it was a no- brainer for us to have the Klinges be our eyes and ears for San Diego real estate in general and North County in particular. As my military career caused our family to move all over the country and overseas to Asia, Europe and the Pacific, we trusted Jim and Donna to help keep our house in Carlsbad rented with reliable and respectful tenants for over 10 years. Naturally, when the time came to sell our beloved Carlsbad home to pursue a rural lifestyle in retirement out of California, we could think of no better team to represent us than Jim and Donna. They immediately went to work to update our house built in 2004 to current-day standards and trends — in 2 short months they transformed it into a literal modern-day masterpiece. We trusted their judgement implicitly and followed 100% of their recommended changes. When our house finally came on the market, there was a blizzard of serious interest, we had multiple offers by the third day and it sold in just 5 days after a frenzied bidding war for 20% above our asking price! The investment we made in upgrades recommended by Jim and Donna yielded a 4-fold return, in the process setting a new high water mark for a house sold in our community. In our view, there are no better real estate professionals in all of San Diego than Jim and Donna Klinge. Buying or selling, you must run and beg Jim and Donna Klinge to represent you! Our family will never forget Jim, Donna, and their whole team at Compass — we are forever grateful to them.Trustindex verifies that the original source of the review is Google. WeI had the pleasure of working with Klinge Realty Group to sell our home in Carmel Valley, and I cannot recommend them highly enough! Jim and Donna demonstrated exceptional professionalism, offering expert guidance on market conditions and pricing strategy, which resulted in a quick and successful sale. Communication was prompt and we were well-informed throughout the entire process. For anyone looking for a dedicated and knowledgeable real estate team, look no further! ---Trustindex verifies that the original source of the review is Google. Donna and Jim Klinge of Klinge Realty Group have our highest possible recommendation. From Donna and Jim’s first visit to our house through closing their advice and counsel was candid and honest in all dealings. They kept us fully informed throughout the process. The house sold less than three days after listing with a two-week closing. My wife and I have sold several houses during our lives. This was by far the best experience. Klinge Reality is a premium service realtor. You can’t make a better choice for someone to sell your home fast and for top dollar.Trustindex verifies that the original source of the review is Google. Donna and Jim provided exceptional support and professionalism throughout the entire process. We couldn't have been happier with their efforts. They made our house shine, and thanks to their expertise, it sold above the listing price in the very first weekend! Truly a fantastic experience from start to finish.Trustindex verifies that the original source of the review is Google. This year has been difficult on our family, mainly due to having to sell our home. Thankfully we knew God had a plan for us and working with the Klinge team was a key part of it. It was an obvious decision to work with them again after such an amazing experience when purchasing the same home we needed to sell. The challenge was, how will we do this in so little time with so much going on? Jim and Donna held our hand every step of the way. Whenever an unexpected issue arose they found and provided a solution. Never once did we feel pressured to make a decision and the Klinges were always reassuring after providing the information that the decision was ours to make. Despite the curve balls, they never panicked and exemplified the “can do” attitude, making us feel optimistic and taken care of. Their expertise and professionalism was superb. But of all the reasons to work with the Klinges, the most impactful and valuable is their compassion and genuine care for their clients. We pray that we can one day purchase our forever home and you better believe that Jim and Donna will be representing us - as long as they will have us of course. Thank you again Klinge team! Your execution, experience, and care are unmatched.Trustindex verifies that the original source of the review is Google. Jim and Donna were fantastic! Jim understanding my needs, recommending potential places, pointing out the pros and cons of each property was invaluable. Then when the offer was accepted Donna’s organized guidance through the inspections, paperwork etc made the whole process seem effortless. So grateful that I had them on my side!Load more
I want a loan modification too.How do I get one.Do I have to stop paying before anyone will talk to me?
I’d sure like the government to subsidize my rent. I’d really appreciate that since I think its too high.
My lender Chase has my primary in house and my HELOC was sold to ING but Chase is still servicing the HELOC. My mod package is sitting on my desk and I have yet to send it in. I do not believe I can justify ‘hardship’ because I am a responsible person, live within my means, have money saved in the bank and have very low expenses and no debt other debt (except on car with a measly $330/mo payment). Chase is following the making homes affordable program which seems to help those unlike me. Gotta love it. I’m pretty much fed up with this animal farm, I’m going to send the package in today and see what they say. I have not stopped paying my mortgage.
I’m amazed that the chart indicates “deeds in lieu of foreclosure” as flatlined. Lenders resistance to this remedy for a hopelessly delinquent borrower is a costly, ignorant mistake. There are plenty borrowers who want to walk away and are willing NOT to trash the house. Lenders are their own worst enemies.
I can understand why a lender would not be looking at the deed in lieu option. First, it is very impractical where there are junior liens. A lender would have to jump through title insurance hoops and expense to make sure they are not getting stuck in a deed in lieu situation, even if the borrower is willing to cooperate. It is probably more expedient to just foreclose and pay cash for keys or allow a short sale to take place.
I don’t think the banks want any more foreclosures. If they foreclose on all the people who are actually unable to pay and reduce the loan balance or terms for all the others who simply want a reduction, their balance sheets will be decimated.
Is this all the proverbial other shoe to drop?
Interesting article…
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/23/AR2009062303500.html
“I have even begged them for a foreclosure,” delinquent mortgage-holder Charlotte Jensen said. When she realized she couldn’t save her Glen Allen home last year, she filed for bankruptcy, packed up her family and moved out. Nearly a year later, Bank of America has yet to take back the home.
…
Some of the backlog reflects the inability of lenders to keep up with the swelling rolls of delinquent properties.
… some of the backlog also reflects an intentional slowdown in the pace of foreclosures as government and industry step up efforts to help borrowers who want to save their homes. Fannie Mae and Freddie Mac, the government-run mortgage financing companies, put a temporary moratorium on foreclosures late last year and many of the country’s largest lenders followed suit.
…
“What we’re seeing more and more right now are cases of a lender threatening foreclosure and the foreclosure sale is canceled at the last minute,” said Jeanne Hovenden, a Richmond bankruptcy attorney, who handled Jensen’s case. “It’s more like the lenders don’t want to own any more real estate and are using foreclosures as a pressure tactic.”
Of course, I don’t know any of the indivdual stories, but I am constantly surprised at how many foreclosure homes I track with their sales cancelled or postponed again and again and again.
I’m not sure how anyone can think we’re close to a bottom on housing.
More excerpts from the WaPo article…
During the first quarter of this year, the share of all homeowners seriously delinquent on their mortgage but not yet facing foreclosure more than doubled to 3.04 percent, or about $227 billion in loans. There was a total of $97 billion in such loans during the same period in 2008, according to Inside Mortgage Finance.
***
The overhang of homes in limbo means that foreclosure rates are likely to increase dramatically during the second half of this year and into 2010 as lenders work through the backlog, said Bob Bellack, chairman of Zetabid, which auctions foreclosed properties.
“Prices will fall to the point where you have equilibrium, and it won’t reach that until there is no longer this foreclosure overhang,” Bellack said.
***
“No one is in a rush, lender-wise, to deal with the property,” he said. “If you have to sell at a loss, why rush?”
Lenders traditionally write down the value of the home six months after an owner stops making payments, but the total loss is not recorded until the property is sold in foreclosure, said Mark Zandi, chief economist of Moody’s Economy.com.
“Some may feel that the property is worth more than the market can bear at this time, and they are willing to wait until” the market improves, he said. “They don’t want to sell it into a completely depressed market.”
***
“It used to be that they wanted to foreclose as quickly as possible. . . . [Now] it’s like this hot potato that nobody wants.”
Thanks for the link Jim, I was wondering what happened. My page view stats skyrocketed. I got linked to by you, piggington forum and the Big Picture all on the same day. I guess this is my 15 milliseconds of fame. 😉