OCC: Waaah

[The Architect]

They want a loan modification. Which at this time is pretty normal, interest rates are way down. Cool that makes sense to me.

I would not fault them at all for trying to adjust the interest rate.  Good for them.  But adjusting the interest rate is different than trying to changing the value of the loan (from what I remember reading.)  I don't care what the building is worth, you borrowed $12.5 mil. 

And yes the owners can easily walk away from the building and the loan.  That's the risk the lender took.  Risk vs. Reward.  (if only it was like the old days where people couldn't hide behind the name of a corporation.) 

Side note: In an odd way you have to give them credit for not just closing up shop and walking away.  Or is this just a stall tactic? 

[Slide Panda]

I would not fault them at all for trying to adjust the interest rate.  Good for them.  But adjusting the interest rate is different than trying to changing the value of the loan (from what I remember reading.)  I don't care what the building is worth, you borrowed $12.5 mil. 

Yeah - I wasn't so clear on that bit. I hope they are not trying to ask the lender to write off $4 Mill of lost value in the building. That's daft if that's what they are trying.

[sbrguy]

look at it this way.

they are just doing what every business, person, everywhere is trying to do.

get something for nothing.  they don't want to pay over the value of the building, simple as that.  now we say that they did something wrong too bad.

but then again why do companies get to write off losses? shouldn't they just keep doing business and not have any sort of tax breaks or such for losses, why don't we then say again, too bad to the companies?

same thing everyone wants to not pay what they have to pay originially if the value goes down.  its always about something for nothing, no person and no company is above doing that.  Show me a successfull company i'll show you a company that will try the same tactics of wanting something for nothing.

[gregrnel]

Polaris is a completely different animal with a diverse product line that extends into defense vehicles and golf carts. They make more than un-rideable white trash "art".

You might be surprised at how some of the "toy" companies have done during the recession:


PII

http://www.wolframalpha.com/input/?i=polaris+industries

[ducatiz]

Polaris is a completely different animal with a diverse product line that extends into defense vehicles and golf carts. They make more than un-rideable white trash "art".

lol

[ODrides]

What dumbass bank is lending a trendy brand that kind of money anyway?  "Uhh, we made 5 million in t-shirt and hat sales last year, which we excpect to maintain for every year for the rest of time."  That would be like basing Sisqo's future earnings on the sucess of The Thong Song.

[justinrhenry]

Can you get a loan modification if you're fully able to pay?

absolutely.

[Speedbag]

Time to call the bank regarding my mortgage. 

[derby]

Time to call the bank regarding my mortgage. 

pretty much what homeowners have been doing for the last few years...

[Speedbag]

Except mine is worth way more than I owe.

(which might be a problem)

[lilmonster]

OCC would not be nearly as big as they are without the TV show and their Fans. I have seen posts where Paul Sr. is a tool to the Fans at events. Now that the show is gone, OCC will not be as popular.

[justinrhenry]

i thought the show was back on?  jr vs. sr?

[lilmonster]

I think they pulled it after 5 episodes.

[muskrat]

I'm going to default on my checking account to see if I can remodify my deposits. 
This default business to force a modification is crap.  A risk is a risk is a risk. 

[2 Wheel Wanderer]

From what I know you have to be late on your mortgage to do a loan modification. There is also a government program that certain people qualify for that will help them get a modification as well, although I heard that it's very tough to get approval (obviously for residential homes).

Getting a modification means is they lower your rate on what you owe so your payments go down, it doesn't lower the amount you owe.

As for residential mortgages, if you lost your job and got another one that pays you 1/2 as much, a loan modification isn't crap, it may save you from becoming homeless. This is what millions of people are going through right now. A lot of these people owned their homes for years before all this mortgage crap went down but still lost their businesses, savings and ultimately their homes. A lot of innocent bystanders, such a shame that stupidity and uncontrollable greed has really screwed us all.

Sorry

/Rant