Apr
18
Why the lenders won’t help the homeowner to modify they loans?
By
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4 Comments
April 19th, 2009 at 1:30 pm
why do you think them loosing money would make any one in that department cheerful people as they listen to BLAAAAA blaaaaa BLAAAAAAA all day long about other peoples problems that is sooooooo depressing
April 20th, 2009 at 2:27 pm
You made the right first step.
Here is your second step – get the pros involved – the federal government agency
HOPE NOW is an alliance between HUD approved counseling agents, servicers, investors and other mortgage market participants that provides free foreclosure prevention assistance.
or call the Homeowners HOPE™ Hotline – 1.888.995.HOPE. This hotline is staffed by HUD-approved credit counselors who can guide you through possible options.
They WILL help you.
April 21st, 2009 at 1:39 pm
Simply put they are idiots-
See 2 years ago a change should have been made-
Now we are in a catch 22-
If you can afford a home/car but your credit is iffy you couldn’t get a loan…but if you had great credit but couldn’t afford a home they would give you a arm loan- so its just coming back full circle-
I say they need to adjust the credit rating system and watch the economy soar
April 23rd, 2009 at 5:17 am
1.) the lenders are going to loose money on the loan.
2.) they hear the same excuses all day long.
3.) they are overloaded with files of bad debt that they have to handle every day.
4.) the homeowner is the bad guy in this situation.
5.) most homeowners are not presenting a win-win situation…they just want the bank to look the other way and let the homeowner take advantage of them.
6.) most homeowners don’t really know what they’re talking about when they call, they are not professionals.
If you want to get some respect from the loss mitigation department then have something worthwhile to present, a situation where the bank can win too. Otherwise, what reason do they have to be nice?
The other way to get some respect is to have a powerful reason for them to want to negotiate with you. My guess is that you could if you bought/refinance your home within the past 3 years you could qualify for an extended Right of Rescission under the Truth in Lending Act. That means you could cancel the loan and the lender would have to pay you back all your mortgage payments and you would give them the house back…or the lender would have to be very serious about negotiating with you in the first place.