Loan Modification- America’s Home Owner’s Nightmare or is it their Savior?

Everywhere you turn someone reports on, asks about or brings up the subject of LM.

I see a very big salad of confusion that started in 2006 with “Short Sales” and now we are in the era of “Foreclosures” and LM as the new buzzwords.

Is this process all wrong?!

In 2006 I kept asking people who were involved in “Short Sales” why don’t we do “Short Refinances” (as I was calling LM at the time)
I couldn’t understand why would the bank sell a home for less than what’s owed to a buyer, BUT won’t help a home owner stay in their home by reducing the monthly payment and loan amount, the same amount as they reduce to a complete stranger?!

In my humble opinion the banks are not pulling their weight and doing their civil duty, to help Home Owners, which in turn will help the banks themselves.

Stories clients and other referrals I get to speak with are heart breaking.

What is happening and what can you do to get help
• The banks are thinking about this month balance sheet rather than the end of the year balance sheet i.e. a shorter list of foreclosures on their books.

• The banks can be much more responsible with their
1. Response time- currently 3-9 months

2. Utilizing Common sense decision making- If the current market value is at $200,000 don’t reject an offer for that price, which they constantly do, leaving the home owner to “cook” a little more and at the end have the home foreclosed and sold months later for $50,000 less that the $200,000 ofer they got.

I have seen this scenario over and over again.

• The Banks don’t give correct Instructions to their customers & truly try to help them!
How many of you who tried to call your bank got hand ups, transfers to phone #’s that don’t exist, stay on hold for hours to find out you just been hanged up on again for the 3rd time. And after all that you are not even 1 step closer to a solution from where you started.

• Banks advise customers to “STOP Making Their Mortgage Payments” so that the bank will speak with them. What Nonsense is that???

Are banks aware they are violating RESPA guidelines? I’ll send you the information see below.
LM again in my humble opinion is the ticket for America to turn things around. Banks need to get with the program so let’s al move forward.
because the banks took and still take so long to respond to prospective buyers they artificially created a “Inventory Constipation” in the market.

We need a strong “Market Laxative” to ease things out and LM IS IT

Why I say that?

1. It will stop the down spiral effect on the economy.

2. Citizens who will know that they can truly be helped, will stop worrying all day and night, and start using their energy on more productive and constructive activities.

3. Businesses will gain their employees back. Let’s face it. Big companies and small companies, your employees might be physically at work but mentally are checked out. Because of this “BIG GURILLA” on their back. Will they have a home to go back to tomorrow?

The people of America are our A’s in the hand.

Let’s empower them, responsibly, so we can all move forward and start seeing the light out of this dark recession.

And now you can see why LM is America’s savior as part of getting out of this recession. It will start a domino effect to “betternes” all around. Get your roadmap how to help yourself and America by utilizing the LM process, by going to the Loan Modification Guide and Check what suites your situation better, Do it your self LM or use a reputable company to assist you in the process.

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