Lenders prefer Foreclosure over Modification
I read about the speculation that mortgage lender/servicers might actually prefer foreclosure than modification a week ago. The argument seemed so specious that I couldn’t bring myself to repeat or comment on it.
Today I find two well-known and reputed sources saying the same thing. Now that gives credence, and demands comment.
There are so many reported reasons for a bank resisting a loan modification. I am amazed at the general public being fooled into thinking the bank is on their side. A few months ago the bogeyman was all the crooked investors taking the hapless homeowner’s money and disappearing with the ‘upfront fees.’
I’m waiting for the general public to get it figured out that the banks do not care about the homeowner. At the beginning of August the media was full of reports of homeowners getting shined on by their lenders in their quest to get their mortgage modified. The only reliable advocate available to the distressed homeowner is a US national attorney. This blog is flooded with the explanation as to why that situation exists. Read and be informed.
Read Motley Fool here
Read the New York Times/MSN here
If you can afford months of fooling around with your mortgage modification, the 4 million-long-line starts over there. If you want to be in the front of the line and assure your modification getting done more efficiently than anyone, step to the front of the line with us over here……….
