Banks May Tell You One Thing, But They're Thinking Another Thing
Banks May Tell You One Thing, But They're Thinking Another Thing
Back in the 1970s and '80s, a popular New York area discount retailer touted in its TV commercials that "an educated consumer is our best customer."
While this may be true in most situations, it's certainly NOT the case for banks whose customers are seeking loan modifications to keep their homes.
You see, banks DON'T want you to be educated. They DON'T want to be your friend. They DON'T care if your mortgage is 70 percent of your net monthly income. They just want you to be a good little soldier and pay your mortgage each month - whether or not you can afford it.
If they cared about whether you could afford your mortgage, there would be no such thing as a "non income verified" loan!
Close to 40 percent of American homeowners currently owe more on their home than it's worth.
This year and next alone, more than 12 million U.S. homes are expected to enter foreclosure.
With this, banks are now in the real estate business, and that's the LAST thing they're interested in doing. It scares them to death.
But they're going to continue to strong-arm you and convince you that defaulting on your mortgage is a death sentence, that you'll never be able to buy anything on credit ever again, that you'll be scorned by friends and family when that foreclosure notice is placed in the local newspaper, etc., etc.
Banks often tell homeowners that they're unable to modify their loan, and foreclosure proceedings will continue.
ALL while crossing their fingers behind their backs hoping you do as you're told. Pay.
But they won't tell you all this.
That's why YOU need to get educated! Become that "educated consumer!"
How Can I Get The Bank To Work With Me?
Here's the reality . . . defaulting on a mortgage is not a death sentence. Although the stress might affect your mental health (and I have heard of people losing 40-50 pound due to stress), you will live through your mortgage troubles.
But chances are if you're reading this, you have no interest in defaulting, and you're seeking ways to stay in your home.
Getting a loan modification is tricky. Besides all of the technicalities and paperwork games the banks play with homeowners, the mind games are reprehensible. While banks may talk the talk and tell you they're sticking to their guns, as soon as you show them you mean business, you're educated to the process, and you want to talk loan modification, they realize they're dealing with something who's not a good little soldier anymore, but someone who knows what they're talking about, and has come to negotiate. This is not to say that if you are knowledgeable and adamant that you will receive a loan modification. However, if the bank employee on the other end of the phone knows more than you, you are immediately at a disadvantage. You' want to be the consumer that knows what an "LTV" is and that can fight back when the bank improperly disqualifies you for a loan modification.
Of course you can hire an attorney who specializes in this area to handle this for you, but that's going to cost you thousands of dollars up front, which you might not have. It's quite a Catch-22, isn't it?
But fortunately, you're now able to educate yourself with self-guided Loan Modification programs, and then negotiate a fair and equitable restructuring of your mortgage with your bank. These are systems that help you to become an expert on laws and processes related to what the banks can or cannot do with regard to your mortgage, the foreclosure process, HAMP guidelines, and more.
Armed with this knowledge, you'll now feel empowered to not be made to feel ashamed by your lender, but rather to say firmly "I know my options and my rights, and we need to negotiate a loan modification. Period."
Like him or not, Donald Trump once said "EVERYTHING'S negotiable." Remember that!
A self-guided Loan Modification program CAN work. It's worked for countless Americans who are now able to enjoy their homes AND their lives.
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