The biggest reason that loan mods are virtually never granted is that the so called “lender” is actually only a servicer of the loan and not the true holder of the note. We’re going to talk about this in more detail in a subsequent blog post but knowing that this is true in 80 to 90% of all mortgages (originated or refinanced from 2000 to 2009) can save homeowners a lot of heartache.
What we see so often is homeowners trusting in the “nice people” in the loan mod department who are “working hard” to push the loan mod through. However, they just need more information or they lost what was already sent them or there are further questions that need answering, and so forth. THERE ARE USUALLY DELAYING TACTICS ON THE PART OF THE BANK.
Meanwhile, another department of the bank is preparing to foreclose on the homeowner. One part of the bank is acting concerned and caring while another part of the bank is preparing to steal the house from the homeowner. While one part of the bank tells the homeowner not to worry, the other part of the bank is filing a foreclosure action and serving a foreclosure summons to the homeowner.
We have seen people ignore their foreclosure summons because someone in the loan mod department tells them their loan mod is almost approved.
THE RESULT IS, THAT IN EVERY SINGLE CASE,
THE HOMEOWNER LOSES THEIR HOME!
Most people believe that their lender wants to “help them”. They believe that it makes sense for the “lender” to modify the loan where it works for the homeowner. That way, the bank has a performing loan.
However, that only makes sense if the bank actually owns the note, which in the vast majority of cases, THEY DO NOT.
The fact is, as a servicer of the loan, the bank will make far more money foreclosing on the property and reselling it than they will attempting to work with someone having difficulties making their mortgage payments.
THE BANK IS MOTIVATED BY PROFIT ONLY!!
The only way to get a genuine loan modification involving a substantial principal balance reduction and a significant interest rate is to put the bank in a position where they CANNOT FORECLOSE and the only way to make any additional profit is to AGREE TO A FORCED SETTLEMENT.
THIS IS THE GOAL OF THE FORECLOSURE LEGAL DEFENSETM PROCESS!!
To know more about this process, go here.
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