Loan Modification - Bank of America, Citi, JP Morgan Chase, and Wells Fargo Gamed the System

http://bit.ly/92cLdE Loan Modification - Bank of America

In this video, I want to share with you the naked truth why many homeowners won't get the loan modification they seek. First we must realize that loan are private contracts between a mortgage company and a homeowner. And unless there has been some violation of the law, mortgage companies are under no obligation to modify anyone loan. So we must realize that a loan modification is a privilege. This is why we have seen the government initiatives below and still have the housing crisis. Saving homeowners is simply not the law of the land.

How Now
The Hope Line
Hope for Homeowners
FHA Secure
FHA Modernization Act
Emergency Loan Modification Act of 2007
Emergency Economic Stabilization Act of 2008
Making Home Affordable
Home Affordable Modification Program
Home Affordable Modification Program 2.0 - Principle Reductions

They have gamed the system. Now the banks are free to do what ever they can to maximize their profits. Since they all paid back their tarp funds, they are are under any obligation to the government to enact any special programs to help homeowners. This is why as we speak there are record numbers of families facing foreclosure.

How else do you explain why 81% of Wachovia FSB homeowners eligible for a permanent loan modification received one, while only 25% of "eligible" Bank of America homeowners have?



So if you are seeking a loan modification, what should you do? First off, you need to understand the performance of you lender when it comes to loan modification. And secondly, you need to understand the loan modification guidelines published by the government, even before you pick up the phone as ask for a loan modification from you lender.

Most homeowners get at least 1 thing wrong in their initial application for loan modification. And this is all reason a lender needs to deny you a permanent loan modification.

We will talk more about how homeowners make mistakes in the loan modification process in our upcoming videos.

http://bit.ly/92cLdE

Category:

News & Politics

Tags:

• loan
• modification
• bank
• of
• america
• foreclosuresolvers
• scam
• mod
• economy
• crash
• finance

[Dajuhan2u]

I am deliberately letting my place go into foreclosure. It's the best option for me. In my state, the redemption is 6 to 12 months which will buy me time. Meanwhile, Wells Fargo has to go through the process of the foreclosure proceedings. A foreclosure is not the end of the World and is better than a bankruptcy.

[Dajuhan2u]

I am deliberately letting my place go into foreclosure. It's the best option for me. In my state, the redemption is 6 to 12 months which will buy me time. Meanwhile, Wells Fargo has to go through the process of the foreclosure proceedings. A foreclosure is not the end of the World and is better than a bankruptcy.