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

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bit.ly 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

2 Comments For This Post

  1. Dajuhan2u Says:

    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.

  2. Dajuhan2u Says:

    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.

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