Big Banks… Shady Tactics

      I have client that I’ve been working on his loan modification for 2 years. Today we stopped the auction for the fourth time!  I truly believe that they don’t want to approve this modification even though he clearly qualifies for it according to Fannie Mae guidelines. They’ve done nothing but ask for updated bank statements, pay stubs, etc… you know the drill. Then they tell you they need something else or that they didn’t receive something and after that they’ll tell you that It’s now with a different negotiator and that you have to send everything in again! In the mean time the sale date approaches,  they tell you that they will reschedule the sale and never do. This left me with no choice but to use certain “Ninja Techniques”  just to stop the sale from going through just hours before the sale. I’ve done that four times for him already. The problem with that is… sure it forces the bank to vacate the foreclosure sale and delay the sale another six months… but it will also make you start over again from the beginning.

      I feel extremely bad for people who don’t know about these techniques to stop the sale and try and go about doing a loan mod on their own. Imagine how many people have lost there homes because of these down right “Shady Tactics” [that’s right I said it] that are being used by these big lenders. The truth is that the big banks have routinely committed fraud in their foreclosure filings and their records of how much people owe are too often wrong. And the mortgage modification process, which was meant to help homeowners, has been exposed as an abject failure.

     Salvageable mortgages are being foreclosed because the banks, wearing their “mortgage servicer” hats, find it more profitable to foreclose than modify loans. And even when the banks sincerely try to modify loans, they often seem incompetent. If the banks won’t deal, throw the book at them. Just like it’s been thrown at baseball great Barry Bonds for his comparatively trivial alleged perjury. If we can prosecute Bonds but not the banks, what kind of country are we?

     If you or someone you know is getting bullied by the bank please contact us for a free consultation, we can help. 407-902-7749