Loan Modification

Homeowners across America are finally catching on to the facts. The only way to stop foreclosure is either to pay the amount past due, file bankruptcy, or negotiate an agreement with your lender, such as a loan modification, to stop the foreclosure and help achieve a lower, affordable payment to keep the home. Most homeowners who are facing foreclosure do not have the money to pay the full amount that they are past due to their lender; if they did, most likely they wouldn't be facing foreclosure. Bankruptcy is a last resort, and can take up to 4-5 years or even longer to recover from, not just financially, but multifarious other factors such as credit score, and ability to keep the same interest rates and limits on credit cards.

Naturally, for most homeowners the only feasible option to saving their home from foreclosure is to achieve a loan modification. Now this is much easier said than done. According to Richman & Associates, one of the largest loan modification firms in the US, homeowners applying for mortgage modifications on their own are successful less than 25% of the time.

That means that 3 in 4 homeowners desperately in need of mortgage help will not successfully modify their loans to a lower, affordable payment. According to RealtyTrac, over 200,000 homeowners received notice of foreclosure last month, and Zillow's COO was quoted on Fox News stating that 1 in 5 homes in America is currently under-water.

This after hours and hours spent on the phone with their lenders, time spent on filling out a mounting pile of forms, and of course waiting for 2 months just to speak with a negotiator, or "decision maker" with the lender. Borrowers are often told not to speak with an attorney or retain counsel to help them negotiate a solution with their bank, that paying for representation is a "bad thing", and that a reputable attorney will not "represent your best interests." Who will represent these homeowners? The lenders?

Ready for the shocker: Its the banks that are foreclosing on homeowners. They don't have to foreclose. In fact, a good number of lenders agreed to a moratorium on foreclosures in the midst of staggering losses and the possibility of going under despite a huge amount of monetary assistance from the Government through TARP. And now that banks are turning profitable, with Wells Fargo posting a record profit for example for last quarter, isn't it a little odd that the moratorium has been lifted?

How long until we as Americans get good and pissed off? It's our children that are going to foot the tax bill for the bailout. It's our neighbors, friends, and family that are getting the boot and forced to leave their homes.

And its the lenders who can in good conscious take tax dollars from homeowners and then make them wait 2 months or more just to speak with someone who most likely will turn down their dreams of keeping their home.

There was a time in this country when we stood up for what we thought was great. The men and women who have stood up for what is right have long been revered and respected through our Nation's proud history. Where are our Martin Luther Kings, our Thomas Jeffersons, our Abraham Lincolns? Who is going to stand up and say something?

When is our good-intentioned President going to spend 3 hours waiting on the phone to speak with a representative at Countrywide, and understand the plight of the families who helped elect him, rather than meeting with the CEO's of the major banks at the White House and hearing their lies of truly being on-board with the Making Home Affordable plan, and truly wanting to help homeowners.

Enough is enough. Our Nation was founded on the principles of liberty and justice. Where is the liberty in a single mother raising 3 children and holding down 3 jobs having her mortgage adjust to double where it was before? Where is the equality in African Americans specifically targeted by predatory lenders (thank goodness the NCAA is finally putting together a class action lawsuit against the worst of the banks)? Where is the justice in paying huge bonuses to corporate executives that took our economy for a tailspin and destroyed their own companies, while Americans are jobless, hungry, and tired.

I serve as President of Operations of a for-profit Loan Modification Firm, the "enemy". We save homeowners from foreclosure. And for many homeowners, we do it for free. I will be relinquishing my position in the near future to form a lobbyist group to advocate for the homeowners that cannot advocate for themselves, for the single mothers in Maryland and unemployed plant workers in Michigan, for the working fathers in South Carolina and farmers in America's Heartland. For all of our friends and family that have had no where to go when the sheriff placed a notice to vacate the premises on their front door.

Every generation has its battle; The Great Depression, WWII, Vietnam... Though we are still in Iraq and Afghanistan, our great war is not a military war. Our great war is an Economic war. And now is our time to fight. For the hope and future of our children, so that they are not saddled with the debt of the poor decisions of greedy CEO's. For the neighbors 3 doors down who loaded up there car one Saturday afternoon with all the belongings they could fit, to leave for a future unknown. Now is the time to fight for the Hope and the American Dream of Home-Ownership that was one of the guiding principles of our founding fathers.

I will close with the quote from Thomas Paine, "Those who expect to reap the blessings of freedom, must, like men, undergo the fatigue of supporting it." Let freedom ring, America. Let's get on board. Let's be heard.

Was this helpful? 0 0 Comments

Did this article Loan Modification solve your question / problem? If not, read following similar tutorials & articles or ask a new question.

• What is the Difference Between Loan Modification and Refinancing??

  This is one significant difference between loan modification and refinancing, but obviously not the only one.

• NACRA and Alpha 2000 announce partnership to provide free do it yourself loan modification help?

  The consumer advocacy group NACRA with the help of a nine year old non-profit, Alpha 2000, are providing current and future members with free do it yourself loan modification help.

• You Must Be High To Want: Home Loan Modification?

  With Rates Stuck in the 4% Range for now, you couldn’t pick a better time to Come Down from your High Interest Rate Loan from 8%, down to 4% by applying for a Home Loan...

• Loan Modification benefits in today’s economy?

  Loan modification is a scheme offered by the banks which makes the monthly loan payments more convenient to the borrowers. This is critically required when the borrower is not...

• Mortage Loan Modification and Foreclosure Defense?

  Mortage Loan Modification and Foreclosure Defense, saving homes throughout the United States; also providing Bankruptcy where appropriate

You're reading Loan Modification.