Trying to Keep Your
Home San Diego?
Are
you working with your bank to keep your home and save your home from
foreclosure in, maybe working on a loan modification San Diego?
San Diego Loan Modification News
This is the 2nd installment of a series based
on conversations with a recovering former employee of Chase.
The most interesting and alarming part of his talk was
the clarification that in most cases the bank that you are working with to save
your home does not own your loan, they are servicing
it. They are a middle man for the actual investor. Because they don’t own
the loan, they make their money by servicing the loan, not from the
payments. Therefore they make more money the longer they string you along.
This is so shocking, let me restate that point. THE BANK MAKES ITS MONEY BY STRINGING YOU
ALONG EACH MONTH. They make a service fee from the investor for each month
they keep the loan from going to foreclosure. Isn’t that great, they are
rewarded for helping you keep your home San Diego?
NO!!! They are rewarded
for keeping you in limbo and giving homeowners false hope.
This is where we find those people who have lived in
their home for a couple of years without making their mortgage payment. Did these people
originally intend to live in their homes without a mortgage?
Usually not. They heard the myth out there that the bank
won’t negotiate with you unless you miss payments. So that’s what they did,
stopped making payments to create communications. Let’s also not forget that
lots of people have lost their jobs too, so many times it didn’t even start out
as a strategy, but rather a necessity. The homeowners then try to work with the
bank to resolve the situation and save their house from foreclosure. The bank says
they are willing to working with the homeowner and want the homeowner to keep
their home. Then after stringing them along for a few months through wait
periods and refaxing of missing paperwork they deny the loan modification.
What is really crazy is that once they deny the
modification, they encourage the homeowner to reapply. Has anything changed
that would make them then qualify now when they didn’t 5 minutes ago? Usually
not, but the bank gives hope, why because they want the monthly fees they are
receiving from the investor to keep coming in and because the home owner wants
to keep the house they keep jumping through the hoops.
While the homeowners are being strung along by the bank
their delinquent amount keeps rising and unless they are the most disciplined
of people and haven’t been hit by the financial hardship, they aren’t saving
those whole monthly payment amounts. The bank won't take a partial payments to catch up, they will only take the whole amount they are behind. In 6 months it becomes hopeless for them
to ever catch up. This stringing along by the bank makes it impossible for homeowners
to actually keep their home. So while in the short term they seem to be in the
money because they aren’t paying their mortgage, they will never achieve their
actual goal of being able to save their home from foreclosure.
About the Author: Rachell Lara is a mother of three and San Diego
Native. She is living her passion helping others love their lives by
investing in their lives and futures with real estate. She is making the
world a better a better place through service, appreciation, love and
of course humor.
For those in San Diego trying to keep their home Please CONTACT her directly to consult to see what your best strategy with the bank may be. For those outside of San Diego, she can refer you to great sources in your area.
For more information about this topic and real estate in general, please visit her www.LaraProperties.com, or at any of these other social media sites.
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