Trying to Keep Your Home? Boxing with the Bank Part 3

Trying to Keep Your Home?

San Diego Loan Modification News

Are you working with your bank to keep your home and save your home from foreclosure in, maybe working on a loan modification?

My San Diego Short Sale Negotiator is a recovering former employee of Chase. He shared some information that was both shocking and disturbing for lack of better words, especially for those trying to save their home from foreclosure. The information was so crazy and thought provoking I had to break it into a few short series of posts. This is the first and final post. Boxing with the Bank # 1
Boxing with the Bank #2.

Now that we understand the banks that you are working to keep your home are actually trained not to like you and want to keep you in negotiations as long as possible what does that mean for you? Is it a bad thing that they want to work with you for a long time? 

It depends, if you want to keep your house and work something out with them yes. By prolonging your resolution and increasing the amount that you owe makes it impossible for you to ever pay them back if they don't approve your modification. If they decide not to do the modification then you are out of luck and can’t save your home.

However if you are just staying in your house because you like the payment free living arrangement, it isn't such a bad deal.

Be aware however that the investors have caught on to the banks and aren't allowing them to keep you in limbo for prolonged periods of time. They are telling the banks to send the houses to be auctioned on the court house steps. They only have to give you 21 day notice to sell your house! 

The sad thing is many people think they are working with the bank on a loan modification, get the notice that their modification was rejected and your house goes to auction at the end of the month. That is a stunning blow for people that thought they were going to get to keep their house. 

What do you do if you get that notice posted on your door or gate that your house is going to auction? What ever you do, don't let your home go into foreclosure. It is unnecessary and harder to recover from.

Call me 619.316.7445 immediately so we can get that sale put on hold free of charge. That gives us a little time so we can discuss your options and what you want long-term. We can figure out what would be the best for your financial future. Remember there are options available. And now is the best time to be in financial trouble because you aren’t alone, unfortunately we are surrounded by people in the same boat. If you aren’t in the San Diego area, still call me and I can get you to someone in your area that can help you, again at no charge. We are here to help.

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.

Trying to Keep Your Home? Feel Like You're Boxing with the Bank? Part 2

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 2^nd 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.

Trying to Keep Your Home San Diego? Does if Feel Like You're Boxing with the Bank?

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 Loan Modification News

My Short Sale Negotiator is a recovering former employee of Chase. He shared some information that was both shocking and disturbing for lack of better words, especially for those trying to save their home from foreclosure. The information was so thought provoking I had to break it into a few short series of posts.

One of the biggest eye openers was how the people at the banks “working” with you to save your house with things such as a Loan Modification Program view us, the people that bought homes or refinanced during most of the 2000s.

First was how they look at customers. You aren’t imagining they don’t like you. The Banks train their employees to view the mortgage holders, their customers as adversaries, the enemy in which they have to do battle with.

Banks and therefore their employees don’t view you as a customer, because they know you don’t have a choice. If you are underwater in your home, they know you can’t refinance or take your loan anywhere else. You are stuck with them because you lack equity in your home. Therefore they don’t have to earn your business, they don’t have to impress you, they don’t even have to treat you nicely.

Second the banks train their employees to think that you are a liar. Yes the people that are supposed to be "helping" you, working with you to keep your home, think you are a liar!  They say that we, the homeowners lied to get the mortgages, so that we will also lie to stay in our homes. Interesting since the media, our government and even former employees said that those same institutions lied to us to get the homeowners to take the mortgage terms in the first place.

If they think you are lying to them when trying to keep your house, are they lying to you when they tell you they (the bank) will work with you to help you keep your home? Where does the lying stop and how do you know when you are actually moving forward to a resolution to save your home instead of just getting lip service from the bank?

There is a lot of information out there and there is also a lot of misinformation. It is not my intention to broadcast one man’s information as the complete truth, but rather to share it with you and find out your experiences.

Can you see his perception in your dealing with your bank?

Or is your bank different than the others?

Are there smaller banks in San Diego that aren’t acting like the big banks?

Is your bank really working with you to save your home San Diego?

The next blog post will discuss why your relationship with the bank is a conflict of everyone’s interest.

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 more information feel free to CONTACT her directly and find more information regarding this topic and real estate in general, please visit her www.LaraProperties.com, or at any of these other social media sites.