You don’t have to be a genius to know that a lot of people are struggling with their house payments in our current economy.
It doesn't have to be like this!
A big part of the problem was due to the fact that lenders placed their own interests ahead of their customers. Unfortunately well intentioned people who did not understand all of the details of the loan were placed into programs with:
- unsuspected interest rate adjustments
- payments that were higher than affordable
- undisclosed balloon payments
- loans which resulted in rising mortgage balances
- loans which now exceed the value of the home
These lender activities resulted in a lot of homeowners who are struggling with their payments, behind in payments and have loans much higher than they ever anticipated. As a result these lender activities have led to a lot of defaults and foreclosures. 
This means that lenders have ended up after foreclosure with a lot of real estate that they don’t really want to own. No matter what you have heard NO lender wants to own your house. They would rather receive their money or least a portion of it. They too are well aware of the practices which occurred. The problem for many homeowners is getting the lender to listen in regard to:
- lowering the loan balance
- lowering the interest rate
- restructuring the payment plan
As a homeowner you need to know how to get the lender to listen and modify your loan so that you can keep the home. You are not powerless. The lender does not have all of the leverage, unfortunately they probably know more about the details of how it works than you do and they use that to their advantage. It’s time to level the playing field and put you on equal footing. Would you rather beg your lender on bended knee for help or negotiate with them from a position of strength. You may just need a hammer to get the job done. That’s why we’re here. To give you the right tools to fix it!
Drew Wilson said
I see that loan modification is the big buzz word in the real estate industry. I’ve also been seeing commercials on television promoting loan modification and many banks pro-actively approaching consumers to modify their loan. If all the people get a mini-bailout, who is going to front the bill? do the banks just take a hit and write them as a loss, or are they somehow going to get reimbursed by the government? how does the backend work? also, what about the loans that are tied up in mortgage backed securities? are they able to be modified?
loanhammer said
Yes, loan modifications seem to becoming the buzz in alot of articles and industry discussions. And yes, we’re seeing companies advertising on national television offering help to homeowners. We’ve also been watching national non-profit organizations trying to interface with government programs to do the same thing, help homeowners get their loans modified to affordable payment levels. The problem is that none of these programs have been very successful in achieving their goals. More often than not, the process evolves into a seemingly endless waiting game with no permanent or sustainable solution to the borrowers problem. I will follow up with an article posted today on moneycentral that details some of the issues you addressed in your comment and the frustrations being experienced by homeowners who try to navigate through these rough waters.