Banks really do prefer foreclosure

[Seament]

New study says loan servicers lack financial incentive to modify mortgages.

 

http://articles.moneycentral.msn.com/Smart...;_blg=1,1328674

 

thought this might be of interest

[caffeinekid]

Great article. Thanks for posting.

 

Now, if there was just some way to repeal the so-called "stimulus package" farce, destroy the money that was printed up and send everyone home that had anything to do with it on permanent vacation with extreme prejudice. (meaning wealth forfeiture and criminal investigation)

 

These banks should have failed. That was the risk they took for loaning out $100+ for every $10 they had in the vault. This idea that there was anything in this for the proverbial public is insanity. Allowing these "servicing" outfits to get away with this is criminal.

[gary4872]

Great article. Thanks for posting.

 

Now, if there was just some way to repeal the so-called "stimulus package" farce, destroy the money that was printed up and send everyone home that had anything to do with it on permanent vacation with extreme prejudice. (meaning wealth forfeiture and criminal investigation)

 

These banks should have failed. That was the risk they took for loaning out $100+ for every $10 they had in the vault. This idea that there was anything in this for the proverbial public is insanity. Allowing these "servicing" outfits to get away with this is criminal.

 

QFT

[researchnerd]

Great article, thanks. This quote is great:

 

Regardless of the loan servicer, the story seems to be the same. Consumers start down a road they think will lead to a modified mortgage, only to meet a wall of incompetence and indifference at the mortgage company.

 

This has certainly been our experience over the past month, as DH and I have been attempting to modify our own mortgage. “Get in touch with us,†they said. “We are committed to helping keep people in their homes. The most important step you can take is to reach out for help today.†So we’ve been reaching out, repeatedly, via our lender’s website and by phone, and all we’ve gotten in return is frustration. The last time we talked to them we were told that we didn’t qualify for the HASP modification program, but they didn’t say why. They recommended we apply for a their “Customer Hardship Assistance Package†instead, and said we should call every week to check on the status — but that it would be 30-45 business days (i.e. more than two calendar months) just for our case to be assigned to anyone.

 

I know others here have had this drag on for much longer than we have. We're still jumping through their hoops, but sometimes it just seems like there is no point if they're eventually going to foreclose anyway.