Loan Modification and Keeping Americans in Debt
(post by BT) Here is the solution to all the mortgage woes out there…. Loan modification. Skip a few mortgage payments, contact your bank and they will work out a deal that meets your needs. Actually, it is not much different from applying for a loan. The catch? You have to wait until you actually miss payments, get in trouble and destroy your credit! Where’s the logic? I can’t talk about it enough because it makes me angry… Like here on post from July 15th and about my own FL property! Why doesn’t the bank work with people who are not yet behind on there mortgage, the ones looking for help before they screw up?! Don’t they want to keep their books clean of foreclosures? What kind of people are running the shops there, sticking to these outdated rules of waiting until a mortgagor is beyond help? Of course it all started with banks making loans that should have never been granted, and will soon be considered illegal. It clowns like our brilliant president George W. Bush during whose terms everything was done to “help Americans achieve the American dream of owning a home”, and now wants to rescue irresponsible people with the Foreclosure Prevention Act, while still not addressing the issues of those who are responsible but still not able to keep their home. Let’s just say that those who can’t afford to own a home should not buy one. Their American dream is now a short sale or a foreclosure. What dream is that? At least all these new programs, government help and loan modifications are good for one thing – preserving the American addiction to debt.