Stop Bank Foreclosures Tips

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I find it interesting in the current climate of the Congress putting pressure on the Mortgage Companies concerning Foreclosure that Homeowners are told to tell the mortgage banks that they in trouble and the banks will gladly discuss new finance arrangements. I find that this is only a half truth at this moment.

The homeowners have been thrown into this state due to the mortgage companies trying to make a profit, inflating the housing market and then begging the U.S. Government for help.

The mortgage companies are still squeezing the homeowner for money even if it is obvious they can not pay. They hope that out of a sense of financial responsibility the consumer will pay off the remaining debt even after they gave up, foreclosed or sold the property in a short sale. The same banks who changed the bankruptcy laws a few years ago because they had gave out credit to bad risk consumers like candy and then tried to hold then accountable after they knew these people could not afford it.

I might seem like I ranting here, but I’m just so angry about the greed shown by this banks that they are willing to sink our economy just to make a buck. After they get in trouble they look to the government to bail them out with little loss to the stock holders. The consumers who they played loose and fast with is the ultimate loser because they are they ones losing houses, facing foreclosures and filing bankruptcy. The executives still have their six or seven figures salary or go to another bank because of the CEO club takes care of itself.

If your homeowner or friend helping someone in this traumatic time of trying to renegotiate a mortgage it is a crap shoot.

It depends on your bank, if it a small bank and you have some means of being able to afford your property, you can talk to lost mitigation department and ask for a workout. If you have a mortgage from large bank you are going to have a huge problem on your hands because they have a huge staff and will move it around on you almost daily. Wells Fargo is a prime example of this. They are so large that you might never talk to negotiator.

It will be a waiting game and you NEVER let me repeat that NEVER get angry with lost mitigation department. If you get angry you go to the bottom of a possible 1000 tall stack of workout paper work and probably go into foreclosure. Nothing against the lost mitigation departments, they are understaffed and overwhelmed. Be polite and get ready for a thousand changes before you have a solution.

If you need more info you can take a look at my Foreclosure Survival Guide

Till next time

MJ Jensen

Here is a great resource to help A Foreclosure Survival Guide
www.stopbankforeclosurestips.com/website/sales.html
Just copy and paste in your browser.