Dishonorable, IMHO.A Note from Alexis...
Media Misquotes Modification Facts 9/06/10
I find it necessary to clear up any misunderstandings regarding our loan modification as the media has (once again inaccurately) blown this out of proportion. Last year at this time I tried talking to our bank about a loan modification and they told me that if you are current, "we won't talk to you". In January of 2010 I made the decision to stop making payments so my bank would talk to me.
She admits to purposely defaulting to strong arm the bank. But it's the bank's fault.In April they did, and I submitted a loan modification package. The bank didn't make me an offer to modify my loan until August.The fact is if the bank would talk to people before being late on your mortgage, we wouldn't have to go through this mess.
Wah wah wah. Meanwhile, your short sale and deeds in lieu of are driving down the cost of houses in your area, and with it your neighbours' equity. Some of your neighbours can pay the bills they voluntarily agreed to pay.One press outlet misquoted and said that I said "Im not going to throw good money after bad, it's just not good business". What I said is that if you can't afford your payment then you should short sale or do a deed in leiu of forclosure because it's simply not good business to throw good money after bad. A lot of Americans are waiting for their banks to call them back and before long they find themselves in forclosure. The fact is that our government gave us a "PLAN TO MODIFY", so why are the banks not talking to us unless we stop making payments? I have successfully negotiated my modification and you can to!!! But make no mistake, I am having to pay over $25,000 in penalties and late fees just because my bank wouldn't talk to me when I was current.
Being proactive about your finances means getting a fixed rate mortgage for way less than you can actually afford so that when the bad times come (you've proactively planned for them, haven't you?) you can still ride them out.Being proactive about your finances doesn't mean your broke or bankrupt, it's simply good business. Am I the only one having these problems with the bank?