Loan Modification: Does Your bank Really Want to help You??
Attorney
(866) 735-1102 Ext 540
We are told your bank really wants to help you to avoid foreclosure. JP MorganChase recently announced a plan to modify it's own mortgage loans, as well as $1 trillion (yes, that's TRILLION) in loans the bank sold to investors.
Nonsense. We have been involved in subprime litigation since 2007 against mortgage companies and lenders such as Citi, WaMu, Countrywide, Ameriquest and others. In one case, for example, they consider a "modification" to be an offer to refi a loan at 7.5% that had an initial teaser rate of 5% in 2003. Had we not been successful in having a court order the loan interest to be capped at 7.5%, it would now be over 11%. We are fighting with loan servicers daily attempting to broker equitable modifications on behalf of homeowners; some in default, some not...yet.
It will certainly be interesting to see how the Obama administration, and our new "government owned" banks deal with the impending crisis. Of course, we all hope that further financial disaster can be avoided. But at least today; I can say with certainty and from experience that the crooks are still running the asylum.
To those attempting to deal with servicers on their own, remember that you are, in many cases, dealing with the same people that created this problem in the first place and they don't like to admit that they were wrong!