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Banks Don't Want To Modify Mortgage Payments

Banks Don't Want To Modify Mortgage Payments
Foreclosure Issues

Name: Gordon

Comments: It sickens me that banks do not want to adjust mortgage payments by a couple of hundred to enable payments. If mortgage payment modification could be a more lenient thing then people would not lose their home!

Payments Mortgage Modify Want Dont Banks

Yes, it is sad that you are eligible for any support that is available until you actually default. The banks simply turn you away and tell you to apply for help when foreclosure starts.

Banks Don't Want To Modify Mortgage Payments History & Civil Business Politics

It's truly ridiculous. Banks everywhere don't give a darn about the situation we're all facing here. I have a couple of friends who could make the payments if the banks weren't this unreasonable!

Payments Mortgage Modify Want Dont Banks

Now for the really sickening part...

The US Government could have bought all the bad personal mortgage loans instead of giving money to the banks to keep them going (which was supposed to help you, but went overseas to help other banks) and adjusted your mortgages so you could pay but yet actually still pay the government back. Think if this like the government purchase of GM. Apparently, that was good but directly helping you wasnt. TARP and Stimulus Package money is gone and there hundreds of billions that they have NO idea where the money went and hundreds of billions that ended up going overseas and didn't help the US people one bit.

Payments Mortgage Modify Want Dont Banks

It is disappointing that both the banks and the governments could not see your points mentioned here, or at least care enough to consider them.

I have pondered many time this little cycle and if it could have been stopped by at least one wise banker.

Bank loans high ratio mortgages to many people. Some jobs are lost which means those could not make payment. Now the bank inherits this land and puts it up on the market (I assume at a price that only covers what is owed). If job losses are few not real impact on the housing market. Suddenly 10 to 20 % are laid off and new jobs are not being created. Many housed are repossessed and sold at a discounted price or at best market value. This in turn would start a downward housing pricing or at least a plateau. Now the economy takes a bigger dive driving housing prices way down so 20 to 30 %. The bank must know they can not resell these homes and get their monies back as more is owed then what they are worth. Why on earth would they not review each case and see look they are making the payment just keep this guy going, as at least we are getting our monies back. Or as mentioned here many times they could drop a hundred and the person then is making payment and the bank has no loss.

Instead the banks took the homes and lost it all. Not a wise move in my opinion. If they had let people pay what they could and those who missed no payment left alone might the economy recover just a bit faster?