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 onewiley
Joined: 16 Jun 2009
Posts: 5
2.99 Dollars($)
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 Posted: Tue Jun 16, 2009 12:52 pm Post subject: loan mod |
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| Why will the lender only help you if you have missed payments? If someone is trying to do the right thing by paying for as long as they can but needs help because they have lost their job and they do not want to lose their house – why cant they get help? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7408
Location: bloomfield, ct
63.20 Dollars($)
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| Posted: Tue Jun 16, 2009 12:56 pm Post subject: |
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basically because you apparently don't need help. it is pretty normal to assist those who need assistance while those who do not continue to fend for themselves.
just as an example, soup kitchens generally only serve those who are in need of food, rather than those whose refrigerators are full.
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George M. Akerley
Loan Consultant
860-221-5044 |
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onewiley
Joined: 16 Jun 2009
Posts: 5
2.99 Dollars($)
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| Posted: Tue Jun 16, 2009 1:17 pm Post subject: |
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| As much as I appreciate your response and input – my “refrigerator” is on its way to being empty. I am trying to be respectable and not screw the bank while I can still hold up my end of the agreement. However being laid off from work is not going to allow me to hold my end of the agreement up forever. So is it not better to try to get things worked out sooner than later? If it is a dumb game that I have to play I wish someone would just say “hey you have to be dishonest to get help” gee who would have ever thought being dishonest was the right thing to do?? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7408
Location: bloomfield, ct
63.20 Dollars($)
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| Posted: Tue Jun 16, 2009 1:28 pm Post subject: |
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believe me, i can identify with you. not all loan officers are on the cover of "loan officer weekly" touting their million dollar deals. most are scrambling. i feel you.
my premise is, of course, the same. those who need help get it; those who don't, dont. how do we deal with those who are on the edge? that's a tough question, and it's pretty clear that dishonesty won't do it - they will require you to demonstrate the rationale for a hardship.
but i'm sure you can understand where they're coming from too...if everyone with a mortgage asked for a hardship, the whole process would come to a standstill. it's bad enough now that it slogs along. that's not to say i disagree that taking care of business early rather than late is preferred.
i guess the bottom line is that nobody really knows quite how to deal with all of those who can use some help. there's only so much help available, i suppose. somebody is bound to be left out.
i guess i'm a bit flippant at times - no harm intended, so i hope you can take what i have to say with a grain (tub) of salt.
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George M. Akerley
Loan Consultant
860-221-5044 |
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onewiley
Joined: 16 Jun 2009
Posts: 5
2.99 Dollars($)
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| Posted: Tue Jun 16, 2009 1:47 pm Post subject: |
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| It just seems like the people (me) who did all the right things – put 20% down, got into a GOOD fixed rate, etc, but who unfortunately lost their job and with home values plummeting cant refinance – is left with a “I am so sorry”. That just doesn’t cut it in my world of helping good honest responsible people. All the while when people originally lied on their loan applications over stating their income, taking crazy loan terms and now all of a sudden we feel sorry for them and they are saved!! Yes that just doesn’t make sense to the most sensible people. It doesn’t send a good message that being dishonest does pay! |
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