Why Are Banks Altering Loan Terms?
They want to be proactive in heading off foreclosures! It is getting more and more costly for banks…
Banks are REDUCING their losses; their greatest assets are liabilities NOT acquiring real estate. Legal fees for a bank, per mortgage on a home, can easily be thousands of dollars! Plus, the costs of a bank to hold onto the property, they become responsible for potential violations of city, health and landlord codes. It’s reported that there are 1.5 million of foreclosures that are happening. Average foreclosure is about $10,000 in legal fees. Do the math, that’s over $15B alone in LEGAL FEES! Banks are getting slammed! Plus it creates a domino effect…you’ve got all kinds of losses from investors and interest, property up-keep and repairs…BANKS are responsible for that!
How would someone get this done?
Contact your lender, they’ll most likely send you to someone in the loss-mitigation department, they’ll help you w/ paperwork; many banks actually have service centers JUST to help you with this.
Now, if you’re NOT FACING FORECLOSURE and have a high credit score, you need to contact an independent mortgage planner that will help YOU control the equity in your home, NOT THE BANKS so you have greater financial security!
Why would the banks do this?
It’s clear that banks need to REDUCE THER LOSSES sooner, rather than later! This is the LESSER evil! The foreclosure process on average in Cook County takes at least one-year. Reality is…the banks are finding the least expensive route to stay ahead.
They’re trying to save themselves!
What banks are doing this?
Several of the big banks like Citibank, Chase, Bank of America, IndyMac are doing this and many smaller banks are following suit. Contact your lender and find out what options are available for you! They want to work with you to stay in your home!
Now, if you’re NOT FACING FORECLOSURE, work with an independent mortgage planner who can help YOU take advantage of the equity that is STILL in your home…before it’s too late!
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