Your Lenders Reality – How to use the Knowledge to Stop Foreclosure
Okay, so we’ve gone over the four hardship scenarios and how they compound to heap more debt on you each month. Now were going to look at the lender’s side. Do they belong to a monolithic block on the “Dark Side,” a group that wants to see you in financial ruin, or do they really want to help?
Do to greed, mismanagement and market fluctuations the banks and mortgage companies have been caught in a terrible situation. And as hardship situations like yours pile up on their books the income for the bank drops until they are in a deficit situation. And this is where almost all of the lending institutions are at right now.
Businesses are in business to make money. As many banks have realized over the past year empty houses do not create income for the lending institution. In fact they close money due to depreciation and vandalism. So it is in their best interest to keep you in the home.
So what are the lenders doing?
Lenders are being fed loans from the government to stay afloat. The good news is that Obama’s loan modification program is picking up the slack. But it begins with your hardship letter. With this the loss mitigator from the lending institution can:
* Provide an assessment of you situation
* Evaluate your financial capability
* Provide a workout solution that is good for both you and the bank
* So, lenders want to solve your hardship because it benefits them on many levels.
* They bet to keep an active, paying mortgage
* They do not have another empty house on the books
* They get cash incentives to help you alleviate your hardship
In our next section, we’re going to talk about the hardship letter and how this affects your negotiations with your lender.
Sincerely,
James Kelley
http://www.hardshiplettersample.com/tips
James Kelley is a Foreclosure Prevention expert author. He lives in Los Angelos California and has had his work featured on ABC is an Expert Author at Ezine Articles on the topic of preventing foreclosure and loan modification. His latest book, “Easy Hardship Letters Kit” is available at http://www.hardshiplettersample.com/tips
