Hi folks:
Check out the link below. This is a very good summary as to why banks would rather short-sale a property or foreclose altogether vs. trying to help people keep their homes by modifying their loans.
Many homeowners seeking to save their homes from foreclosure are intentionally being ignored and given constant runaround in order to enable the investor to acquire a family's home via foreclosure proceedings. This enables the investor to make even more profit from their actions with intentions of seeking surplus reimbursements by a variety of means (such as seeking bail out money, getting paid by (MI) mortgage insurance claims, deficiency judgments against the homeowner, requiring promissory notes, etc.) And, if you have any equity in your home and the bank forecloses, guess who gets that money as well?
http://www.youtube.com/watch?v=ssl5yb7FewA
All the Best,
Rick D. Misitano, Senior Paralegal
Law Offices of James M. Bosco
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