The loan modification GAME...yes I said GAME!

Do you realize the games being played with loan modifications? First and foremost I AM NOT TELLING YOU NOT TO DO A LOAN MODIFICATION. I personally did one, but why do you think the banks ask you for so much information? It is not because they are trying to help you. Remember in most cases the bank you are with IS NOT the original bank you did your loan with. Why is this important? They do not have financial information on you! Who is the bank really looking out for? They are protecting their own interest and the stockholders or investors in the company. By the way there is nothing wrong with that. The issue I have is in MOST CASES the outcome of what type of loan modification you will receive is cookie cutter. Everybody gets the same thing. Most people go into the loan modification process hoping to get what we call a principal reduction. What does that mean? It means that if you owe $500,000 and the property is worth $300,000 the bank would just knock off $200,000 and oh by the way if you are behind in the payments they forgive you for that too! The odds of that happening are NOT very good. Does it ever happen? Of course it does, but do you want to have your family future depending on a maybe? Check this out and if you have additional questions reach to us elgin@thewalkerssoldit.com