'....it is ridiculous to see homes selling for a whole lot less than what I paid for mine' that was the sentiment of one frustrated homeowner recently during a conversation with me. What hurts them the most is seeing their exact home few blocks down selling for half the price and it is eating them up. I suggested that they contact the bank and see what the bank is willing to do for them. They did not believe the bank was willing to even listen to them. They stated we see on the TV all these people who said that the bank is not listening to them.
I suggested that they called anyway. A few days later, I was told that they were able to get in touch with the bank and the bank is sending them some papers for them to fill out!
Wow....yes, that is the first step. Do not ASSUME the bank will not listen to you. Do not listen to negative remarks about the bank, each bank is somewhat different and many have caring people working for them. The bank is not interested in having their homes sit vacant and to lose value.
Yes, many banks are ready and willing to work with you. Unless you take the initiative, you will never know. Remember this is your interest, be determined to get the answer you are looking for.
So though it might seem ridiculous that the home down the street is selling for a lot less, it is not ridiculous for you to get in touch with the bank and ask them to reconsider your loan information.