I have seen first hand some of these “ loan modifications ” that lenders offer distressed homeowners , and they are definitely not doing families any favors . Some of the results have been devastating . I have seen people end up with higher payments , lump down payments , or short term relief . I have also seen how certain lenders ( debt collectors ) almost seem to “ set-up ” homeowners by refusing to discuss a loan modification until the homeowner has missed a few payments . Almost forcing them to miss a payment , and then they turn around and report those same late payments to the credit reporting agencies .
I have wondered , what is the point of all of this ?? Why would lenders not want to work with responsible people who want to keep their homes , have lost their jobs , or are experiencing some other type of financial difficulty ? Is it to make sure that they DON ’ T fall behind on their payments ? I will tell you this , it ’ s like a game to them . They are playing with our futures , our families , our money and our lives ! The families that I met with are responsible and God fearing . They are not irresponsible people who made an irresponsible decision when they purchased their homes . Many of these people were misled by unscrupulous real estate professionals , many have lost an income in the home – maybe because of a divorce , or a job loss , or their hours were reduced , or their job “ title ” changed – and they have received a demotion , or maybe there has been illness or death in their lives . There are many contributing factors to how most families have ended up
in their current situations . I can almost guarantee that whatever the reason they can ’ t make that monthly payment . It was a direct result of the housing crisis in the first place . If you do the research and get to know this situation and how it directly affects our community you will note the following : The banks are certainly not losing as much as homeowners in any of this – it ’ s obvious that they are winning “ the game !”
I studied what the banks are getting versus what most homeowners are getting and was not surprised by the results . The Banks / Debt Collector : Receive bail-outs , incentives , bonuses , and of course they get your house at the “ unfair ” market value of whatever you “ bought ” it at . They have been given the right to call , and instill fear and despair in the hearts of millions of people , and they have the right to call and harass and demand the impossible . Knowing that it is just that , impossible monthly mortgage payments , and of course they get to force families out of their homes , kill dreams and destroy families . Did I miss anything ? The Homeowner : Interest rate hikes , escalated payments , they get to watch in horror as their house loses $ 10,000 – $ 50,000 , $ 100,000 , $ 200,000 ( Unfortunately , I could go on but I am sure you get the picture ) in value . They also get to lose their jobs or their businesses , they get to become ill , or lose someone in their life … they get to worry , and cry , and then they get to pack up the memories of their American dream in several boxes and they get to start over , with destroyed credit , little to no money , no job , no home , no nothing ….
If lenders were willing to just “ give ” a little , meaning , working with these families , shave a little off of their principal , and make their payment affordable to them ! These people don ’ t want to lose their homes , they are willing to work hard to keep their homes , the lenders would only make it possible to do so … and if they playing ground was a little more even . This is not fair for any homeowner in America , and its even more unfair for the Hispanic community throughout the U . S . especially in Florida as it is one of the hardest hit States . How is this fair to us ? Did this happen by accident ? Absolutely not . For several years , the Latino community was the “ prime ” target for predatory lenders . Mortgage companies set up shop in various areas , hire a bunch of “ glorified used car sales people ” -- many of them Latino , and many of them unscrupulous in nature .