Want To Know Why Loan Mods Don’t Work?
Much has been made of the many Federal programs to stop home foreclosures. The ugly truth, however, is, thanks to the Federal government, banks make more money by forcing you out of your home [through foreclosure or short sale] than they would be letting you pay your loan [modified or not]. The following video explains how it’s done.
The frustrating thing is that you know this isn’t the only one. I’d bet lunch that a similar deal was made for just about every major Federally supported bank takeover.
[In fairness, the FDIC has put out a rebuttal press release. It's to the right of the video in the link above]
Tags: mortgage news
