It’s not a rumor at this point. Almost a dozen cases in the past few days is too many to be a coincidence! Homeowners are in a panic over the Big Banks recently-aggressive efforts to foreclose and therefore steal any equity in their homes. Take 85 year old Mary Anne for example. She was solicited by her bank to apply for a loan modification. She was told it was part of the $25 Billion settlement with the Government and the Banks. They approved her modification and instructed her to make a lower payment than the normal amount, so of course she did it. About 9 months later, the bank started sending her checks back in the mail with letters requesting she pay the full amount of all her missed payments with penalties and interest. The total amount Mary Anne owed was over $49,000! She didn’t have that kind of money. All she had was about $100,000 in equity in her home that the Bank was attempting to STEAL from her!
Thankfully, she contacted me in time and we were able to save the home with a Reverse Mortgage. The Reverse mortgage worked because it paid off her old loan, which stops the foreclosure proceedings, and it also gives her now monthly payment on the home for the rest of her life as long as she lives in the home as her primary residence.
The Banks have finally decided it’s time to start plowing through their inventory of homes and yours could be next. Just don’t fall for the Loan-Modification Trick. It’s one of the Banksters favorite weapons on unsuspecting homeowners.
Other Topics covered on Today’s Show:
– What is a Short Sale?
– What portion of the San Diego Real Estate Market‘s Short Sales are strategic defaults vs. legitimate hardships?
– Is it ok for someone to Short Sale their home and then rent it right back from the person who bought it without moving out?
– Do they Banks really care AT ALL about you and me?