Gambling on a loan modification

Why is it so hard to get a loan modification?

Homeowners in Beverly Hills, Culver City and Westchester would like to know.

Are the odds of getting a loan modification similar to hitting a zero on at a Roulette table in Vegas?

The short answer: Because there is too much money to be made by lenders with short sales and foreclosures than with mortgage modifications.

The video below gives one example. See how One West Bank profits from short sales and foreclosures — and how taxpayers foot the bill via the FDIC:

Lenders have been stonewalling on loan modifications. Let’s look at some local data on foreclosures.

As of July 2012, according to Realty Trac, there are currently 129 foreclosures in Beverly Hills. Some of the best houses Beverly Hills with zip codes: 90210, 90211, 90212.

Culver City data from Realty Trac shows 240 foreclosure homes in Culver City zip codes 90232 and 90230.

Westchester, CA, 90045 foreclosure data is 145 foreclosure homes.

I honesty wonder if these homeowners facing foreclosure in Culver City, Beverly Hills or Westchester had been educated on the truth about loan modifications if they would have let their homes foreclose.

Taking chances on your future should only happen in Vegas. The truth is banks only want to give you temporary loan modifications so they can string you along while you are making “good faith” mortgage payments.

Only 10% of loan modifications are actually successful.

90% of loan modifications transfer title.

These are conservative statistics.

Call me. Let’s talk the truth about loan modificaions.

Leave a comment

*