The secret mortgage servicers don’t want you to know is they can make MORE money off of homeowners when they keep your loan in default. A former employee of loan servicer EMC tells the inside story why so many people can’t get their loan out of default.
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Interesting and all, but I fail to find any law that says banks or services MUST help you if you default on your loan.
Should they yes, but there seems to be a general sense of entitlement in this country that you MUST be helped. There is no “have to’s” here as people believe.
You defaulted on your loan, for whatever reason it was. Were some homeowners wrongfully foreclosed on when they were actually current, yes, but the vast vast majority couldnt pay or just stopped paying. What did these people expect to happen exactly? You dont pay your car loan the bank repos the car from your driveway; no court no nothing.
Yes, there are some shady practices like stated in this video, but bottom line is once you default you agreed to pay penalties, just like any other type of loan, and risk losing the collateral (the house here).
If banks are so evil then go buy the house straight cash. Well, unfortunately most people cannot do that so you must play ball with the banks, or find a private lender who will charge even higher interest and stiffer penalties for default.