I have grown increasingly frustrated in fighting this battle because in many cases the fight is senseless. More often than not, a deal could be reached that would serve the best interests of the homeowner and……it would make the most business sense to the lender. The problem is in many cases it’s not the lender that’s calling the shots, it’s the federal government and their absurd policies and programs. Loans cannot be modified because of rigid HAMP guidelines. Short sales cannot get approved because the FDIC’s loss share agreement is more profitable to the lender if they take a loss. The lender will not waive deficiency against my judgment proof debtor because it’s Fannie/Freddie.
The record profits of the banks show they’ve figured out how to turn all of this to their advantage; not so the American people. They’re stuck fighting their government and the absurd policies that are working to their detriment…..policies they paid for through hard earned tax dollars. It’s the Golden Rule….
He who has the gold rules…..