Mortgage lenders & servicers are in the business to take your money, not save your home. As a borrower, you are an expendable resource in home loan servicing to be exploited for fees and charges. Borrowers just trying to keep their homes are subject to a campaign of systematic and deliberate deception. This fundamental deception is now often combined with the fraudulent surcharging of fees costs and other “expenses” designed to make vast additional amounts of money for lender/servicers.
If the hapless borrower manages to retain the home, lender/servicers make hundreds of millions of dollars of additional annual revenue at little or no cost. They make this money by doing as little as possible and getting you to do or not do things for which they can aggressively bill you.
" The good of the people is the greatest of all laws "
Working With Every Major Lender
leaves you vulnerable
Self-representation has the lowest success rate when it comes to achieving positive results. The loss mitigation process can be an involved, detail-oriented and complicated process. Homeowners should be cautioned of attempting to get help by working directly with their lender. Not only are attorneys qualified and experienced at working lenders, but are on top of the issues that surround the programs and eligibility requirements. There are a number of resources that claim that it is easy to submit an application and receive help by working free directly with your lender. Many homeowners are under an illusion. They believe that their lender is going to help them, simply because they are speaking with them. Lets be very clear, the last thing the bank wants to do, is reduce monthly payments, lower interest rates or take any type of financial loss. The high payments and high rates are very lucrative and obviously preferred by your lender. All you need to do is look at your monthly mortgage statement and see the breakdown on how much of your monthly payment dissipates right into profit.
Attorney representation is vital when you do not have knowledge of mortgage law. You do not want to be in a position where you are at the mercy of your lender. It’s imperative to understand guidelines, submit documents properly or you will often fall right into common tactics used by the banks. These strategies are designed to frustrate you, get you to lose hope and than give up on the process. It is a fact that lenders trying to foreclose on homes have high-powered, experienced lawyers doing this work for them. When you deal directly with your lender its common for them to continually ask for the same sets of documents over and over again. They will claim they were “never received” or that they were simply “incomplete”. You will speak with agent after agent and remain in a perpetual cycle of being “under review”. If you do manage to get a decision, it’s all to common to hear some incomplete reason why you are being denied. Except now you are much further behind on your monthly payments and at imminent risk of foreclosure.