August 3, 2009

PLEASE TAKE ME BACK! I'VE CHANGED!! IT WILL BE BETTER THIS TIME, I SWEAR!

Does this blog title sound like a desperate lover who has just been dumped? A jilted lover begging for forgiveness and to be given one more chance? Well, its not about that at all. Its about a borrower trying to convince their lender to modify their loan, only to be shunned like yesterdays news. Trying to get your lender to take you back can be awful similar to trying to get back with your ex. And we know how that usually ends, don't we?.

I've have been doing loss mitigation (loan mods) for some time now, and i am beginning to hear the same story over and over from borrowers who were declined for a loan modification by their lender. That's when it occurred to me that trying to modify seemed a lot like trying to mend a bad relationship, especially when only one of you wants to get back together. C'mon, you know we've all been there! I think it could kinda go like this:

You: "Remember the good times? I was making plenty of money and never missed a payment? I even paid extra!"

Your Lender: "Yeah, but you lost your job and now you have stopped paying all your bills. I cant trust you anymore!"

You: "You're the only one i want to be with!"

Your Lender: "Your just saying that cause no one else wants you!"

You: "But I was faithful. I paid you on time every month!"

Your lender: "But what about all those inquiries with other lenders? You were thinking about leaving, weren't you?!

You: "I promise, if you take me back, i will never be late again!"

Your Lender: "I found some one else, you should too. Plus, i got tarp money, i don't need you anymore!"

I think you get the point. For a lot of people, the lender has just moved on, outgrown you, and is ready to start anew. They just don't care about you anymore (they never did). Its all about the benjamins now. Perhaps it would be best if you moved on too. Besides, there's plenty of fish in the sea, right?



Posted by Joseph P. Mazzei at www.mymortgagebroker.blogspot.com

You can also visit me on www.activerain.com

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