0
Is it possible that banks are not modifying your loan because they cant after selling your note and are lying to stall so they can foreclose instead of come clean?
Wiki User
∙ 13y ago
The main reason why banks generally are not doing loan mods is because of money. Banks make more money by foreclosing on a property then by approving a loan mod . Also, banks have an obligation to their investors to get the most return on investments for their investors. A loan mod reduces the return on investment.
Now if a bank sold the note and is offering a loan mod when they they are not the holder of the note in do course then they really have no authority to do so.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Can a cosigner let a lender foreclose on a house instead of making payments when the primary borrower has defaulted?
Yes, but the cosigner will still be legally responsible for any outstanding fees, penalties, deficiencies and so forth that may occur due to the foreclosure. The cosigner's credit will also be significantly damaged by the foreclosure and any other action by the lender.
What happens if you stop paying the mortgage?
If your account is still in Escrow, your account will be closed "Purchasers default" which basically means they cant touch your credit because they didnt get a chance to deed it. If you were Deeded, you should send a letter telling them to cease and desist. Also ask in the letter for a WDIL. That will stop calls plus will have them send you a deed to sign timeshare back to them instead of foreclosure. Its costs them more money to foreclose then it does for them to take it back. Even if they say no, ask again. Or just wait. They will offer it to you.
Is it possible to get financing for my heavy duty truck at a credit union instead of a traditional bank?
Yes, it is possible. However, if your credit is not up to par, the Credit Union will most likely require you to put down a collateral to secure the loan.
What is the swift code for Arizona Federal Credit Union?
AZFCU does not have a swift code - instead use their ABA Routing Number & Transit322172797... Your bank might balk - but it is possible
What can the bank do if I can't pay my mortgage because of illness?
Banks don't take into account the reason for being behind on mortgage payments. They can foreclose, and re-possess your home. But it could benefit you considerably to contact your bank, and ask if they will work out a temporary payment plan for you. Since banks prefer to have the payments, instead of the property, they will sometimes be willing to let you pay the interest only. But they do put a time limit on how long they will allow you to do that. Furthermore, you will still have to pay the principal, which is usually tacked on at the end of the mortgage term. Another option may be to contact Consumer Credit Counseling, or a similar organization.
What is stored in main memory?
Memory is used for the purpose of running programs, for example, your text editor. The text editor stores the file you are editing as what is known as a 'buffer' in your memory instead of modifying the file in-place. This is what makes undo/redo possible.
Why would a finance company charge off on a mortgage loan when they have the deed why and not foreclose on it instead?
There is a process called a Deed in Lieu, which is different than a foreclosure.
Would it be possible to use tubes of water instead of metal cables to deliver electricity to homes because water conducts electricity?
It is not practically possible.
Is it possible to modify the seat belt alarm on a 2005 Honda Accord Hybrid to chime once at regular intervals instead of the 6 chimes that come standard?
Contact your dealer. Making any modifications may void your warranty, especially modifying any electrical part on a hybrid.
What came first movies or television?
Movies, because the television made it possible to see programs such as the news at home instead of going out.
Why did the representatives of the states meet in Philadelphia in 1787?
They met in Philadelphia because they wanted to revise the weakened Articles of Confederation. Instead they ended up re-writing the Constitution.
What are the risks for using Bosley?
Tissue scarring and possible infection. This is because the procedure transfer whole sections of scalp instead of individual hairs.
Is it possible to Bing it instead of Google it?
Yes.
Is it possible to put fresh blueberreies instead of dried in breads?
Is it possible to put fresh blueberries instead of dries blueberries in breadin bread machine
What part of speech is religious tolerance?
Traditionally, the phrase "religious tolerance" would not be considered a single part of speech. Instead, "religious" would be considered an adjective modifying the noun "tolerance".
What should you do if you miss school because you smoke weed instead?
Then you have problems. As soon as possible, get an appointment with the school counsellor, or if you don't feel like talking to them, your doctor.
Why was the Constitution signed in Philadelphia Pennsylvania?
Because the United States did not want the Brittish to control them anymore.
