Beltran Properties

The Informed Homeowner June 2010 part B

This new information came to my attention just recently. Poor banks, they are loosing money, WRONG. A real estate attorney friend of mine said that the banks that buy "other" loans or lender portfolio loans, buy them at a discount. Of course. For example, if you are or were a "countrywide" loan, the "big bank" bought your paper for about 70% of value, or par. Now it gets interesting. The bank has more motivation to foreclose on your loan than to modify it. Here is how they do it: They foreclose and charge back to the FDIC for 90% or par, of your loan. They immediately make 20%, and the feds insurance, FDIC, foots the bill. I have always said that the banks make the most of their money in the first few months to a year. They "flip" the loan, etc. Why do you think there are so many loan servicing companies?? The banks do not want the expense, but have someone else keep you on track with the payments. Then these loans are valuable to sell to other investors or to Fannie Mae.

So, if you are in process of modifing your countrywide loan, pay attention, you could be getting only "lip" service.

And if so, email me and I will give you that attorney's ##. This is wrong and maybe we can get a bunch together and fight them to keep our homes!