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Banks Cash In On Mortgage Modifications And Short Sales Of Real Estate
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As if it weren’t enough to know the banks are getting our money to do with as they please, not as they promised when they came to the government hat in hand; or as we like to say in the Southern parts of the United States, “Hand full of gimme and mouth full of much obliged”, those banking bastids, or financial skanks are set to make even more money from the misfortune of others, which they in part caused.
Word on The Street, Wall Street, that is, and it’s probably true, when banks begin a loan modification, aka loan mod, they stand to earn an extra $2,500, even if the modification is unsuccessful they are paid from our money $2,500. This does not sound like very much when one considers we’ve already been bilked out of Billions and billions of dollars by Sniti Skank, Skank Of America and Wachy Skank; but just think of the number of loans that need modification and we’re talking hundreds of millions of dollars to the skanks that are too big to fail.
The other talk on The Street, which will soon prove to be true, is that President Obama and his team of economic advisors are encouraging banks to accept less than what is owed on mortgages. This transaction is known as a Short Sale. The obvious and logical incentive for banks is that with each Short Sale transaction they would receive a savings of a minimum of $60,000 to $100,000 . Once again when one considers the number of homeowners eligible for this type of transaction the savings to the lenders is tremendous.
We’re talking money they do not have to spend on lawyers or auction houses only to end up with the property and a big fat loss.
One thing that is important to know is the way the law is written when a homeowner agrees to rid himself of the ball and chain that is his over mortgaged dream nightmare of a house, he is not permitted by law to receive any monetary benefit. No monetary profits over or under the table.
Here’s the part that’s really ironic: the banks will be receiving a $6000 incentive for agreeing to Short Sale transactions.
We think the law could be re-written to benefit the family who has to move out of the home, as mandated by law. Six thousand dollars would be a good way to begin again. The money would be a good way to help families pay off other debts, to move.
We think the bankers have gotten enough of our money. They do not need to capitalize further by allegedly helping consumers out of their homes.
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