What we ALL knew to be true is now in print.  How many short sale clients told you this same story???

http://www.huffingtonpost.com/2013/06/14/bank-of-america-lied_n_344...

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What about those that do not want to go into default?  They have been making their payments, but have a true hardship, such as one spouse losing their job, and are hoping they can modify their loan, but to do so, they are at the mercy of the bank.  If you have an FHA loan you have to be two months behind.  Talk about Risk!  Would I be willing to put myself in that kind of risk?  I don't play the lottery, and I sure would not want to risk my home trying to win the jackpot with the bank.

Hi Ron,

Thanks for your reply.  I was kind of sharing my own personal problem with my husband losing his job 2 years ago.  That is when we were trying to do a loan modification with B of A.  We were told that we had to be two months behind. Most of my short sales were with clients that had been trying to do a loan mod and were denied, or the process was taking forever, and then getting denied, but by that time to pay what they owed was more than they could possibly do.  I was not going down that path, so we did whatever we needed to do to make our payments.  I feel trying to get a loan modified is a risky gamble, even if you no longer have to be behind on your payments to get one.

A mortgage servicer will only modify a loan if it is to the advantage of the invester. It doesn't matter what the hardship is, what their situation is, or how good of people they are. The bank wrote them off as dead when they first defaulted and the bank is going to use the trial loan modification to squeeze as much money out of them while they are being foreclosed on. If it turns out the homeowners qualify for the loan mod and the terms are favorable for the bank, cha-ching, they have a loan mod. 

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