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Banks are Feeling the Hurt Featured

Attorneys works with borrowers everyday who have difficult financial problems based in part on their strenuous mortgage loans.  Trying to find relief from banks is a major challenge, in part from because of the problems banks are having.  Banks are frustrated by their mounting losses due to their own poor financial planning, and people are hurting as a result.

Case in point, on September 25, 2009 the Wall Street Journal had the following stories on the front page of their Money & Investing section:  “Home sales Sap the Dow, Down 41.11”; “Losses on Banks’ Big Loans: $53 Billion”; and, “Raters Race Fresh Push in House Over Claims.”  The major global banks, and some of the more regional ones, are hurting so bad from the housing crisis that they are grasping at straws wherever they can.  Sales of new and used homes are down, banks are losing money on large loans (those starting at $20 million), and credit raters are being hammered by politicians and the general public.

If you are facing a foreclosure on your home, this should alarm you for a few different reasons.  For starters, if you are a homeowner who needs a loan modification, you are going to have to convince the bank that you are able to continue to make payments and that it’s better to give you a loan modification than to foreclose on your home.  However, banks are almost in a “slash and burn” mentality, where they are simply looking for the easiest way out of their jam.  Rather than look at long term gains, banks such as Fifth Third Bancorp are looking for quick ways to remedy their multi-million dollar financial losses.

Another reason for concern is the high turnover rate of bank executives and bank policy.  Banks are trading executives like they’re baseball cards, making their financial policies an ever-changing landscape.  For homeowners, this could be good or bad.  It could be good, because with the right  loan modification attorney, it might be the right time to take advantage of the situation and get the best deal possible.  However, it could be bad, because a deal that exists today might not exist tomorrow.  If a homeowner tries to contact a bank executive they were dealing with a month ago, that person might no longer work at that bank.

Lastly, with the credit ratings in flux, it means that the way banks determine credit rates will continue to change.  Again, this could go either way for homeowners, because banks are on totally new ground.  One of the biggest ways that homeowners get loan modifications is by getting a change in their interest rate.  Banks determine interest rates by taking a number of factors into consideration.  As these factors begin to change, having a qualified  loan modification attorney working with you to take advantage of possible changes in your favor is important.

Being able to stay on top of the news coming out of the banking industry is near impossible for any  homeowner, and having a qualified  loan modification attorney working on your behalf is incredibly valuable.

Legal Disclaimer

The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter.   Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

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