User:Brattonman

The government released their stimulus plan, the attorney backed networks and loan modification shops were full swing deep into marketing insanity, so were the lead generators. Then the media with the subtle suggestion by the gov, told no one to give money to loan modification shops, that they were scams. Many of them were and many of them were not. Somehow there must be a better way we thought. Is that the best solution, "don't give money to loan mod shops". Visit our free website...? How is that going to get it done with all those homes behind on payment.

Many companies were actually mitigating hundreds and thousands of loans on behalf of home owners. They were getting the job done. There were a few that were also basically fleecing America one home at a time. This is a big case of the bad ruining the opportunity of change for everyone. It's a sick sign of how bad the mortgage industry was, as a large majority of these loan modification companies were out of work mortgage guys looking for another big run of luck, making easy money doing a lot of very little. The problem is their mentality was: "we need to get paid for every loan mod", and not every loan mod is successful. But they found a way of hiding themselves behind attorneys and escrow accounts to, in many cases basically rob these people.

Now there are rumors that the banks have many of these foreclosed homes off the market, and if they were to sell them, or if they were forced to inject them back onto the market. Then the banks would tumble like dominoes going out of business. Wow, what a nightmare, it looks like this country may be in more trouble than we thought. All because some people want to keep making money, and they never know when to give up do they? The government actually needs the private sector to help save this economy and these homes, but the private sector needs to go take a good shower and a bath, and then I still think it is going to have to hang it's clothes out to dry.

Things are going to change in the Loss mitigation/loan modification arena and they are going to change in a big way. Watch out for the wave.