Last week, Bank of America CEO Brian Moynihan actually had the kahunas to proclaim at the State Attorneys General Summit in Charlotte, N.C. (a mecca in the banking industry) that many homeowners may not even want to think of their home as an asset!
While Moynihan was quick to point out "population shifts," "the current financial crisis," "relaxation of credit standards" and other cookie-cutter reasons, what his bold pronouncement really did was give lenders an ‘easy out.’
An easy out from working with you — the homeowner — to modify the term of your mortgage.
Banks don’t care about you. They just want their money, in order to satisfy their shareholders. And they’ll dangle that carrot in front of you — your home — to keep you paying, even if you can’t afford it.
Never mind they may be stuck with your home if you’re forced to walk. To them, the odds are vastly in their favor that you’ll be a good little soldier and stay put.
And even if they end up being stuck with a few homes in inventory, it’s a problem they know how to deal with. They are pros.
To them, it’s one big chess match. Only they’re confident that your side of the board is nothing put pawns, and they’ll win.
But you can make a move that will disarm them and catch them off guard.
For a homeowner, arming yourself with the proper knowledge and materials to approach your bank and obtain a positive loan modification outcome is crucial (remember, "Knowledge is Power" in the words of Sir Francis Bacon). You need an accurate NPV (or REST) Report. You need to know the laws and exactly what your options are when negotiating with the bank. Most importantly, you need to understand that banks make financial decisions, not emotional ones. In other words, they don’t care how much your family loves your home, they do, however, care about how much their asset (your home) will be worth to them under different scenarios. So, what does this all means? It means that before you approach your bank, you need a detailed report that shows THEIR financial outcome if they were to modify your loan. If it is not in your banks best financial interest to modify your loan, they just won’t do it.
Banks are not prepared for consumers to be this prepared.
Self-Guided loan modification products like the one developed by Rebound Credit Solutions ( www.reboundsolutionsinc.com ) really work. Rebound’s loan modification package educates you, empowers you, and helps you enable you to see the loan modification process through from beginning to end. Rebound puts the power into YOUR hands, not the banks’, not a loan mod company’s, and not a real estate attorneys’, YOURS!
We can cite countless homeowners who utilized our product to their advantage.
This isn’t a sales pitch.
This is a fact.
So bite back at the banks. You’re sure to catch them off guard, and your odds of performing a CHECKMATE will be greatly enhanced. After all, in a negotiation, if the other side knows more than you, they are more likely to come out on top.
