As consumers, it’s not like we have a lot of clout with huge financial institutions. Just remember what it was like when you applied for your mortgage. You probably had to search all over the place for a massive amount of documents that told your entire life story.
Did it feel like you had to sell your soul and bend over backwards to prove that you were worthy? (more…)
It took a California homeowner in Merced just three years to see the value of her home plunge by more than half to $350,000. Next month, her mortgage payment jumps 20 percent to $3,321 and she knows she can’t afford it. Her bank won’t rework the loan unless she stops paying altogether.
“Now I know how people feel when I go knocking on their door,” said the homeowner, a real estate agent who works for a company that notifies residents in foreclosed properties that they must vacate. “I’m in their shoes.” (more…)