As the number of homeowners defaulting on their home loans in Utah increases and the foreclosure rate in our state continues to rise, it has become clear that the need for change and educating homeowners must rise higher.
Many of these foreclosures are the result of the failing economy, job market and the sub prime lending practices of the banks. Homeowners trusted loan officers when being told that an Adjustable Rate Mortgage was a good avenue to get into the home with the promise of refinancing at the time the interest rate would adjust. This promise, sales tactics and quite frankly increased bonus programs for the loan officers have devastated homeowners and more importantly families.
It has become the sad truth that most of these families will throw up their hands and walk away from their homes, usually after being bullied with collection tactics while trying to work with the banks. Most are to embarrassed to ask for help before its too late or just don't know where to turn. Although most homeowners that have tried to the point of exhaustion for one or two years to work with their banks to save their homes, most ending up in a bogus agreement that benefits only the bank.
There have been many reports that it is becoming impossible for homeowners to negotiate with their banks without the help of a third party negotiator representing them in the negotiations. As many homeowners have reported, so much frustration lies in the fact that when they call their bank or lender they never get the same representative twice, the person they speak with will not give their names, and in some cases they find themselves talking to someone in India. More frustration comes with the never ending stream of paperwork submitted that seems to disappear once it leaves the homeowners hands.
Homeowners need to understand that there are no guarantees in anything when dealing with the banks, but throwing your hands up in defeat (and walking away from the security of the home that you have worked so hard to provide for your family) is not the answer. Continue to fight for what is and should be yours. If it takes involving a third party negotiator....get one. Just be very sure that the company you choose is reputable. Ask questions, mainly determine if that company is in it for the quick buck, or for the greater good. And most of all....if you are offered a Money Back Guarantee.....RUN!!! There is no such thing in this industry.
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