I think that banks are playing games with us

goingbroke

LOS ANGELES – Grocery store owners William and Esperanza Casco were making enough money to stay current on their mortgage, but when JPMorgan Chase & Co. offered a plan that reduced their payments, they figured they could use the extra cash and signed up.

The Cascos say they never missed a subsequent payment, so they were horrified when the bank decided the smaller payments weren't enough and foreclosed on their modest Long Beach home.

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AUandAG

Do they know how to stop a foreclosure? They obviously don't. Pay your back
payments. There, done, over and forgotten.
That's how the modifications work. Immediate relief from the "higher" payments
for a time while the numbers are crunched and the client is qualified. If they don't
qualify they owe the difference in the higher mtg pmt and lower mtg pmt for that
time they were trying to get the mtg modified.
Pretty plain and simple, mtg mods are for folks that NEED the help. Obviously they
did not NEED the help as they had no problems making their "higher" mtg payment.

Just greedy folks trying to screw the bank and get something they did not deserve.

Oh, and I do agree with your premise: banks are playing games.

Wouldn't all of us like lower house payments?

bob

DrBuster

Well, now that I officially have my Wells Fargo atm card this past week instead of my Wachoverya one I've gotten atm receipts with an available balance of 0, and then one this weekend that was +$5000. If I didn't have a w/d limit on it I would have tried to pull a few grand out to see what was what as I know how much should have been in there.