As 2013 draws to a close I look back on what has transpired since 2008 with the financial meltdown and the banks. Our back hill slide has finally stopped, at least for now. After over FIVE years of trying to work with the banks here was our outcome:
6 properties went to foreclosure at the banks absolute refusal to consider working with us. One property that was even put on a trial modification which they then didn't honor regardless of the fact we made all trial payments on time and in full.
1 property, our main home, went to short sale for which Chase took $700,000 less than what was owed, BUT they refused to work with us.
3 loans with Bank of America, after over five years and relentless submittal of hundreds of pounds of paper work, which they continued to state they hadn't received (by design I am certain), modified the three loans, in doing only what I had suggested from the start----add the past due to the loan and move forward. None of the mods reduced any of the principal due.
What I have learned through all this:
Our government is owned by the big banks, they are too big to fail however our governing body will throw all American's under the bus.
The bail outs, and settlement after mortgage settlement did minimal to help homeowners or reimburse them for fraudulent mortgage practices by the banks.
The banks despite most not having their paperwork in order, and in some cases having no paperwork at all were still allowed to foreclose. National and State Governments allowing this for payoffs, or fines levied.
This will happen again, as the banks encourage debt. Us, well we are moving to don't want it if we can't pay cash.
And finally not one of the perpetrators of this financial meltdown, mostly bank CEO's and folks on Wall Street, will ever go to jail for engineering the perfect storm with their greed. They are not here to help you, they are here to take advantage of you.