February 24, 2010

It is now official that foreclosure, and not loan restructuring or assisting a borrower, has become a wildly profitable business. FDN has been advised that a borrower recently contacted its “lender” with a request to restructure the loan even though the borrower is current on payments and not in default, but as the upcoming Option ARM bump and resulting increase in the monthly payment renders the payment more than the borrower can afford. The borrower was told “We do not do loan modifications because we can make more money foreclosing on your house”.

From the horse’s mouth to your eyes. What we all suspected has now been admitted.

Jeff Barnes, Esq., www.ForeclosureDefenseNationwide.com