Why Gentlemen Prefer Blondes and Banks Prefer…Short Sales
It should come as no surprise that only 12.4 percent of Florida borrowers who are at least two months behind on mortgage payments have entered into trial loan modifications through the Obama administration’s Making Home Affordable program.
The first date
For many who tried to get a Florida loan modification, the process is like a bad first date that just won’t end.
When you first got your loan, the bank picked you up in its nice car and took you to a fancy restaurant. Things were going great, but then halfway through the evening, dinner, like the economy, took a downward spiral. In an attempt to save the date, you turned the conversation to other topics and tried to stay on neutral ground, thinking maybe this bank isn’t so bad. Maybe I’m just too picky.
Checking out the blonde across the room
So you changed tactics and decided to go for the loan modification in an attempt to smooth out the relationship. Except now the bank can’t remember your name, your loan or number, and won’t even consider qualifying you until you are in default. You get rejected once or twice before you wise up. You start sending the right signals, only to find that your bank, like your date, has moved on. The negotiator or customer service agent you have been working with has been transferred, just like your date’s eyes have transferred to the blonde across the room.
Becoming too needy
Although commentators suggest that it is the fault of the bank’s parents because they failed to properly train your lender or give your bank incentive to finish out the evening on good terms, the bank is really just playing the odds that there are many fish in the sea. In their eyes, it is purely economical to look at other options while they are still on a date with you.