December 2011 Ten Reasons Why You Should Not
Do Your Own Loan Modification By Morton Grabel, Esq.
“Don’t try this at home.” We all have heard this old cliché. Dealing with banks
really brings this warning home! With their number one motivation to maximize profits so to keep their stock prices high, giving you a discount is much more than “pulling teeth.” So, here are 10 important reasons why it can be foolish to try this on your own.
2 3 4
You are emotionally invested in your home and lenders can smell fear far bet- ter then dogs. When it is personal, you cannot help but get defensive. My hat goes off to those rare few who have been able to stifle their emotions and turn on the analysis and do it themselves. More often then not our emotions give the calculating adversary the edge
Negotiation is a learned skill. To weather the flow of offers and counter of- fers, a plan and a strategy must be followed. Knowing when to give and when “not to blink,” is usually best done by trained professionals. They know what it takes to win.
The banks will fight you before agreeing to a reduced payment. Your lender is not going to voluntarily give up a large amount of money over thirty or forty years. They have to answer to stockholders and have you looked in the paper lately? Whoa.
They do want to take your home. They say they are “here to help” but they have already made up their minds in advance. The friendly voice that says “just send in your bank statements one last time” is pretending! The new phrase is “pretend and extend,” maybe get some Trial Plan money, and then take the home.
Experienced negotiators know if the bank’s offer is “as good as it gets.” There is no Kelly Blue Book for how much of a lowered interest rate still allows the bank to make a profit. It is hard to know what truly is a good deal. Is that really an 1850 dresser or a knock off?
Banks prefer working with someone who speaks their language. They cannot make a decision without a complete application, and only a professional can fax the same thing eleven times without blowing a fuse! Seriously, profes- sionals at the bank prefer dealing with other professionals. Don’t take a knife to a gunfight.
You must force the banks to say yes. The reasons the bank must say yes, usu- ally the Home Affordable Modification Program guidelines and their own in- house policies, must be shouted from the roof tops. Banks have more excuses than I had for not turning in my homework
The banks know after a long run around you will give up. It’s true; the aver- age underwater homeowner can only take so much. The long slow pace of the bureaucratic process is more frustrating then twenty pulls on my lawn mower cord, even tempting me to give up, and I am a bull-dog that never cries “uncle.”
Sound financial reasons must be clearly shown. Their formulas and ratios are extremely complicated. Like a CPA paints a tax return, the skillful negotiator confidently marches to the end zone. Score!
The stakes are too high. If you lose, you lose your home. The car can still sputter, the sprinkler head still drip, but there are no “do overs” in eviction court.
LAW OFFICES OF MORTON GRABEL 736 N. State Street, Suite 205 Hemet, CA 92543
41530Enterprise Circle South,Suite 209 Temecula,CA 92590
P:(951) 658-7000 F:(951) 658-7011 P:(951) 296-6188 F:(951) 296-6187 Thank You
The Southwest Riverside County Detachment #1057 of The Marine Corps league, wishes to thank the following Sponsors and Donors for their participation and contribution to our 2nd Annual
Charitable Golf Tournament held at Bear Creek Golf Course in Murrieta on the 24th of October.
Their generous contribution insures that our Veterans Group can continue to support local Youth Organiza- tions such as The Young Marines, Boys & Girls Scouts and High School Jr. ROTC Programs. We stand ready to assist Veterans families in need and support Veterans Memorials, Patriotic Parades and Ceremonies.
A-1 Auto, Temecula Anasa Hair Studio Spa Angels Baseball Club
Anthony’s Lounge & Ristorante
BMW of Murrieta Castillo AC & Heating Cathedral Canyon Golf Club Craig Advertising Specialties Diamond Valley Golf Club Dicks Sporting Goods Dr. Al Fehling Dr. James Hoch Dr. Kelly McKerahan Fred ‘Curly’ Morrison Glamour Nails & Spa John Hines, Temecula Mazda Lake Elsinore Storm Office MAX
Pechanga Resort & Casino Ponte Winery
Primus Golf Academy Ralphs Super Market Rancho California Golf Club
Rancho Ford, Lincoln-Mercury Rancho Las Palmas Country Club Realty Executives Redhawk Golf Club Reidy Creek Golf Course Richie’s Diner
Rosenstein & Hitzeman Atty’s at Law
San Diego County Estates Assoc. Senior Retirement Care Seven Hills Golf Club South Coast Winery Stadium Pizza
Stadium Snack Shack Temecula Valley Cardiology Thai Kitchen
The Chronicle of Murrieta & Temecula
The Legends Golf Club The Mill Restaurant Thornton Winery Vicki Graham
West Coast Chiropractic Williams Landscape 26 Promo
| Page 2
| Page 3
| Page 4
| Page 5
| Page 6
| Page 7
| Page 8
| Page 9
| Page 10
| Page 11
| Page 12
| Page 13
| Page 14
| Page 15
| Page 16
| Page 17
| Page 18
| Page 19
| Page 20
| Page 21
| Page 22
| Page 23
| Page 24