Guess Why Banks Aren’t Modifying Loans-Sweetheart Deals Drive Them Not To, Watch This Movie

Posted on September 11th, 2010 in All Articles, Short Selling/Buying.

This video narrates how One West Bank’s buyout… in the event of a short sale or foreclosures.. the loss is calculated by the original loan amount (ie. in this video 478k plus fees)… and One west bank paid … offer was 240k to One west bank.

According to FDIC formula… it allows the sweet heart deals to get loss write off for the balance… a $195k tax payer bailout is exemplified in this video.

One West Bank profited $101,760 in this short sale… all thanks to the insane arrangement in this example. So the next time you ask yourself why it’s so hard to get a loan modification… it’s because there is more money to be made through short sales and/or foreclosures.

Have you ever wondered why banks are not modifying many mortgages and letting homes go to foreclosure? Check out this video and you will be shocked!!!!

CLICK HERE to watch the video.

http://www.youtube.com/user/fiercefreeleancer

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.