NLIC.org

Bertha Said:

Why don't mortgage lenders lower the rate for buyers who face foreclosure due to the bubble burst?

We Answered:

Well, a lot of that is going on. Things are never as simple as they seem however. No longer do banks make loans on homes and then hold the mortgage. The mortgage is packaged with other mortgages and sold as a bundle to lenders throughout the world. This makes it more difficult to connect the buyer with the lender holding the mortgage (although it is happening). You can imagine the difficulties dealing with lenders from different cultures who may have diferent attitudes about negotiating with buyers who are defaulting.

Still, it is being done. As a borrower you will probably have to miss a few payments in order to get their attention (and blow your credit rating in the meantime). Then you can try and negotiate your best deal. Note that many areas of the country have public or charitable organizations to help people contact and negotiate with their lenders.

Billie Said:

Despicable - mortgage lenders in "No rush" to pass on rate decrease to borrowers - disgusting?

We Answered:

Inter bank lending rate is a new dreamt up euphemism for ''Get stuffed chum, we want more money so pay up and shut up''.

Our Government is dry hand washing in the back ground pleading that some crumbs be handed down to us pond life.

Do we as Tax Payers now own part of these banks or not?.

If not, then we have all been taken for a ride, conned by banks and government in collusion.