More Banks Falling

We all know how slow the banks are when it comes to loan modification. We send repeatedly the loan documents with all the requirements, and yet the bank still keeps on asking more and more documents and never even acknowledging the docs which they already had received. Well, banks keep on losing money because they were not getting any mortgage payments, nor any modified payments from homeowners, yet paying their HOA, insurance, home upkeep, cash for keys and foreclosure fees. This all compound to their losses. We always thought they would listen, and business judgment would prevail where they can cut their losses. However, lots of banks are also working on some kind of “Exit Strategy” or “Strategic Default” which many homeowners are doing. Please read this link and see how many banks are “foreclosing” upon themselves. (i.e declaring bankruptcy)