Yes, beware Dorothy...the woods are full of them. Years ago I added Bankers to my list of least favorite people. I was reminded again today why that is. I applied for a rate reduction on my loan. It is now at an unconscionable 7.65%. The going rate these days is under 3%. I have never been late on my mortgage payment. But with the economy the way it is, that might happen in the near future. I really do need some debt relief. So, I was told by my banker that I would have a better chance of getting a rate reduction if I was 3 months in arrears on my mortgage and close to foreclosure. But if I did that, there was no guarantee--- and I would risk losing my home. IN WHAT UNIVERSE DOES THAT MAKE ANY SENSE!!!?? Evidently, in the upside-down world of banking logic, good behavior is not rewarded.
I told my banker that I was not comfortable following that path, but if I did not get a rate reduction I might be forced to miss some future payments. So, if I could make application and find out in a few weeks (a reasonable amount of time to get most anything done) then I could better plan my future and know which direction to go. He informed me that it would take 3 months to get an answer. Three Months?!! I have seen entire houses built in 3 months.
Just another example of America drowning in bureaucratic nonsense.
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