One Wrong Move and the Bank Gets It !

"Go back to them and tell your bank something like this:

When we came in a few weeks ago I think you misunderstand what we were trying to do. You thought we wanted to discuss our problem. But in fact, we wanted to discuss your problem.

You see, we have zero equity in this house, a house now worth at least $90,000 less than you lent on it. We were willing to offer you a helping hand by maybe splitting the difference with you and renegotiating a new 30-year mortgage. But you turned us away..

So, since you didn't think that was a good idea, we are back to put it to you as starkly, and unambiguously as possible. Let us ask first,  Mr. Big Ass Bank loan officer, would you pay 300,000 for a house currently appraised at just under $210,000? Hm? Would you?

Well, neither would we. And, more to the point, neither will we.

So, either share some of that federal bailout money with us, by reducing our principle and interest rate, or we're simply going to hand you the keys at the end of next month. At which time Big Ass Bank will not only lose our banking business and our true-blue, on time monthly payments, and you'll be the ones stuck with the full $90,000 loss in value. Oh, and on top of all that, Big Ass Bank will incur the tens of thousands of dollars in costs associated REOs, the foreclosure process, property maintenance fees and auction/real estate commissions.

I hope we've made ourselves clear this time. Your call. Oh, and think fast, because thirty days from now we'll either have a new loan, or you'll own cookie cutter house in a neighborhood full of cookie cutter houses, several of which are already bank-owned and on the market.

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