Banks Are Crashing Maybe You Can Get a Better Deal!
We mentioned in a former article that one of the largest mortgage companies in the US collapsed this week. That’s a sign that the mortgage crisis is turning into a banking crisis. At the same time that happened Freddie Mac and Fannie Mae’s saw a massive devaluation and are threatened with failure as well.
If banks lose the ability to sell off your mortgage to Freddie Mac and Fannie Mae that will leave them with no other choice but to negotiate a better deal with you in several areas whether you are trying to refinance a mortgage or even buy a foreclosure property from them.
Today, for the most part, banks do not have to deal with you very much when you are in trouble nor even when they are in trouble. They have a get out of jail card from Freddie and Fannie, but if that option goes away sometime soon, they might have to make a deal and work with their customers to stay afloat and that could be just the lifeline you need to save your house or even to get a great deal.
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