Why don't they get it?

I am getting so tired of trying to explain the foreclosure debacle to people who continue to use the old argument of "you signed a contract, you are responsible for the mortgage, get over it." And variations on that theme.

First, there is nothing wrong with trying to renegotiate ANYTHING. Have you ever called your credit card company and tried to renegotiate your interest rate? Have you ever tried to get a settlement for less than you owe? There is nothing unusual about this.

So why are people so judgemental about a homeowner who tries to renegotiate the terms of their loan? This is no different in theory.

In practice, though, it is a nightmare that is driven by greed. Unless you have been through it, you have no idea of the stress, the manipulations, the lies that are rampant in the nightmare of trying to work with your servicer to get a loan modification.

• What would YOU do if you were underwater and couldn't refinance?
• What would YOU do if your bank wouldn't agree to a short sale?
• What would YOU do if you have an adjustable rate mortgage that just keeps shrinking your ability to rectify the situation?
• Wouldn't YOU try to get a loan modification?

I do not understand why this is so hard for people to understand. But I also do not understand why the banks - all of the banks other than the credit unions and very local banks - make the negotiations so incredibly stressful. The underwater homeowner who has lost a source of income is really between a rock and a hard place. And since there is the "carrot" of the potential for a modification out there, why not try?

It took me sixteen months and three denials before I finally got a permanent HAMP mod.  I am among the relative few who got this "coveted" HAMP mod, but I am still underwater. People like me live in a conundrum. People still fighting for a reasonable chance at a mod are in hell.