2008 was probably one of the worst years in all aspects. It was the year when the world economic crisis started and, in the result of which, a lot of people faced dreadful economic problems connected with the lack of money. Also real estate market was facing problems as the prices on the houses were getting down and the demand was extremely low. People are afraid to buy a house as they cannot be sure that in a year they will be able to pay the loan off. Those who have taken mortgage many years ago are facing foreclosure or are under the threat of foreclosure due to the fact that terrible economic slowdown has caused many various problems which reflected in the people’s payable abilities. What is more, banks did not predict such situation, although they are suffering a lot as well nowadays. It is terribly sorry to see the borrowers who have been paying their mortgage for many years till the crisis took place and changed everything. Although the banks are trying to implement some plans and programs that are aimed at helping those people who are unable to pay their bills it is extremely difficult to receive the help as you have to fit the requirements and to prove that you are really in dreadful financial situation.

It is appalling why people cannot cooperate and try to work out the situation together. Banks do not really care about real needs of the borrower who is trying to improve the situation. Usually financial institutions do everything in order to extend the process of receiving the help till the borrower misses one or even more payments and they have all reasons to sign up new contract on less favorable for the borrower terms. However it is interesting to know that the banks are also interested in salvation plans. The more people apply for the loan modification or refinancing plans the more income they have. The process of foreclosure is extremely time consuming and costly for the lender. Banks are used to working with money and that is why they try to avoid having private property, etc. as in such a way they have to do something with it in order to get money, however there is no guarantee that the house they are selling will compensate the debt of the borrower.

In such a way we can see that in reality banks are also in need of help. That is why when you apply for the helping plan you have to be aware of the fact that not only you are interested in getting you, the bank wants it as well and is going to help you even though they try not to show it.

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