Surviving In The Financial Services Madhouse

WHEN I RETIRED, dependent on savings and social security, I decided to refinance my house, to reduce my monthly payment. My mortgage lender seemed receptive to the idea, knowing that, in the long run, doing so would profit the corporation. Thus began the paperwork, and the odyssey. Fax us this. email us that. Please hurry. My, oh my, did they ever seem to be in a hurry for me to complete my end of the bargain. they wanted to know about my current income, but never even broached the topic of my savings, which happens to be sufficient to support my mortgage and living expenses. I informed them that although social security retirement benefits are at present my only income, I have decided to return to work; I decided I am too young and energetic to retire completely. They were preparing to offer me an interest rate considerably better that the usurious one I have been burdened with since 2005, and the monthly payments would be considerably less than before, perfect to suit my current circumstances, and even better once I return to work. The fly in the buttermilk is that they do not like the rather modest amount of my social security checks. So, bottom line is, they are perfectly willing to allow me to carry on with higher monthly house payment, and reluctant, or unwilling to write a new contract reducing my payment, thereby providing greater insurance that they will be made. To me, it makes no sense. Like the proverbial bank, which will lend money if and only if you can prove that you really don't need a loan. I am years ahead on my mortgage. Each month, for years, I have paid extra on my principle, and at one point I remember throwing in an extra ten thousand dollar payment on the principle. Having explained to the company that my current income is somewhat reduced, it would seem logical to assume that they would be quite happy to rewrite the mortgage, and to extend my contract from the fifteen years, roughly, I have left on it, to a full thirty. How can that not make sense? The trick is to try a different company, somebody honorable, like the Bank of America, which has so far this year avoided and federal convictions on fraud charges, a new record for B o A integrity. My current mortgage lender, Mr. Cooper, formerly Nationstar, does not operate sensibly enough to suit me. Is it even remotely possible that a financial services provide in America, any financial services provider, treats clients fairly, with integrity, with sanity, without being convicted and spending time in jail/ But, wait. corporate executives never spend time in jail, unless they happen to be Bernie Madoff, which, it might be argued, they all happen to be.