Need help getting this payment down or we won’t be able to pay it…
I’m trying to get Regions Banks to work with me and my wife on a hardship program… My wife and I borrowed $95,000 for a business that has failed due to the poor economy here in Florida… We can no longer pay the $970 monthly payment… We also were never told the payment was fixed and they refuse to lower the payment to help us out… Would Banks rather get nothing than something? We want to honor our debt,but they seem to not care unless they get the full amount… I’m close to getting an attorney to look at the loan and see if he can find problems with the way the loan was written… what’s you’re advice?
You can’t apply logic to banks, or at the very least you need to pass the logic through a profit filter first.
If I owed you money we’d probably have a nice conversation and come to an understanding. You’d probably at least give me a shot at a new payment plan and if I failed, well, we’d have to see what came next.
With bank money, no matter who you are talking to, it’s not their money. That person is just doing a job. And even if their job performance might be hurt by the lack of loan performance, they might have bank policy, rules and regulations that prevent or prohibit them from having any flexibility.
Many banks would rather not modify the repayment terms of the loan because they don’t want to show a poor performing loan on their books. After six months they will be FORCED to charge the loan off their books and remove it as a good loan to comply with government regulations. At that point the bank will either be flexible with you on a repayment plan since the loan has soured anyway or they will sell the bad debt to another party.
By all means you should go to an attorney for legal advice but I suspect that no major loophole will be found and if it is, you’ll be in for a legal battle with the bank I’m not sure that you can afford to fight. Being right is not always the most cost effective thing to do to eliminate debt.
You know, there is no reason why you can’t use the power of law and force Regions Bank to accept either a payment plan you can afford or to discharge the debt completely in bankruptcy. Even if the debt is discharged and you want to honor the debt, you can always make payments to them at that point. You are under no obligation to make payments but some people, like myself, do or did. I was surprised when I tried to pay my creditors back after bankruptcy, about 50% did not want my payments. Again, goes against logic doesn’t it.
If you are going to see a contract or banking attorney for advice, I urge you to also go see a bankruptcy attorney. After meeting with attorneys on both sides of this issue you will then be in a better position to make an informed decision that is best for you.