that's the way it works with them. Unless you go into default, they will not give you the time of day vis a vis restructuring the debt.

I hate to sound like I'm defending the banks, but the sad truth is that banks are pretty much in a damned if they do and damned if they don't type of situation. If they don't help people who deserve the help that are not late in their payments, they are basically rewarding bad behavior. But if they start to help those who are not late on their payments then I'm afraid the floodgates will open and many people who can afford their mortgages will be taking advantage of it. The banks will find themselves having to renegotiate loans that don't need it.

Again, I am not defending their policy, but just imagine what they would be hit with if everyone found out they can renegotiate their loan to a lower interest and lower principal without any consequences (hit to their credit score) whatsoever. The bank losses would be even worse.

The truth is that there is no pretty way to deal with this, and in the end, all of us, the banks and the consumers, are going to pay the price.