I thought I was the only one who was treated like a crook and a card cheat when I talk about the mortgage modifications and short sales I facilitate. Nope. Turns out we all get the same reaction. It doesn’t change our motivation or desire to achieve though. We know we’re in the right. The do-it-yourself mortgage modification is succeeding more every day.
Since this past Spring, the mortgage servicers have learned that they don’t have to talk to anybody, legal counsel or distressed homeowner alike. There is no expected good faith negotiations demanded of any lender. So, you just wait for the foreclosure summons with your REST Report and the judge will demand your lender negotiate with you in good faith.
We are hearing anecdotes about distressed homeowners receiving help from the courts however. In these cases, the prepared homeowners are getting respect and response when responding to court on a foreclosure summons.
The solution is two fold: Get the REST Report that calculates NPV, or Net Present Value. The NPV calculation shows investor and distressed homeowner alike what is the most efficient resolution to a distressed mortgage. The lender/servicer will never share this calculation. But when submitted as part of a complete mortgage modification or short sale package, is required by law to be included in the file that the investor will assuredly inspect by law.
The judge in any foreclosure case will also take the calculations into account when deciding how to resolve a foreclosure dispute. The lender/servicer will not be allowed to ignore the application.
When all supporting documents are mailed certified mail, return receipt requested, the servicer cannot pretend they didn’t get the documents. No more pretending you never sent them.
The nations foreclosure judges are the new cops in this loan modification mess.
Currently, the application for mortgage modification eligibility and a short sale are essentially identical, so the computer software calculations are unbiased.
If you qualify for a loan modification, the REST Report will reveal that. If a short sale is called for, it’ll reveal that also. Either is hugely more advantageous than deed-in-lieu-of-foreclosure, foreclosure, or bankruptcy.
For the record, the definition of a beneficial, affordable mortgage modification is a new, permanent monthly payment that is 31% of the distressed homeowner’s new monthly income. Part of the bank’s demonstrated treachery is to offer mortgage reinstatements or deferments disguised as mortgage modifications. Or they modify at 50% of the distressed homeowners income. These are NOT beneficial nor affordable.
Mandelman goes on to quote the negotiator as lamenting the predictable response of the distressed homeowner that the mortgage loan principal wasn’t reduced. I explain to my potential clients, hopefully in the initail consultation, that loan principal is always the last point that the bank decision maker will consider. The goal of mortgage modification is to get an affordable monthly payment. We can’t specify the terms most negotiable by the lender. Remember, the lender/servicer is counting on this mortgage defaulting in the future anyway. They’re going to preserve equity at all cost. Lender underwriters would rather intimidate un-knowing individual distressed homeowners, or free mortgage modification counselors who don’t know much more than the poor homeowner.
I certainly identified with the low esteem that the general public, and even some successful mortgage modified homeowners. I get that air of suspicion every time I start a consultation. It’s not just me. I don’t negotiate mortgage modifications. There is no justification for paying a third party to negotiate a mortgage modification. they can’t do anything you can’t do. Currently, it’s all about the do-it-yourself mortgage modification.
“Dear Mandelman,
I have had a great result with the REST Report that I wanted to tell you about. I work for an Attorney in New York, today the Attorney had to go to a Foreclosure summons meeting at the courts with the Attorney for Wells Fargo.
The courts were so impressed with the REST Report that the judge actually told the Attorney for Wells Fargo that there is no reason why the loan modification could not be completed in 30 days, as the REST Report has clearly shown that there are several scenarios in which it is better to modify the loan then to foreclose on the property.
Thank you for giving me access to the REST Report.
Sam”
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The internet being what it is, certain search terms need to be empahasized so that you can find the best information. The REST Report is best classified as loan modification software, or mortgage modification software. It’s claim to fame is that you use it to calculate Net Present Value exactly the way the banks do, using the same software. It is best used as a do it yourself loan modification or do it yourself mortgage modification. For some reason, loan modification 2010 and mortgage relief 2010 are popular search terms.
This YouTube video says it all. Go here: How to Get A Beneficial Loan Modification Now Please ‘Like’ the video, will you? That makes it easier for others to find.
Read Mandelman here
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Originally posted 2009-12-26 23:32:36. Republished by Blog Post Promoter
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Anecdote about a successful, professional mortgage modification – http://t.co/Dew84mI5