Mortgage-Mod-Monster.com» 1- Mortgage Modification

Loan Modification Treachery Continues

admin — Fri, 27 Jan 2012 16:24:44 +0000

Distessed homeowners anticipating that a clogged foreclosure pipeline would persuade their mortgage servicers to negotiate loan modifications are out of luck. According to Moody’s Investors Service, as lenders work through more and more of their foreclosures, they’re still avoiding loan modifications in favor of short sales and deed-in-lieu (DIL) transactions. Among lenders with high loan modification rates, the re-default and re-modification rates are unusually high. Of course, with this statistic, no one ever hears about the terms of those loan modifications. It has been shown in the past that many loan modifications were doomed from the strt becuase of unattainable terms to begin with. Ocwen’s re-default rate is so high that Moody’s report stated that it “calls into question Ocwen’s process in evaluating borrowers for modification.”

BofA has been using its loan modification settlements to circumvent a fraud probe in Arizona. In exchange for a loan modification with the lender, borrowers “must agree to keep [the terms] secret and not criticize the bank.” Many of these loan modifications reportedly include cash payments. Moody’s report did not distinguish between BofA loan modifications in Arizona and elsewhere in the country. The non-disparagement clause appears largely intended to address negative postings that borrowers may have made on social networks about the lender. Never mind that the loan modification rate among eligible mortgages still hovers around one percent.

The simple conclusion here is that the REST Report is still the solution. No one should have to pay for their do it yourself loan modification, but it’s the single most efficient way to combat the treachery of the mortgage servicers. Understanding that once the do it yourself loan modification is filed as a legal file, tht the servicer is not entitled to collect and mortgage payments, late fees, or attorney fees makes the REST Report essentially free because it will take a few months for the mortgage servicer to work their way through the application.

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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. loan modification and short sale are beneficial foreclosure alternatives that benefit both homeowner and mortgage investor and make the mortgage servicer do the loan modification process in good faith. They must comply with the mortgage relief act in the mortgage loss mitigation process. I have offered loan modification services for three years. Our loan modification success is 4000 successes out of 4000 submissions. I’ll be happy to send a loan modification example in the form of a sample REST Report. I also have a proven loan modification hardship letter developed over three years of practice.

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 it here

tags: do it yourself mortgage modification,do it yourself loan modification,loan modification software,mortgage modification software,foreclosure alternatives,loan modification hardship letter,calculate net present value, mortgage relief act, rest report,mortgage loss mitigation, loan modification process,loan modification services, mortgage loss mitigation, loan modification success, loan modification example,

One Big lender gets held accountable for neglecting a distressed homeowner

admin — Sat, 14 Jan 2012 18:45:09 +0000

Martin Andelman writes today chronicling the insufferable ignoring and avoidance of one homeowner by a well-known mortgage loan servicer. Specifically, this lender/servicer initially was bound by the Making Home Affordable Program. Just as soon as they could, they bought their way out of that obligation. Coincidentally, obtaining beneficial, affordable mortgage modifications became almost impossible. I’ve heard many stories similar to the homeowner’s experience here.

Now, I’ve decided to omit the specific lender out of my posts. If the reader insists, they can click the link to the article. My point is that it really doesn’t matter who the lender is. Every one of them, save a few local credit unions that are much more beholden to local mortgage holders, are doing everything they can to stall and avoid any loan modifications. I hear and see a host of avoidance methods every day.

A national attorney like the ones I represent would prevent the story from occuring if the homeowner had enlisted one (like mine). Mr Andelman has stated that in the past, and essentially states it again here.

In this case, a court judge found the lender/servicer’s behavior “Mortifying abuse… completely devoid of good faith… harsh, repugnant, shocking and repulsive. The judge described Ms. Dickinson (the lender’s representative in court) as having an “opprobrious demeanor and condescending attitude”. Mandelan actually looked up all these words. I say don’t bother. The reader can probably guess that none is good.

One interesting point here is that the bank can lose any document they choose to stall a mortgage modification. They can say they mailed an approved mortgage modification package back to the distressed homeowner.
No one has yet to hold a lender/servicer to account for those claims. I can say however, that no lender ever says that to my national attorneys. Funny how they can lose any homeowner-submitted documents, or those of the government vaunted free mortgage modification services. But they never, ever seem to misplace our national attorney-submitted documents. They never seem to lose any new mortgage application documents either. Coincidence? Hmmmmm………….

If you have the time and curiosity to read the particulars, help yourself.
If you’re a distressed homeowner, call me or submit my form and I’ll usher you to the front of the line after qualifying you with our US Dept. of Justice-approved software.
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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: target="_blank">How to Get A Beneficial Loan Modification Now Please ‘Like’ the video, will you? That makes it easier for others to find.

Read it here

tags: do it yourself mortgage modification,do it yourself loan modification,loan modification software,mortgage modification software,foreclosure alternatives,loan modification hardship letter,calculate net present value, mortgage relief act, rest report,mortgage loss mitigation, loan modification 2010, mortgage relief 2010, foreclosure alternatives, loan modification process,loan modification services,

Originally posted 2009-11-25 22:00:56. Republished by Blog Post Promoter

Unemployment income no longer allowed for Fannie Mae and Freddie Mac Mortgage Modifications

admin — Sat, 14 Jan 2012 18:45:07 +0000

New regulations coming from Fannie Mae and Freddie Mac (going into effect on November 1) will no longer permit unemployment benefits to be used as income on a loan modification application.

Up until now, millions of Americans who have lost their jobs as a result of the recession, many had still been able to qualify for a mortgage loan modification. Unemployment benefits were allowed to be considered income on Mortgage modification applications.

This move by the nation’s two largest mortgage giants comes on the heels of similar policies enacted by the Treasury Department over the summer. In this case, jobless benefits were no longer considered for those seeking assistance under the Home Affordable Modification Program (HAMP). This is just one more nail in the coffin of HAMP. It became obvious this past summer that the federal government was going to do nothing to enforce HAMP.

Although loan modifications will now be prohibited for those who seek to utilize unemployment benefits, unemployed homeowners may still qualify for temporary reductions in their mortgages. In some extreme cases, homeowners may be able to have their payments suspended altogether. Whether this relief will come from HAMP directly, or through various lender in-house mortgage modification programs is unclear.

Experts warn that since the rules are ever-changing, those who are attempting loan modification (but are unemployed) should consult with their lender for clarifications on the latest federal policies. In this particular instance, I would depart from my ususal advice and recommend consulting a HUD counselor. HUD counselors are notoriously ineffective in obtaining mortgage modifications, principally because there is no accountabilty from the banks themselves. HUD counselors have no pull in making banks negotiate in good faith anymore than any other third party.

As always, the REST Report is the essential tool in applying for a mortgage modification. By submitting the REST Report with supporting documents in a certified mail submission, the file must be shown to the actual investors in your mortgage.
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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. loan modification and short sale are beneficial foreclosure alternatives that benefit both homeowner and mortgage investor and make the mortgage servicer do the loan modification process in good faith. They must comply with the mortgage relief act in the mortgage loss mitigation process. I have offered loan modification services for three years. Our loan modification success is 4000 successes out of 4000 submissions. I’ll be happy to send a loan modification example in the form of a sample REST Report. I also have a proven loan modification hardship letter developed over three years of practice.

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 it here

tags: do it yourself mortgage modification,do it yourself loan modification,loan modification software,mortgage modification software,foreclosure alternatives,loan modification hardship letter,calculate net present value, mortgage relief act, rest report,mortgage loss mitigation, loan modification process,loan modification services, mortgage loss mitigation, loan modification success, loan modification example,

Originally posted 2010-10-14 11:44:40. Republished by Blog Post Promoter

San Francisco Chronicle recognizes mistake of loan modification up-front fee prohibition

admin — Sat, 14 Jan 2012 18:45:06 +0000

Those of us trying to get distressed mortgage modifications to those deserving them have been dismayed for months at the various state and federal government efforts to regulate those of us trying to negotiate those same beneficial and affordable mortgage modifications. We watched as the California Legislature passed their ill-advised SB94. It was and is a bad idea and has proved itself a hindrance to any success that the Home Affordable Mortgage Plan, or HAMP, might have had. Today, the San Francisco Chronicle published an article, linked below, that advises the same conclusion.

Even more notably, the Federal Trade Commission, or FTC, has been threatening to magnify the mistakes of that same California-specific SB94. It’s an even bigger bad policy and hopefully with enough exposure, the FTC will realize that.

At the core of the concept is that negotiating a mortgage modification or a short sale as a solution to a distressed mortgage, has proven itself to require legal representation. The nation’s banks have proven themselves incapable and/or unwilling to assist in the mortgage and financial crisis that they enabled. A published one percent mortgage modification completion rate should be a crime. We know that the lenders have avoided beneficial mortgage modifications by design.

What gets almost no press is the huge success rate of attorney-driven mortgage modifications. We know why, too. The banks have been excellent in suppressing any and all positive results by third party mortgage modification negotiators. They have been diligent in making sure all negative press about the failings of modification negotiators gets great attention.

Almost no one is aware of the minimal actual effect California SB94 had in affecting the mortgage modification industry in California. The effect of this legislation was a “pay-as-you-go” process for any professional mortgage modification negotiator. Since 90 percent of the work of an mortgage modification application is done the first week anyway, 90 percent of the payment due billing was done then also. Attorneys never ever guarantee a negotiation outcome. That’s why we have attorneys in the first place. Lender’s are given the freedom to shoot themselves in the foot even in the face of overwhelming evidence to the contrary.

The sad truth is that the Home Affordable Mortgage Plan, or HAMP, should and would provide relief to millions of distressed homeowners. But there is no enforcement. The California Legislature, and now the Federal Trade Commission, intend to abdicate their responsibility to enforce the provisions of HAMP and any other well-founded remedy to this distressed mortgage crisis. They intend to doom any and every mortgage modification to failure just to regulate any possibly inept mortgage modification negotiator. Think “baby with the bath water.”

The San Francisco Chronicle comes to the same conclusion. Hooray for them.

In the intervening time of this article and now, we have seen spectacular results from the REST Report in enabling distressed homeowners in obtaining a do it yourself mortgage modification or short sale. So really, the issue of up-front fees is essentially moot.
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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. loan modification and short sale are beneficial foreclosure alternatives that benefit both homeowner and mortgage investor and make the mortgage servicer do the loan modification process in good faith. They must comply with the mortgage relief act in the mortgage loss mitigation process. I have offered loan modification services for three years. Our loan modification success is 4000 successes out of 4000 submissions. I’ll be happy to send a loan modification example in the form of a sample REST Report. I also have a proven loan modification hardship letter developed over three years of practice.

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 it here

tags: do it yourself mortgage modification,do it yourself loan modification,loan modification software,mortgage modification software,foreclosure alternatives,loan modification hardship letter,calculate net present value, mortgage relief act, rest report,mortgage loss mitigation, loan modification process,loan modification services, mortgage loss mitigation, loan modification success, loan modification example,

Originally posted 2010-04-19 12:34:19. Republished by Blog Post Promoter

How to Do-It-Yourself Loan Modification or Short Sale

admin — Sat, 14 Jan 2012 18:45:05 +0000

You need two items to modify your mortgage or short sale your property and not foreclose or pursue bankruptcy. First: Have accurate, unbiased calculations sanctioned by the foreclosure courts, including Net Present Value (NPV) that show your investor (NOT your loan servicer!) a fair and equitable resolution to your distressed mortgage; and Second: Be able to prove that the Loss Mitigation Dept. received all supporting documents in your application.

It is always, and I do mean always, more beneficial to your mortgage investor to grant either mortgage modification or short sale. Only your mortgage servicer benefits more from a foreclosure. That is exactly why mortgage modification and short sale applications get ‘lost.’

For Item One, you need the REST Report. The REST Report is proving itself as an indispensable tool in a court foreclosure defense. To date, every single REST Report presented in court has been welcomed as an unbiased calculation of the best remedy for a distressed mortgage.

The nation’s courts have expressed keen interest in examining any and all illegal foreclosures.

“The REST software is part of a multi-million dollar software platform, it’s not generated using something off the shelf, like Microsoft Excel. It’s a “loan disposition analysis” system that knows the thousands of variables needed to make the sophisticated calculations required to generate an accurate report that can withstand any level of scrutiny. It is the same software platform used by the banks to evaluate the best resolution to a troubled asset.”

Click to read more about your Do-it-Yourself Mortgage Modification REST Report

To date, approximately 1500 REST Reports have been run, naturally to varying results. Every mortgage and hardship is unique. But to qualify for a mortgage modification, this is the best tool available.

But we are getting astounding anecdotes that recount court receptivity to the calculations and authority. I can send you a court transcript that demonstrates the power of the REST Report in a foreclosure by a homeowner with no attorney.

If you want to keep your home, or have an investor buy your property and negotiate the best short sale for your situation, this is the one single investment you need to justify your situation.

Currently, there is no financial reason to pay a third party to negotiate a mortgage modification. The banks have learned that they are not required to negotiate in a timely manner with anyone (read: Good Faith). Since the Loss Mitigation Dept. and the Foreclosure Dept. at your lender are not held accountable for communicating with each other, it is up to you, the distressed homeowner to use the court to do it. If you do it, it’s free. Just do your free due diligence every month.

Lender/servicers may not foreclose while engaged in mortgage modification or short sale negotiations. You can use the court to ensure that. Just attend any foreclosure court dates with your mortgage modification file. Hand your documented file to the judge, and relax. You’re done.

Regarding requirement number two; all documents need to be mailed USPS certified mail, return receipt requested. This will ensure that your bank can’t claim you didn’t submit a complete file and the court will hold your lender accountable. No faxes! This is where the banks get away with saying, “We never got them.”

ANYTHING BUT FORECLOSURE!

I am a proud vendor of the REST Report. I also have the best Hardship letter template available anywhere. Your hardship letter is guaranteed to melt the heart of the most cold-blooded mortgage underwriter ever hatched.
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I read every comment. Please use the Comment box below and tell me what you think.

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. loan modification and short sale are beneficial foreclosure alternatives that benefit both homeowner and mortgage investor and make the mortgage servicer do the loan modification process in good faith. They must comply with the mortgage relief act in the mortgage loss mitigation process. I have offered loan modification services for three years. Our loan modification success is 4000 successes out of 4000 submissions. I’ll be happy to send a loan modification example in the form of a sample REST Report. I also have a proven loan modification hardship letter developed over three years of practice.

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.

Click to read more about your Do-it-Yourself Mortgage Modification REST Report

tags: do it yourself mortgage modification,do it yourself loan modification,loan modification software,mortgage modification software,foreclosure alternatives,loan modification hardship letter,calculate net present value, mortgage relief act, rest report,mortgage loss mitigation, loan modification 2010, mortgage relief 2010, foreclosure alternatives, loan modification process,loan modification services,

Originally posted 2010-10-14 09:52:18. Republished by Blog Post Promoter

Mortgage Modification SWAT teams and second mortgages. What?

admin — Sat, 14 Jan 2012 18:45:04 +0000

The so-called SWAT teams from the U. S. Treasury Dept. were not conceived to evaluate second mortgage modification. The were conceived to evaluate various lender’s performance in good-faith negotiation of distressed mortgages under the Home Affordable Mortgage Plan with the concerned homeowners.

You’d never know it from this article. It’s tough enough to navigate a mortgage modification as it is without reading confused and mis-informed information on the web. Again, the Obama SWAT teams were conceived in December to go observe first-hand how well the national mortgage lenders were performing in evaluating and granting permanent mortgage modifications. A noble pursuit, but don’t hold your breath. The banks will obfuscate and do end runs around the government observers. Elliot Ness they are not. They’ve been snow-jobbing the Securities and Exchange Commission for years. You think a little ole’ Treasury official bothers them? Nah.

But this article really concerns the even more dismal performance of the Home Affordable Mortgage Plan (HAMP) on negotiating mortgage modifications for second liens. This is so incredible. The government can’t match up first and second mortgages to any given property.

From Treasury Spokesperson Meg Reilly, “Treasury has been working to create program infrastructure and technology, including a new platform that matches second liens to first liens modified under HAMP…Because there has not been a systematic method of notification to second lien holders when a first lien on the same property is modified, ramp-up has taken some time.”

On April 28, 2009, Treasury officials announced the second lien program in a press release that stressed the need to help “underwater borrowers stay in their homes.” This is distinct from the passage of the HAMP on March 4, 2009.

To clarify, the refinance portion of HAMP is and was designed to address “underwater mortgages” that have suffered significant value reduction. (read: principal loan reduction)

The mortgage modification portion of HAMP was designed to address significant income reduction on the part of distressed homeowners. These guys need to read the law. Actually, if the quotes are accurate, even the government spokespeople need to read the law. Just this last week, press releases were issued that contradicted themselves. (If you want a copy, email me. I have it.)

Those of us that research the mortgage modification profession know full well that mortgage loan servicers are stalling mortgage modification AND short sale applications because they make more money on a foreclosure. The following quote would amuse if it weren’t so sick: “The program’s effectiveness has been hampered by a severe problem with servicer capacity…” Blah, blah.

If you love confusion; kinda like being dizzy on the merry-go-round in your local schools’s playground, click the link below.

Here’s the deal: The answer is to be prepared to take your mortgage servicer to foreclosure court – with their own calculations. That’s what the REST Report does. Worry not about any given mortgage SWAT team. Mortgage Modification applicants do not fail because of any lost or un-submitted supporting documents on their part. They suffer because their lender does not care where those documents went.

If you lost your homework in school, you were held accountable. Not these guys.

Try this: “A new brochure for borrowers looking for mortgage relief was recently posted by HAMP administrators on its website for mortgage servicers. In a question-and-answer section, the issue of second mortgage modification is only briefly addressed.” Only briefly addressed; and wanna guess how available that document is to the confused, frustrated, and terrified distressed homeowner? How about the equally confused HUD counselor?
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I read every comment. Please use the Comment box below and tell me what you think.

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. loan modification and short sale are beneficial foreclosure alternatives that benefit both homeowner and mortgage investor and make the mortgage servicer do the loan modification process in good faith. They must comply with the mortgage relief act in the mortgage loss mitigation process. I have offered loan modification services for three years. Our loan modification success is 4000 successes out of 4000 submissions. I’ll be happy to send a loan modification example in the form of a sample REST Report. I also have a proven loan modification hardship letter developed over three years of practice.

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 it here

tags: do it yourself mortgage modification,do it yourself loan modification,loan modification software,mortgage modification software,foreclosure alternatives,loan modification hardship letter,calculate net present value, mortgage relief act, rest report,mortgage loss mitigation, loan modification process,loan modification services, mortgage loss mitigation, loan modification success, loan modification example,

Originally posted 2010-01-11 03:01:22. Republished by Blog Post Promoter

Bankruptcy loan modifications; just another boondoggle

admin — Sat, 14 Jan 2012 18:45:03 +0000

There has been a huge push to enable bankruptcy judges to modify mortgages as part of bankruptcy proceedings. Today, this ability has been included in a proposed amendment allowing judges to modify mortgages on primary residences for homeowners in bankruptcy as part of the Wall Street Reform and Consumer Protection Act (H.R. 4173).

Thankfully, this part of the Frank-Dodd Act did not materialize. Foreclosures go through District Court. They need to stay there. With the advent of the spectacular success of the REST Report, the strategy to assure good faith negotiations with the treacherous mortgage servicer is clear. The REST Report gives the foreclosure judge the perfect tool to ensure the best solution for any distressed mortgage.

There is an euphoria on the part of many observers of the mortgage mess. This will be short lived. This will not be a panacea for the Home Affordable Mortgage Program failure because bankruptcy judges are already overwhelmed with the number of bankruptcy cases. It will allow the federal bankruptcy judges to witness the treachery of the money-lenders in the US economy today.

Mandelman is so consumed with rage over the mortgage modification mess and treachery of the US bankers in assuming responsibility for the current economic repression, that he easily seizes on this news as significant.

The statistics are clear: Bankruptcy and foreclosure are rarely the answer to debt and mortgage distress. There is no risk to explore mortgage modification, short sale and debt settlement as individual solutions. A distressed mortgage and/or consumer debt holder can get positive counseling and advice within days before pursuing the deadly “final solution.”

The take-away here is that the banking lobby needs to be broken. The REST Report does just that. Mandleman sees some hope today. Senator Durbin is quoted as, “It’s hard to believe in a time when we’re facing a banking crisis that many of the banks created – they are still the most powerful lobby on Capitol Hill. And frankly, they own the place.” No, they don’t. They only control what you don’t know. If you collapse in front of the TV at night and believe what the lenders tell you, you are doomed. The ones who fight back will call me, and they will win before the tide.

The distressed homeowner assuredly can’t make HAMP work on their own. But HAMP, or Home Affordable Mortgage Assistance, does work with assistance. The REST Report, in part, calculates Net Present Value, a mortgage industry standard supported by HAMP verbiage.
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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. loan modification and short sale are beneficial foreclosure alternatives that benefit both homeowner and mortgage investor and make the mortgage servicer do the loan modification process in good faith. They must comply with the mortgage relief act in the mortgage loss mitigation process. I have offered loan modification services for three years. Our loan modification success is 4000 successes out of 4000 submissions. I’ll be happy to send a loan modification example in the form of a sample REST Report. I also have a proven loan modification hardship letter developed over three years of practice.

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

tags: short sale vs foreclosure, short sale foreclosure,short sale, calculate net present value,
loan modification software,mortgage modification software,foreclosure alternatives,rest report,
mortgage relief 2010,chain of title,real estate title search,independent mortgage advice,assignment of title,short sale rules,

Originally posted 2009-12-10 04:20:44. Republished by Blog Post Promoter

Federal Government satisfied with 13% mortgage modification rate

admin — Sat, 14 Jan 2012 18:45:02 +0000

There are several reports today that report the federal government is satisfied with the 13% rate of mortgage modifications under the Making Home Affordable plan, A six-month-old, $75 billion White House-backed program to help homeowners on the verge of foreclosure.

Currently, even attorneys are powerless to remedy this situation because the banks have learned they can sandbag anyone trying to negotiate a mortgage modification or short sale. The one notable exception is the REST Report. We have no complaints about it’s success. It uses the bank’s own software to calculate Net Present Value, so there’s no place for the mortgage servicer to run. Game over.

Loan servicers have extended more than 571,000 loan-modification offers while about 360,000 homeowners have begun the process of modification, according to Dave Stevens, assistant secretary at the Housing and Urban Development department.

“At the current pace, the program is well on its way to meet the goal of modifying mortgage loans for more than a half million deserving homeowners by Nov. 1,” Stevens added. This we now know was laughably overstated.

Yet the chairwoman of the housing subcommittee for the House Financial Services Committee, Maxine Waters, D-Calif., said that the program is still struggling, pointing out that only 15% of the eligible 2.7 million homeowners have received help. She noted that Credit Suisse expects 8.1 million homes to go into foreclosure over the next four years.

The lawmaker also said that there were concerns about servicers continuing foreclosure proceedings, even as modification processes are under way. “Some servicers here today reported enrollment of only 4% of eligible borrowers.” This can be stopped, but it involves due diligence by the homeowner.

Rep. Spencer Bachus, R-Ala., the ranking Republican member of the House Financial Services Committee, said he believed the White House approach was flawed from the start. We now know that the exact flaw was in specific definition of establishing ‘imminent default’. The mortgage servicers have criminally twisted the establishment of this requirement.

Michael Barr, assistant secretary for financial institutions at the Treasury Department, said that the progress in implementing the programs have been substantial, and that government officials will not stop at 500,000 modifications once it meets that goal.

Nevertheless, he added that more needed to be done. “Servicer performance is uneven, geographic unevenness as well. Servicers need to reach out to find the eligible borrowers.”

This is not going to happen. There is no inherent motivation for a lender to modify any mortgage. Congress passed the three laws, but mortgage modification is now a do-it-yourself project in 2011.

Barr said regulators are taking steps to have mortgage servicers expand the number of borrowers that can be eligible for the loan-modification program. He said the Treasury is pressing loan servicers to hire more staff, expand call-center capacities and generally devote more resources to the program.

The Home Affordable Modification Program is using as much as $75 billion, in part, from the Troubled Asset Relief Program to incentivize loan servicers to make loan modifications for troubled homeowners.

Another program, The Home Affordable Refinance Program, seeks to expand access to refinancing opportunities for families whose homes have lost value and whose mortgage payments can be reduced at market interest rates. This has also proven to be laughable. It was written by the banks. ‘Nuff said.

For those readers that prefer YouTube videos, try this: How to Get A Beneficial Mortgage Modification Now

I read every comment. Please use the Comment box below and tell me what you think.

Read it here

tags: do it yourself mortgage loan modification, do-it-yourself short sale, mortgage loan modification, mortgage lender fraud, mass joinder lawsuit, mortgage loan modification colorado, mortgage loan modification nevada, mortgage loan modification arizona, mortgage loan modification new mexico, hamp, home affordable mortgage plan,

Originally posted 2009-09-10 20:47:44. Republished by Blog Post Promoter

Published proof from inside the banks that they want to foreclose on you

admin — Thu, 12 Jan 2012 02:18:32 +0000

Half of all the distressed homeowners I counsel are convinced there is no reason for their lender to foreclose on them. Those of us in the business have known for months that foreclosure is exactly what their lender has in mind. Here is proof that your bank wants your home.

The short story is that the Home Affordable Mortgage Plan monies that are promised to your lender are but a mere pittance compared to what they will profit by foreclosing. Many distressed homeowners are shocked beyond comment to hear that their lender is going to do what is best for them. There will be no information from them to help you if it doesn’t help them. If you are talking to someone who is sympathetic to your plight, you can immediately be assured they have no authority to help you. All your talk and information, plus a dollar, will buy a cup of coffee.

The same is true for short sale applications. One can read the linked article from a financial advisor to see for themselves. One more time, the New HAFA, or Home Affordable Foreclosure Assistance program is doomed to failure. Add the mistakes of HAMP to a piece of legislation written by the banks (HAFA) and everyone must see the doom.

Those “carrots” won’t be enough to save the majority of the 4.6 million U.S. homes that have mortgages more than 90 days overdue, said Diane Swonk, chief economist of Chicago-based Mesirow Financial, which oversees $37.4 billion. The payouts at the heart of the Obama administration’s programs don’t come close to what servicers earn by foreclosing, she said.

“The incentives being offered by the government are small compared to the counter-incentive of foreclosure,” Swonk said. “The service industry has its own set of incentives, and you can’t tell people to do what’s not in their financial best interest, especially in an economy that is still struggling.”

The criticism of HAMP by Neil Barofsky, special inspector general for the Troubled Asset Relief Program has been well publicized thia past week. Big surprise.

About 7 million homes may end up in foreclosure in the next three to four years even with the government programs, according to Laurie Goodman, senior managing director at Amherst Securities Group LP in New York.

A foreclosure on a $200,000 mortgage may result in $10,000 or more of income for servicers, who get paid before mortgage investors.

“Servicers make more money in the short term through a foreclosure, but they could possibly make more money in the long term with a modification, if it works, because most of the money they make comes from servicing income on accounts that are current,” White said.

The distressed mortgage owner must come away from this information with renewed resolve to believe the new mortgage modification will not default.

Then along comes a bank analyst to state that banks are not issuing mortgage modifications because they are buried in mortgage modification defaults. If anyone believes that, come look at this marvelous bridge I have here in the desert. One more time, ask yourself, do they lose any applications for new mortgages?

We have run 4000 Rest Reports with 4000 successes. Pretty good track record, I’d say.

Next, the article raises the tired observation that bankruptcy judges should supervise mortgage modifications. Again, these judges are booked solid anyway. Where are they going to find the time for 4 million more cases? Non-starter. Even more importantly, how about making the same NPV calculations that the banks make available to the distressed homeowner? Much more efficient, I’d say.

“Servicers do make more money upfront by doing a foreclosure.” is quoted again, by the way.

“Servicers love loans that are in default for an extended period of time,” McDonnell said. “They are cash cows.”

If homeowners fail to meet the terms of modified mortgages and the property isn’t approved for a short sale under the HAFA program, servicers can proceed with a foreclosure and recoup their money when the property is sold. Do not sign the HAFA Short Sale Agreement letter unless you have a death wish. There is no escape. The bank will own you.

The article cites numerous staistics about mortgage modification and default rates. The missing statistic is a comaprison between trial modification and permanent modification default. The distressed homeowner who has tried to get their own modification needs to ask themselves about how many times they submitted the supporting documents only to have their lender lose them. How many times did you get away with losing your homework in school.
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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. loan modification and short sale are beneficial foreclosure alternatives that benefit both homeowner and mortgage investor and make the mortgage servicer do the loan modification process in good faith. They must comply with the mortgage relief act in the mortgage loss mitigation process. I have offered loan modification services for three years. Our loan modification success is 4000 successes out of 4000 submissions. I’ll be happy to send a loan modification example in the form of a sample REST Report. I also have a proven loan modification hardship letter developed over three years of practice.

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 more, or get your REST Report here

Read it here

tags: mortgage servicer fraud, sue mortgage lender, mortgage lender fraud,foreclosure fraud, foreclosuregate, robosigner,mass joinder lawsuit, broken mortgage chain of title, demand original mortgage note, fraudulent assignment of title, rest property solutions report, title search,corrupt title,

Originally posted 2010-04-23 11:44:07. Republished by Blog Post Promoter

More corrections on misconceptions about Loan Modifications

admin — Thu, 12 Jan 2012 02:18:31 +0000

Time for another correction of the half-accurate information about mortgage modifications typically posted on the internet. I’ll correct ‘em here and the reader can follow the link if they choose.

Innocently enough the article spotlights a couple that was so far buried in their home mortgage that getting a mortgage modification would not be advised. The Home Affordable Mortgage Plan, or HAMP, was designed for ‘under-employed’ distressed mortgage holders. This couple is and was; but given the severe loss of value in their home, mortgage modification would be a waste of their financial well-being. A drop of $100,000 in value strongly indicates the justification for a short sale. Go get another one. Leave the emotional homestead behind. You wre looking for a home when you found this one.

One other option that has surfaced recently is a Principal Reduction Refinance. This involves another lender negotiating ‘short sale’ buyout and deficiency negation. The loan has no credit score requirements and carries a higher interest rate, but if the payments are affordable, it gives the opportunity to hold the house and refinance again in a few years after credit scores have recovered.

The couple spent their savings trying to keep their mortgage afloat. I wish I could have talked to them. Bad idea. The distressed mortgage holder needs to separate life’s savings, mortgage equity (or lack of it) and consumer credit. Properties that have lost significant value are like busses with flat tires; go get another one.

The problem with this couple, as with so many others that have been featured in the press since this mortgage modification mess started, have a conscience. Your bank doesn’t have a conscience. You can’t afford one, because they will take every dime you want to pay in ‘blood money’ and then kick you to the curb. They did not give you a mortgage because they liked you.

The second couple failed when the bank mistakenly re-evaluated their new income when the husband went back to work. This is not allowed under the HAMP mortgage modification guidelines; but if you reveal more information than you are required to, the bank will use it against you. Kinda like the Falahi’s and White House State dinners, huh?

This is where the bank’s uses the ersatz ‘trial modification’ against the hapless homeowner – not knowing all the rules. If these couples had mailed their documents certified mail, return receipt requested, like I recommend, these stories wouldn’t have happened.

The housing counselor mistakenly states that 20 percent of mortgage modifications have become permanent. No, the figure is one to three percent, depending on who is counting.

Trial modifications were conjured up by the US Treasury for the Home Affordable Mortgage Plan, or HAMP, as one more opportunity for the distressed homeowner to fail and lose their home. The bank gets another opportunity to lose your homework and deny a perfectly justified mortgage modification.

We now know from anecdotal evidence that Loss Mitigation offices are losing files on purpose. With a certified mail, return receipt requested, the distressed homeowner can prevent that. They’re just waiting to point the finger at the system and say, “See? It’s their fault.” Just like the elementary school playground.

The FHA has lifted the requirement that a distressed homeowner demonstrate ‘imminent default’ by being 60 days delinquent on mortgage payments. I’m guessing this article was written before that change and they didn’t know. But now you do. One of the problems with HAMP has been allowing the banks to define ‘imminent default.’

No, Mark Zandi, distressed homeowners don’t default because of severe loss of property value (unless they woke up and smelled the coffee), they default because of mortgage servicers delight in knowing they make more money on a foreclosure than a permanent mortgage modification. So, take all the money available from the distressed homeowner and when that’s gone, foreclose on ‘em.

Pay attention to this quote by Rick Sharga: he also cited another problem with HAMP: that it is a voluntary program on the part of banks and was not designed in a way “that would be successful on securitized loans. In order to get to the payment levels indicated by the program, servicers would have been outside the parameters they were contractually bound to adhere to.”

This points out the abject necessity to get the REST Report. The REST Report calculates the invaluable Net Present Value, or NPV. This calculation tells everyone; loan servicer, homeowner, and foreclosure judge, what is the most expedient solution to a non-performing mortgage: mortgage modification or short sale. It is proving to be a spectacular tool in foreclosure defense.

The third personal example in this article is yet another example of banks negligence and lack of good faith in negotiating mortgage modifications or short sales.

Since this past summer, there is no reason to pay a third party to negotiate your mortgage modification. They can’t do anything you can’t do yourself. Increasingly, judges are recognizing the iron-clad conclusion of the REST Report and holding lender/servicers accountable.
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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. loan modification and short sale are beneficial foreclosure alternatives that benefit both homeowner and mortgage investor and make the mortgage servicer do the loan modification process in good faith. They must comply with the mortgage relief act in the mortgage loss mitigation process. I have offered loan modification services for three years. Our loan modification success is 4000 successes out of 4000 submissions. I’ll be happy to send a loan modification example in the form of a sample REST Report. I also have a proven loan modification hardship letter developed over three years of practice.

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 it here

tags: do it yourself mortgage modification,do it yourself loan modification,loan modification software,mortgage modification software,foreclosure alternatives,loan modification hardship letter,calculate net present value, mortgage relief act, rest report,mortgage loss mitigation, loan modification process,loan modification services, mortgage loss mitigation, loan modification success, loan modification example,

Originally posted 2010-01-25 04:52:57. Republished by Blog Post Promoter