This post clarifies a few misleading statements on the KDVR Fox 31 post. The press does the best it can, but no reporter is going to be flawless in outlining a mortgage loan modification unless they’re actually negotiating them. It’s OK. That’s where I come in.
The simple fact is that your mortgage servicer does not get paid to modify a mortgage. They get paid to foreclose. Although the Home Affordable Mortgage Plan insists on specific guidelines, there is no enforcement. The federal government acknowledges this.
The bottom line is that the REST Report uses the same software your mortgage servicer uses to calculate mortgage modification or short sale. Those are the only options. And your mortgage modification payment calculates to 31% of your new income. Period.
Get the REST Report and you beat your mortgage servicer with their own stick.
You might follow the link on this home page for a more indepth explanation of how mortgage modifications are calculated.
How to Calculate a Mortgage Modification
If the homeowner makes his new payments on time for a year, the federal government pays the lender $1000 towards the principal of the mortgage. That’s money in the homeowner’s pocket, not the lender. (per year for a total of five years=$5000)
The interest rate can climb to a Maximum of 1 per cent per year for three years.
Investment property mortgages can also be modified – as long as the principal residence mortgage is in good standing. So? Modify your first mortgage and then go after your investments.
This YouTube video says it all. Go here: How to Get A Beneficial Mortgage Modification Now
How may I help?
Powered by Fast Secure Contact Form
I read every comment. Please use the Comment box below and tell me what you think.
Read the original here.
tags: do it yourself loan modification, calculate hamp net present value,rest report, mortgage loan modification colorado, mortgage loan modification nevada, mortgage loan modification arizona, mortgage loan modification new mexico, mortgage loan modification california, mortgage loan modification georgia,stop foreclosure, foreclosure alternatives, prevent foreclosure, stop foreclosure,
Originally posted 2009-07-25 20:55:11. Republished by Blog Post Promoter
{ 5 comments… read them below or add one }
I think this is very usefull information. Thanks for sharing this. Keep on a good work.
Thanks for the info. It is advised to receive help from an attorneyn who can best renegotiate the term with your lender. They can significantly reduce your monthly payments.
….You may be in a situation where you can afford your mortgage payments but just barely. ..ByBarbara Eisner BayerProvided by ..If youve been unable to secure a mortgage you may be you humming bars from the 65 hit single Nowhere to Run by Martha the Vandellas. But rest assured — modification isnt the end-all solution to mortgage troubles.
You should compose a blog about 2012 and when the world will end, I enjoy to hear people’s unique perspectives on this There’s insane stuff occurring in the world right now so who knows if 2012 is the end.
Clarification and corrections on Denver KDVR Fox 31 post – http://t.co/tqlA9bEn
{ 2 trackbacks }