Jean Chatsky is always dead-on in her reporting and advice. In the case on the current mortgage modification mess she is as accurate as ever – as far as she goes. As Paul Harvey used to say, “And now, for the rest of the story.”
You can modify investment property mortgages as long as your primary residence mortgage is in good standing. The REST Report has the same sterling rweputation for successful investment property mortgage modification calculations as it does for primary residences mortgage modification.
There are subsequent calculations beyond the 31% income standard that can be used. Read about them in the Mortgage Modification 101 section elsewhere on this blog.
Your loan servicer is only one step in the process. They do not profit by mortgage modification or short sale, so they sandbag the process as much as they can.
If you want to keep your home, the lowering of your credit score is probably of little interest to you. Make your payments on time for a year and your score will recover. A short sale will assuredly hurt your score least of all options. Ultimately, the homeowner needs to understand that mortgage modification or short sale are far better alternatives than foreclosure. You can get free help. But so far, it’s worth what you paid. PBS and many others report that HUD counselors are having just as hard a time getting modification files accepted as anyone else – except the REST Report. 4000 submissions and not one failure. Not one.
Finding the appropriate person at your lender to consult with will be the biggest headache the homeowner, or HUD counselor goes through. The actual modifier will not ever talk to the homeowner. The media is replete with reports about the actual underwriter’s reluctance and refusal to negotiate with any homeowner or counselor.
Picture this: file your mortgage modification application as a legal subpoena, or summons. Who is going to get the undivided attention of the bank officers? You might get help with the counselor, the question is: by when? The back of the 4 million long line is right over there. Want to get to the front of the line? Right this way, please.
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.
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: Do it yourself loan modification Please ‘Like’ the video, will you? That makes it easier for others to find.
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,