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 fer 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.
Read Jean Chatsky target="_blank">here
tags: do it yourself loan modification, avoid foreclosure,foreclosure alternatives,stop foreclosure, prevent foreclosure, loan modification colorado, loan modification nevada, loan modification arizona, loan modification new mexico, loan modification california, loan modification georgia, rest report,mortgage modification credit damage, short sale credit damage,
Originally posted 2009-08-11 22:06:42. Republished by Blog Post Promoter
{ 1 comment… read it below or add one }
Good job. You make some fair comments.