After ten months of of the Home Affordable Mortgage Plan, or HAMP, the rules for applying for a mortgage short sale now duplicate the mortgage modification process. We all hope it speeds up the notoriously slow short sale process. One glaring fact remains however. Whether a mortgage modification or a short sale, the chances of a distressed homeowner obtaining a timely and beneficial mortgage solution are slim and none without professional assistance.
The mortgage servicers know that they make more money on any given foreclosure. Treachery is their prime objective. They exist to make money. Mortgage modifications and short sales don’t make money. They make money by charging late fees and foreclosure.They have no ‘skin in the game.” They don’t lose new home purchase documents. Why do you suppose they can’t find mortgage modification or short sale documents?
Your mortgage investor, on the other hand, only benefits from mortgage modification or short sale. They do not benefit from foreclosure – or Deed-in-Lieu.
When I had my homework completed on time in school, I had no problem turning it in. When I didn’t have it, I spent the 35 minutes on the bus to school conjuring up some other good excuse other than my non-existent pet dog to blame it on. Before I had my driver’s license, I couldn’t use the old flat-tire excuse that the older kids used.
The solution is to use the lender’s software to calculate a beneficial mortgage modification or short sale, and then file it as a legal document. My investors are prepared to make a cash offer to your mortgage investor that they require to negotiate a beneficial short sale for the distressed homeowner.
Today I read yet another story about a qualified prospective homeowner attempting to buy a short sale property. Every piece is in place, except the REST Report that can force the lenders to behave and perform.
The wanna-be homebuyer has been waiting for ten months. There is no information on the seller. My investor and negotiator would have consumated a double close in less than sixty days. These poor souls would have been in their home for eight months now. Someone in this transaction is being greedy. The distressed seller, the listing real estate agent, the new homebuyer, the lenders, or the buyer’s real estate agent. Is there money involved with an intermediary investor such as the the one I represent? Yes, there is. But for these concerned parties, There are only two reasons or excuses: either everyone concerned doesn’t know that an investor could expedite the transaction, or they’re greedy. Take your pick. A distressed homeowner seeking a short sale should only be concerned with one thing: Can/will the investor negotiate my short sale so that I am never held responsible for the mortgage deficiency? (Can I walk away from my distressed property without ever owing a dime?)
One more item: No one that I can find is satisfied with HAFA, or the Home Affordable Foreclosure Assistance plan. It was written by the banks. Go figure.
This YouTube video says it all. Go here: How to Get A Beneficial Mortgage Modification Now
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tags: short sale, do it yourself short sale, rest report, avoid foreclosure, stop foreclosure, prevent foreclosure, foreclosure alternatives, self negotiated short sale, negotiate mortgage deficiency, negotiate short sale, investor negotiated short sale, discharge mortgage deficiency, homeowner negotiated short sale, hafa, home affordable foreclosure assistance,
Originally posted 2010-02-01 02:01:58. Republished by Blog Post Promoter
{ 3 comments… read them below or add one }
Been waiting on a short sale for 8 mos. and counting. BPO ordered 3 weeks ago, and no response. Six houses for sale [including the one we want], 4 of them are short sales in the same subdivision. Regular home sales are 50k more listed. Same sq. footage, rooms, etc…There’s no clear path, every other home seems to be a short-sale or REO, how can an economy recover when buyers willing to put money back into the system are waiting endlessly?
Meanwhile – call your county treasurer and make sure they’re not foreclosing on you behind your back. If you do all this correctly, all those missed payments won’t cost you and be put on your deficiency when you close/
Delay a short sale on the cheap, or get it done today – http://t.co/7oxUXZDy