Your lender may not sandbag you anymore. They must respond to your mortgage modification good faith efforts. This is a monumental decision.
Once again, Mandelman writes about the little guy beating the bank into a mortgage modification. The legalese will mystifyl the average homeowner, but the effect is stunning. Get the REST Report, prove submission of your supporting documents, and you can do your own mortgage modification. The subject in the article did, is doing, just that. Judges are progressively recognizing that the REST Report, in addition to a complete mortgage modification file, is proof in a foreclosure defense.
This major lender tried to insist that they did not have to negotiate with the distressed homeowner, even with a federally guaranteed mortgage. (That being Fannie or Freddie, of course.) The judge found that, yes, good faith negotiations were in order. Little guy wins.
In this case, the homeowner was missing some second level documentation. The judge gave the homeowner thirty days to submit it. You can imagine how much assistance this homeowner will get behind the scenes to comply. It’s happened before.
A judge in U.S. District Court, Southern District of California, has issued an order that the Borrower is the Intended 3rd Party Beneficiary of HAMP. He may sue for Breach of Contract when the lender refuses to negotiate a mortgage modification in good faith. The lender never refused a mortgage modification, they just never responded. To anyone who has been sandbagged by their lender in pursuing a mortgage modification, does this sound familiar? The lender just proceeded to foreclosure as they wished.
This step is crucial: “Commitment to Purchase Financial Instrument and Servicer Participation Agreement for the Home Affordable Modification Program under the Emergency Economic Stabilization Act of 2008 with Federal National Mortgage Association.” (“Fannie Mae”) and agreed to perform certain loan modification and foreclosure prevention services for eligible loans.
The distressed mortgage owner also sued under the “Unfair Competition Law (Cal. Bus. & Prof Code § 17200 et seq. (“UCL”) and seeks damages. Can you say, “Pay me?”
The court ruled that the case should and would be held in the local jurisdiction. No traveling to Washington, DC. These banks are clever, aren’t they?
If you’re the intended third party beneficiary to a federal contract you can sue for breach of contract.
Last year, you need to know, there were several attempts to enforce the HAMP guidelines and none were particularly successful. Mandelman wrote one article about an LA Superior Court judge who ruled that “HAMP Has No Teeth,” which was the headline of the story. In Minnesota someone tried to say that HAMP was a “right” and had some sort of “due process” argument involved. It didn’t fly at all. Now, with this ruling, it does.
Mandelman is right when he says that up until this order, it was pretty difficult for a homeowner to sue their servicer for doing almost nothing according to the HAMP guidelines. So, this is a big deal.
Judge M. James Lorenz is in the U.S. District Court, Southern District of California. Judge Lorenz then went through every single page of the HAMP contract and Program guidelines. This judge is not afraid of doing the work.
Lastly, the lender’s lawyers tried the old “but your Honor… a homeowner can’t be the intended beneficiary of anything because then they’d all sue and it would be “unwieldy.” To which the judge hopefully just laughed. Judge Lorenz said that it wasn’t unwieldy because the lender would only have to worry about the customers they didn’t modify, which is a well-defined group, not the public at large.
In conclusion, (I love saying that because all my term paper teachers hated it) the REST Report sets you up for the same success this distressed mortgage owner is experiencing.
Alleging that you qualify for a mortgage modification isn’t enough. You need to show the judge absolute, irrefutable proof. You need a document that can withstand ANY amount of scrutiny. The REST platform is not a toy. It absolutely can stand up in court.
Saying you submitted all your supporting documents is not enough, you must prove that also. Return Receipt Requested proof from the USPS is the same necessity. Your postman is essentially a legal process server.
Since this post, 4000 REST Reports have been run. Every single one has prevailed. Zero failures.
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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: How to Get A Beneficial Mortgage Modification Now Please ‘Like’ the video, will you? That makes it easier for others to find.
Read more, or get your Do-it-YourselfREST Report here
Read it here
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Originally posted 2010-08-26 13:49:41. Republished by Blog Post Promoter
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US District Court Judge rules that negotiating a Mortgage Modification is mandatory – http://t.co/YyvEYwQ
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