This is part three of a four part series being published in the Grand Junction Free Press, one of my home town newspapers. All this information can be found in various parts of this blog, but maybe being published in four sequential parts will help in understanding.
Two weeks ago in part one, I related the us government foundation for recovering from the current mortgage and related economic situation. Last week in part two, I drilled down into the implications for the individual homeowner. This week I get specific as to the realistic potential of accomplishing a mortgage modification.
Here are three real-world critical points to understand:
How much your payments may be reduced depends on your application. Use the bank’s own software to calculate your mortgage modification and your mortgage servicer has no escape. Ultimately, real success is to convince the lender that it is in THE LENDER’S best interest to modify any given mortgage. There are rules for the Home Affordable Mortgage Program.
The U.S. Treasury recently announced that they were going to spot-check certain lenders to ensure compliance with HAMP. That practice might be good enough for the IRS, but what distressed homeowner wants to bet on their mortgage modification application getting monitored? Also, if you use a free service, you’re going to get what you paid for.
The homeowner who wants to get to the front of the modification line need not submit a modification application personally or by an agent close to the distressed mortgage property. Certified mail makes an application a legal document.
The Rocky Mountain PBS station recently lamented that Colorado mortgage modifications were harder to negotiate because Colorado is so far removed from the hub of the mortgage crisis. This is a convenient but misguided excuse. The motivated, distressed homeowner needs an advocate sitting on the lender’s lap, not where the property is located. A distressed mortgage holder need not feel inferior to the big-shot property owner in New York, or Los Angeles, or Chicago, or Miami, or Phoenix, or Las Vegas. Or Denver.
Consider that any missed payments get put on the end of the loan anyway. Hopefully, this fact would prod the distressed homeowner to get help sooner rather than later.
Just since the publication of part two last week, it was revealed that the mortgage industry was called to answer – again – to the federal government; as to the success of the HAMP program. Thirteen percent success in mortgage modifications is indeed predicted by November. The U.S. Treasury, Fannie Mae, and Freddie Mac all indicated this rate was just fine. Happiness abounds in Washington. Now, about the end of that line I mentioned earlier…….
Next week, in part four of four, I’ll wrap up loose ends and provide answers to miscellaneous issues. Credit score implications, investment property modifications, second mortgage modifications, and what this ultimately all means in the real world to a distressed homeowner.
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.
I have a web submission form at the bottom of this home page. Talk to me.
I read every comment. Please use the Comment box below and tell me what you think.
tags: do it yourself mortgage loan modification, do-it-yourself short sale, mortgage loan modification, mortgage lender fraud, mass joinder lawsuit, 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, hamp, home affordable mortgage plan
Originally posted 2009-09-18 20:34:27. Republished by Blog Post Promoter
{ 1 comment… read it below or add one }
Explaining the mortgage modification mess – part 3 – http://www.mortgage-mod-monster.com/?p=211