The article linked below begged for clarification. Catherine Tripp lists five myths in the mortgage modification process and attempts to dispell them. The problem is, she contributes to the misinformation.
1) I have to hire someone to do this for me. While tecnically advised, Ms Tripp fails to explain the real world. Since May of 2010, loan modification is a do it yourself loan modification. An attorney can’t do anything that you can’t do yourself; and in some cases will slow the process down.
2) I must be delinquent in my payments to qualify. This is the most nefarious development implemented by the lenders. You must demonstrate ‘imminent default’, but you don’t have to miss payments to do that. The sooner you initiate your application, the more you save in late fees and their attorney fees.
3) All of the mortgages I have can be modified. Ms Tripp gets this about half correct. Second mortgage modification negotiation is a separate process, but can also be accomplished. Investment property mortgages can be modified as long as the primary mortgage is in good standing.
4) The property is worth less than I paid for it, so the principal on the loan will be reduced. In fact, adjusting the principal on a mortgage is the last step in a negotiation, after all other aspects have been considered. It is referred to as the waterfall test.
5) My original loan was “stated income”, so I do not have to provide tax returns. In fact, the lender will require recent bank statements and tax returns.
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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 Loan Modification Now Please ‘Like’ the video, will you? That makes it easier for others to find.
Read the article here
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Originally posted 2009-08-25 21:15:04. Republished by Blog Post Promoter
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Five Loan Modification myths incorrectly emphasized – http://t.co/XPhWdFfw