Titles like this always amuse me because they are so eye-catching. Typically, the information and advice in this article is about half accurate. In this case, somewhat less than half.
The original teaser title doesn’t specify that the article concerns modifications under the Home Affordable Mortgage Program from the federal government. The truth is that there are many mortgage modifications being negotiated outside this federal program.
Get this: none, repeat, none of the pitfalls cited in this article are experienced by distressed homeowners who purchased the REST Report. The REST Report uses the bank’s own software to calculate a mortgage modification or short sale that benefits both homeowner and mortgage investor. The mortgage servicer can take a long walk on a short pier.
We do not get accused of lost or omitted paperwork. The decision makers at these lenders dare not lose our paperwork. A high-priced underwriter dare not be caught running around the inner sanctum of a professional lender looking for documents that we can prove they got last week. And they certainly don’t want to be summoned to a local District Court to explain why they lost it.
On point number one, the interest rate is always the first negotiating point in getting a mortgage modification. While the modification typically includes a five year original term, a distressed homeowner rarely complains about an interest rate reduction of 3 to 5 or more points. Moreover, the rate can only climb at most 1% for each of years 6, 7, and 8. Again, very few complaints there, either. There’s barely a distressed homeowner out there that doesn’t think they will be recovered financially and income-wise in 9 years.
Point number two only happens to distressed homeowners who either use ‘free’ mortgage modification assistance, or attempt their own negotiations. Lenders are issuing ‘trial modifications’ with no pre-qualifying conditions because they are too lazy or treacherous to issue permanent mortgage modifications the first time. It’s just another way to destine the mortgage modification to failure.
This YouTube video says it all. Go here: How to Get A Beneficial Mortgage Modification Now Please ‘Like’ the video, will you?
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tags: do it yourself mortgage loan modification, avoid foreclosure,foreclosure alternatives,stop foreclosure, prevent foreclosure,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, rest report,
Originally posted 2010-01-06 21:50:57. Republished by Blog Post Promoter
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Less-than-half accurate advice as to why not pursue a Mortgage Modification – http://www.mortgage-mod-monster.com/?p=409
….Prevent Foreclosure -.Foreclosure Defense..For a homeowner facing.foreclosure there are a number of ways to prevent foreclosure..Many banks are willing to renegotiate the terms of a mortgage.that is in foreclosure. This renegotiation of terms a.k.a..loan modification or mortgage modification can lead to the.homeowner being able to save their home and lower their monthly.payments. Another option is to seek a short sale where the.property is sold for less than the principle amount of the.mortgage but the bank agrees to release the borrower from any.further obligation.