Listen to the banks whine
CNN Politics reports again on relevant facts on why the Making Home Affordable Plan is less than sterling in it’s intended results. The interested reader should follow the link below.
The underwriters tasked with considering mortgage modification applications are paid to consider the best interest of their respective banks. It takes an informed advocate (a US national attorney will do) to get the underwriter to see the wisdom of following the HAMP rules.
Notice the 31% of income rule and the need for an income. The statement that banks are prohibited from foreclosing while a homeowner is in modification negotiations is a key to why so many ‘trial modifications’ are being rescinded. You don’t think the banks would rescind if they saw more financial gain in foreclosure, do you?
The REST Report has proven itself 4000 times as a tool to make the mortgage servicer’s behave. It’s their own software.
Yes, there are ‘hundred’s of thousands of trial modifications’ in the pipeline. 230,000 to be exact. That is 9%. Hey! Big deal, huh?
The federal administrators that profess satisfaction with a 13% modification rate are the ones that are fooling all those media reporters out there. If the government says it, it must be so. Meanwhile, the trusting homeowner goes underwater, really wanting to believe that someone is on their side. Maybe. But the ‘HUD counselors’ don’t have any more clout than the homeowner does.
This article is a must read. CNN does it again.
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.
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Originally posted 2009-09-01 21:31:52. Republished by Blog Post Promoter
