Distessed homeowners anticipating that a clogged foreclosure pipeline would persuade their mortgage servicers to negotiate loan modifications are out of luck. According to Moody’s Investors Service, as lenders work through more and more of their foreclosures, they’re still avoiding loan modifications in favor of short sales and deed-in-lieu (DIL) transactions. Among lenders with high loan modification rates, the re-default and re-modification rates are unusually high. Of course, with this statistic, no one ever hears about the terms of those loan modifications. It has been shown in the past that many loan modifications were doomed from the strt becuase of unattainable terms to begin with. Ocwen’s re-default rate is so high that Moody’s report stated that it “calls into question Ocwen’s process in evaluating borrowers for modification.”
BofA has been using its loan modification settlements to circumvent a fraud probe in Arizona. In exchange for a loan modification with the lender, borrowers “must agree to keep [the terms] secret and not criticize the bank.” Many of these loan modifications reportedly include cash payments. Moody’s report did not distinguish between BofA loan modifications in Arizona and elsewhere in the country. The non-disparagement clause appears largely intended to address negative postings that borrowers may have made on social networks about the lender. Never mind that the loan modification rate among eligible mortgages still hovers around one percent.
The simple conclusion here is that the REST Report is still the solution. No one should have to pay for their do it yourself loan modification, but it’s the single most efficient way to combat the treachery of the mortgage servicers. Understanding that once the do it yourself loan modification is filed as a legal file, tht the servicer is not entitled to collect and mortgage payments, late fees, or attorney fees makes the REST Report essentially free because it will take a few months for the mortgage servicer to work their way through the application.
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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. loan modification and short sale are beneficial foreclosure alternatives that benefit both homeowner and mortgage investor and make the mortgage servicer do the loan modification process in good faith. They must comply with the mortgage relief act in the mortgage loss mitigation process. I have offered loan modification services for three years. Our loan modification success is 4000 successes out of 4000 submissions. I’ll be happy to send a loan modification example in the form of a sample REST Report. I also have a proven loan modification hardship letter developed over three years of practice.
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.
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