The article referenced below comes from the Las Vegas, Nevada Review-Journal. Although state-specific, the article highlights several issues well-documented in the new mortgage modification industry. Because these licenses will be specific to Nevada, lenders will be hauled into a Nevada court, not a US court. Still, stay tuned for the backlog the court system will experience in the coming months.
This law is moot. Mortgage Modification is now a do it yourself project since the adoption of the MARS rule by the Federal Trade Commission last January. 2011. The REST Report has been run for more than 4000 homeowners with 100% success – no failures.
Underwriters don’t have time to deal with negotiations as it is. Traveling to and from a Nevada court will make matters worse. Mortgage modification negotiations are not necessarily a legal matter, other than ensuring that a lender follows the rules set down by three acts passed by the US Congress.
These no-attorney licensees will not be permitted to give legal advice. It is unknown today whether licensees will be permitted to represent homeowners in mediation meetings.
The reporter does finally state a very important fact: attorneys do not need to be licensed. All attorneys are monitored by that state’s Attorney General.
Non-profit organizations or individuals who attempt mortgage modifications for free need not be licensed. The problem there is that you get what you pay for. They get sandbagged by the mortgage servicers just as much as the homeowner themselves. I’ll leave it to the reader to consider how far back those parties will be in the modification chain. I repeat, modification files are not time-stamped. Lenders can consider mortgage modification files in any order they desire, unless they are filed as a legal document.
This YouTube video says it all. Go here: How to Get A Beneficial Mortgage Modification Now
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tags: avoid foreclosure, do it yourself mortgage modification, do it yourself short sale, foreclosure alternatives, foreclosure fraud, loan modification, loan modification arizona, loan modification colorado, loan modification nevada, loan modification new mexico, mortgage lender fraud, mortgage loan modification, prevent foreclosure, rest report, stop foreclosure,
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Mortgage Modification Licenses outside of Nevada court – http://www.mortgage-mod-monster.com/?p=143
The article Is really nice one to go through thanks for the post.
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