My local newspaper published an article today about the mortgage modification mess. It seems the spectre of mortgage modification scams is here in Mesa County, Colorado also. The publication today is one more indication of our community’s history of being a six to nine month lagging economoc indicator. The author makes the same mistake that every other reporter makes in reporting on this mess: taking the word of ineffectual HUD counselors and realtors that aren’t fully informed.
Industry wide, professional and ethical mortgage modification firms are being sandbagged by the banks and forced to close their doors because the banks are allowed to avoid good faith mortgage modification negotiations. An informed distressed mortgage owner cannot expect a professional company to keep the lights on and wait a year to get paid for their effort.
The recently signed Financial Reform Bill allows up-front fees for attorneys, but it’s estimated that it will take as long as two years for the allowances of this bill to implement. Until then, the distressed mortgage owner is left to their own devices. Mortgage modification and short sale are do-it-yourself projects.
To almost every housing counseling hotline in the region, the phone calls are incessant. The average foreclosure prevention counseling agency is answering 150 calls a week from borrowers, far more than it can actually help. Nationwide, the wait time to see a counselor used to be one day, now the homeowner in need can expect to wait one week. HUD counselors have consistently only completed ten percent of the mortgage modifications they work on. The HUD counselor is quoted as saying that none of their long term clients have lost their property. She doesn’t say what their success rate is. Based on the sandbagging that mortgage servicers are getting away with, I’m guessing every single one of their clients are long-term.
With just three foreclosure counselors on Colorado’s Western Slope, it’s only natural that some people are turning to companies across the nation that claim they will help people get out of the foreclosure process for a fee.
The Better Business Bureau knows nothing about the mortgage modification morass. Their information is skewed and worthless. It was recently reported by ABC news that the Better Business Bureau charges fees for their recommendations. I have written here twice about the fallacy of the Better Business Bureau.
I know from my own mortgage modification, short sale, and principal reduction efforts that 99 percent of distressed property owners on Colorado’s western slope don’t respond to any offers of assistance. There’s no helping them. They’re not listening.
Bulk Real Estate Owned, or REO, sales are nothing new to the rest of the country. They’re certainly not ‘non-traditional.’
The most reliable way to a mortgage modification or a short sale is to purchase the REST Report. The REST Report uses the same software the banks use to evaluate the advisability of mortgage modification, short sale, or foreclosure. Every single foreclosure judge that has seen the REST Report in a foreclosure defense has upheld and eve welcomed the results.
The most efficient way to complete a short sale is to have an investor purchase your property for cash and negotiate your hardship in getting rid of the mortgage deficiency before the closing. At foreclosure or after a non-negotiated short sale, the distressed mortgage owner is accountable for that deficiency. Forever.
I have that investor.
Foreclosure is even worse than a bankruptcy. Don’t do it.
Call me and I’ll ethically and efficiently help you avoid foreclosure. I also have the best proven Hardship letter template anywhere. It’s guaranteed to melt the heart of the most cold blooded mortgage underwriter ever hatched.
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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:
target="_blank">How to Get A Beneficial Loan Modification Now
easier for others to find.
Read it here
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Originally posted 2010-08-06 08:47:41. Republished by Blog Post Promoter
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Mortgage Modification Misinformation in my local Newspaper – The Grand Junction Sentinel – http://t.co/cLOTXv3