Mortgage Modification or Short Sale statistics; in the end, only your home matters

Here is a typical, and excellent, article that quotes statistics about the mortgage finance crisis in the country today. It begs for comment from someone who actually provides mortgage modification and short sales services, however. For someone who regularly speaks to these distressed homeowners, there is an inside story that begs to be told.

RealtyTrac says that a record 3 million U.S. homes will be repossessed by lenders this year as high unemployment and depressed home values leave borrowers unable to make their house payment or sell. This compares to 2.82 million foreclosures in 2009. More than 4.5. foreclosure filings are expected.

Unemployment statistics are cited as the cause. But articles like these do not discriminate enough between unemployment and under-employment, which is cited as just as big a problem. Unemployment is highly publicized at 10 percent. Less publicized is under-employment, also at 10 percent in this article.

A stark line might be drawn here: Unemployment would probably indicate the need for a short sale; underemployment should raise a flag for at least mortgage modification research. Here’s the rub: mortgage servicers absolutely do not want the REST Report to negotiate on a distressed homeowner’s behalf. The homeowner is so easily subject to obfuscation and treachery on the part of the mortgage servicer. 4000 reports with 4000 successes. That’s us.

Lenders reportedly modified one percent of eligible mortgages. The banks actually have the temerity to claim credit for this one percent, and then go on to blame the distressed homeowner for not following through with supporting documents. The distressed homeowner needs to ask themselves, “Am I the only one out of a hundred capable of supplying what I’m asked for?” You gotta be kidding me.

Here’s the deal: HAMP exists to modify a distressed mortgage in an affordable and beneficial way. What’s missing in holding the banks accountable. You can do this on your own like the other 4000 we’ve helped so far.

The media and banks are breathless when spotlighting a crooked or even mis-informed mortgage modification firm. They certainly aren’t about to reveal even one of the accomplished mortgage modification firms.

Government spokeswoman Meg Reilly wrote in an e-mail that more than 728,000 borrowers have already received an average $550 reduction in monthly payments, giving them “a second chance to stay in their homes,” she said. She goes on to slide by the bank’s avoidance of good mortgage modifications. The government wants to deflect attention to the next attempt.

Do not fall for this blather. It means nothing. I talked to a woman last week that received a mortgage modification at 50 percent of her new income. That is neither beneficial nor affordable. It was granted with a straight face by her lender. And again the banks have the temerity to want to resist ‘doomed mortgage modifications’ when they issue them themselves.

Again, a beneficial, affordable mortgage modification is 31 percent of your new monthly income. It’s the law.

The number of homeowners with negative equity totaled 10.7 million, or 23 percent, at the end of the third quarter, according to a Nov. 24 report by First American CoreLogic, a Santa Ana, California-based real estate research firm. The problem here is, how much of a deficiency? It matters. A few thousand dollars? Maybe you want to keep your home at that amount. A million dollar deficiency? Maybe it’s time to go. Who knows?

Home prices probably fell 13 percent in 2009 to a median of $172,700, following a drop of 9.5 percent the previous year. Prices are down 26 percent from the July 2006 peak. Those statistics only matter in your neighborhood. It’s estimated that 7 million homes were already in foreclosure or likely to be seized.

The rest of this article is a mind-boggling citation of statistics. Here it is folks: ANYTHING BUT FORECLOSURE

This YouTube video says it all. Go here: How to Get A Beneficial Mortgage Modification Now

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Originally posted 2010-01-14 21:41:09. Republished by Blog Post Promoter

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