The so-called SWAT teams from the U. S. Treasury Dept. were not conceived to evaluate second mortgage modification. The were conceived to evaluate various lender’s performance in good-faith negotiation of distressed mortgages under the Home Affordable Mortgage Plan with the concerned homeowners.
You’d never know it from this article. It’s tough enough to navigate a mortgage modification as it is without reading confused and mis-informed information on the web. Again, the Obama SWAT teams were conceived in December to go observe first-hand how well the national mortgage lenders were performing in evaluating and granting permanent mortgage modifications. A noble pursuit, but don’t hold your breath. The banks will obfuscate and do end runs around the government observers. Elliot Ness they are not. They’ve been snow-jobbing the Securities and Exchange Commission for years. You think a little ole’ Treasury official bothers them? Nah.
But this article really concerns the even more dismal performance of the Home Affordable Mortgage Plan (HAMP) on negotiating mortgage modifications for second liens. This is so incredible. The government can’t match up first and second mortgages to any given property.
From Treasury Spokesperson Meg Reilly, “Treasury has been working to create program infrastructure and technology, including a new platform that matches second liens to first liens modified under HAMP…Because there has not been a systematic method of notification to second lien holders when a first lien on the same property is modified, ramp-up has taken some time.”
On April 28, 2009, Treasury officials announced the second lien program in a press release that stressed the need to help “underwater borrowers stay in their homes.” This is distinct from the passage of the HAMP on March 4, 2009.
To clarify, the refinance portion of HAMP is and was designed to address “underwater mortgages” that have suffered significant value reduction. (read: principal loan reduction)
The mortgage modification portion of HAMP was designed to address significant income reduction on the part of distressed homeowners. These guys need to read the law. Actually, if the quotes are accurate, even the government spokespeople need to read the law. Just this last week, press releases were issued that contradicted themselves. (If you want a copy, email me. I have it.)
Those of us that research the mortgage modification profession know full well that mortgage loan servicers are stalling mortgage modification AND short sale applications because they make more money on a foreclosure. The following quote would amuse if it weren’t so sick: “The program’s effectiveness has been hampered by a severe problem with servicer capacity…” Blah, blah.
If you love confusion; kinda like being dizzy on the merry-go-round in your local schools’s playground, click the link below.
Here’s the deal: The answer is to be prepared to take your mortgage servicer to foreclosure court – with their own calculations. That’s what the REST Report does. Worry not about any given mortgage SWAT team. Mortgage Modification applicants do not fail because of any lost or un-submitted supporting documents on their part. They suffer because their lender does not care where those documents went.
If you lost your homework in school, you were held accountable. Not these guys.
Try this: “A new brochure for borrowers looking for mortgage relief was recently posted by HAMP administrators on its website for mortgage servicers. In a question-and-answer section, the issue of second mortgage modification is only briefly addressed.” Only briefly addressed; and wanna guess how available that document is to the confused, frustrated, and terrified distressed homeowner? How about the equally confused HUD counselor?
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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.
Read it here
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Originally posted 2010-01-11 03:01:22. Republished by Blog Post Promoter
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Mortgage Modification SWAT teams and second mortgages. What? – http://t.co/IuynFran