Once again I wish to point out, your personal banker is not going to modify your loan. An underwriter with a dim light under the stairs is going to CONSIDER your modification. Who do they work for? They have the calculators and the rule book. Yours is one of a mountain of application files on their desk. These files are not time stamped. The lender gets to order their workload any way they want.
They do however get paid a bonus for every distressed mortgage they settle. The easier you make it for them, the faster you get attention.
I spent all of March hitting myself over my head about how unfair all this is. The currently distressed homeowner can do the same thing tonight after watching the NewsHour with Jim Lehrer. The country can fuss and fume all they want about how unfair all this is. Isn’t going to change any reality. If you count on the 50 states Attorneys General to sort out the Foreclosuregate scandal you can go to Helen Wait. You can count on the current U. S. Senate Banking Committee hearings to run around in circles interminably.
The Federal Trade Commission, in adopting their MARS Rule, has effectively eliminated any profit motivation for any third party mortgage modification negotiator. Mortgage modification is a do it yourself project.
No honest marketer of mortgage modifications will advise you to miss a monthly payment. But, a crucial qualification of any mortgage modification depends on proof of ‘imminent default.’ What better way to demonstrate imminent default than to miss a mortgage payment? If you’re current on your mortgage, what motivation does your mortgage investor have to negotiate with you? You might consider that any missed payments get put on the end of your loan anyway. Further, consider that many lenders insist that you be two months behind anyway!
It was reported that 235,000 modifications were “approved” since March (4 months@ 9%) and that the US Treasury goal was to put pressure on lenders to get 250,000 by November (4 months @ 13%) What part of “I can’t see the change” can’t anyone see? In fact, the nations lenders have shown that they are impervious to any federal pressure or responsibility in this mortgage mess.
I remember waiting my turn in the lunch line in school. We all do. But that was when we all trusted our elders to enforce civility. What about all those foreclosures that PBS referred to? Go get your calculator and do the math.
The REST Report calculates Net Present Value, or NPV, according to the bank’s own rules. That ensures that every foreclosure court will hold them to their own calculations. Every judge has backed up the REST Report calculations so far. The results have been spectacular, both in and out of court.
I am a proud vendor of the REST Report. 4000 successes out of 4000 submissions. I also have the best hardship letter template anywhere. It has proven results.
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tags: do it yourself loan modification, do-it-yourself short sale, loan modification, mortgage lender fraud, mass joinder lawsuit, loan modification colorado, loan modification nevada, loan modification arizona, loan modification new mexico, hamp, home affordable mortgage plan,
Originally posted 2009-08-07 02:16:36. Republished by Blog Post Promoter
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New blog post for Mortgage Mod Monster: Mortgage Modification News Hour With Jim Lehrer, Pt 2 http://bit.ly/gRR2Vg
Mortgage Modification News Hour With Jim Lehrer, Pt 2 – http://t.co/iwzLD0Mk