As I daily cruise the internet, reading the stories of people losing their homes to foreclosure; many of those stories focus on trying, and failing, to get mortgage modifications. The stories always have one of two different points: trusting homeowners having been taken advantage of by crooks; or of getting an unsatisfactory response from their lender.
PBS aired a new Frontline episode titled, “Close to Home.” One more story of several poor souls who assumed their lender cared about their plight. Fo those of us in the mortgage modification business, it was yet another poignant story.
I guess they attempted modifications on their own because of the story. Currently, no attorney can get any more accomplished on a mortgage modification negotiation than you can. But the REST Report can. That has changed since the airing of this episode. The bank’s can sandbag anyone with impunity.
The overwhelming final realization is that the bank will not help them. Somehow, the individual homeowner got the belief that their lender empathized with them and cared about their plight. They also got the feeling that the HAMP program (Obama’s plan) would help them. Without legal enforcement, that does not happen. The U. S. Treasury is content that 13% of the eligible mortgages are modified. They said so. In the US, you don’t get prosecuted for stupidity. The trick is to catch the mortgage servicer breaking the law. When the servicer files foreclosure without good faith negotiations, that’s breaking the law.
How long will it take the typical distressed homeowner in the U. S. to get it? Your lender does not care about you. Mortgage servicers actually make more money be foreclosing than by modification or short sale. The distressed, trusting, and unarmed homeowner doesn’t stand a chance. The U. S. Treasury Dept. is satisfied with a 13% mortgage modification rate as it pertains to the recovery of the U.S. economy as a whole. This after all their huffing and puffing last July.
If you value your home, and have hung on to gainful employment, it is up to you to make that last inquiry into saving your mortgage.
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Originally posted 2009-10-30 00:01:58. Republished by Blog Post Promoter
