The final article about the mortgage modification mess reports on the bank’s part in not assisting distressed mortgage owners in mortgage modification. This article in “The Street” finally approaches the real cause. The fact that the author found a mortgage modification company still in business is remarkable by itself.
The loan modification specialist quoted in the article mentions the habit of banks to simultaneously negotiate and foreclose on a distressed mortgage. Alluding to the banks losing supporting documents is a classic understatement.
Why it took three articles to finally get to the banks is a mystery. The banks started this mess, and they do everything to delay the solution. In a related article, this same “The Street” publication actually quotes a US Treasury official in their whitewashing the sandbagging by the banks. Those of us who follow this industry know full well that bank administrators deep-six mortgage modification files.
The article glosses over any explanation for failed mortgage modifications.
Quoting estimates of distressed mortgages nationally is useless here. The only important mortgage is the reader’s.
Bank’s have always had in-house mortgage modification plans. The fact that most of them are more beneficial than HAMP is irrelevant. No one can imagine that the bank’s are any more motivated to use their plan than HAMP (Home Affordable Mortgage Plan).
The one single calculation crucial to a mortgage modification negotiation is the NPV, or Net Present Value. This number is the bottom line in the decision of the bank to prioritize a mortgage modification,short sale, or foreclosure. Typically, this decision is also based on expediency for the bank.
Without this calculation, the distressed homeowner, and foreclosure judge, are at the mercy of the lender or servicer.
The single best document a distressed mortgage owner can include in their mortgage modification application is the REST Report. The REST Report uses the same software the banks use to calculate NPV (Net Present Value). It is being recognized by foreclosure courts as a definitive document in a foreclosure defense. It arms the distressed mortgage owner with a defense against banks and servicers that can’t, or won’t negotiate in good faith.
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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 2010-08-20 08:04:29. Republished by Blog Post Promoter
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A Different Perspective on Banks reluctance to Mortgage Modification- http://t.co/NvaNRts