The national press did a significant job of publicizing the US Treasury directive that mortgage modifications not completed by Dec. 31 of 2009, get an extension until Jan 31, 2010. No one involved in the mortgage modification industry believes for a minute that it is the distressed homeowners who need this extension. No one believes for a second that it is the homeowners who are failing to get supporting documents to their lender to complete their mortgage modification approved. No one believes for a nano-second that trial modifications are necessary for distressed homeowners. Yet the Treasury directive approaches the dilemma from that perspective.
Faxing or regular mailing (Fedex or UPS included) of a mortgage modification application is an excuse for your mortgage servicer to walk straight to the nearby shredder and feed it there. All gone. No more. Bye.
Certified Mail, return receipt requested.
Since the beginning of the federal effort to head off the huge foreclosure numbers, it has always been the distressed homeowner who has failed to complete the mortgage modification application. Those of us who facilitate mortgage modifications know what a huge lie that is.
The solution is to have legal proof that your mortgage servicer received all mortgage modification documents.
This entire myth of overlooked, ignored or lost-in-the-mail documents smacks of “The dog ate my homework” from our school days. It shouldn’t have worked then, and it shouldn’t work now. But it does. The lenders aren’t buried in applications, they’re looking for an excuse to refuse the mortgage modification application. How many experienced mortgage underwriters could have been hired with the obscene bonuses paid to Wall Street bankers?
Chances are, the loan servicer has calculated (secretly) that they’ll profit more from a foreclosure. They always do. Without homeowner proof of accurate, unbiased Net Present Value calculations, the mortgage servicer is left to their own unsupervised devices.
The fact that the Treasury department believes that this extension will provide more “transparency” is indeed hilarious. Lenders and servicers have hidden every trick they possibly could since this whole mortgage modification craze started. Witness Foreclosuregate and Robosigner. Forthrightness is not gonna happen.
The solution is for the distressed homeowner to take responsibility for proving to the courts of their own good faith mortgage modification or short sale applications. The first step is the REST Report, that shows unbiased calculations to the court of mortgage modification or short sale solution. The REST Report will absolutely prevent illegal foreclosure.
For those readers that prefer YouTube videos, try this: How to Get A Beneficial Mortgage Modification Now
I read every comment. Please use the Comment box below and tell me what you think.
Read Mandelman here
tags: avoid foreclosure, foreclosure alternatives, HAMP, Home Affordable Foreclosure Assistance, loan modification arizona, loan modification colorado, loan modification nevada, loan modification new mexico, prevent foreclosure, stop foreclosure, mortgage lender fraud, mortgage servicer fraud, rest report, fannie mae mortgage modification, freddie mac mortgage modification,
