The short sale and mortgage modification application and process are increasingly becoming identical. Although the official federal rules don’t take effect until April, the noose is tightening around reluctant and treacherous lenders who obfuscate, delay, and avoid professional distressed mortgage assistance. My conversation with an distressed homeowner will now be much simpler; “In a perfect world, do you want to keep your home and get a mortgage modification? or short sell your property and liquidate your obligation?. The paperwork and supporting documents are identical, and now, the lender will be held accountable in good-faith negotiations regardless of the decision.
Having represented a firm that is 95% successful in beneficial, affordable mortgage modifications for nine months, I can now refer a distressed homeowner to an efficient short sale negotiator who will hold the lender’s feet to the fire and require them to respond professionally and promptly. This is done by having the same calculation parameters, the direct numbers of the actual lender decision-makers, and hundreds of similar short sale files so as to tie up the bank negotiator so they have no escape. The firms I represent can reasonably assure the distressed property owner that answers will be provided in 30 to 60 days.
This eliminates horror stories like the one linked below. The press is full of the stories of short sale candidates that can’r sell their property because the lender won’t respond. The second half of the secret sauce is to have a private investor with the capital to purchase the property the instant a slae price is reached with the lender.
The time for lender excuses is over. The private money in the United States will solve the stagnant mortgage credit market, if we can just get out the word on our ability.
Nationally, short sales nearly tripled to 40,000 in the first six months of 2009 compared with the same period a year earlier, according to a report from the Office of Thrift Supervision, the federal bank regulator, and the Office of the Comptroller of the Currency.
The fact is that the individual home seller, real estate agent, investor, or end buyer will never get the decision maker on the line. But we do, because of client volume and the strength of funds. Since we have a bigger database and negotiation experience, we can avoid the silly counter-offers that lenders use to stall the short sale process.
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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. Obviously this page concerns short sale, short sale rules, and foreclosure alternatives. But other concerns such as try title, quiet title, and clear title may apply. The REST Report is best classified as loan modification software or mortgage modification software. It is used to establish chain of title and assignment of title. But if your reduced income is too low, short sale versus foreclosure or short sale foreclosure is the goal. The REST Report claim to fame is that you use it to calculate Net Present Value exactly the way the banks do, using their software. It is the answer for a real estate title search to decide if your mortgage servicer has the right to foreclose on you at all. This blog is dedicated to independant mortgage advice. You may have a cloud on your title which can block the sale of yourhouse. There is no excuse for foreclosure other than the treachery of your mortgage servicer.
This YouTube video explains the Broken Chain of Title, short sale, cloud on title situation
Read it here
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