Perhaps sandbagging distressed mortgage owners is exactly what the lenders had in mind. We’re now reading countless media posts about distressed homeowners giving up on mortgage modification negotiations because the banks wait months, approaching years, to meaningfully negotiate mortgage modification. We’re guessing the banks figure that the stress of unknown mortgage payments is greater on the beleaguered homeowner than the banks themselves. Wear ‘em down and they’ll give up.
We know that there will be no pressure from the government on the lenders to negotiate in a timely manner or in good faith. If you’re in a hurry to get a mortgage modification, give it up now and short sale.
The new Principal Reduction Assistance provision to HAMP removes the excuse of being ‘underwater’ on a mortgage, removing strategic default as a viable alternative. Either modify or short sale, that’s the way it is. The distressed mortgage owner in the linked article made that mistake. He will pay. The article completely misses that point.
If you want a mortgage modification badly enough, you’ll endure the stress of sandbagging. Other than that, you have two responsibilities. First, purchase the REST Report and use the bank’s calculation of Net Present Value against them; and second, be able to prove to a judge that the bank received your supporting documents. Notice I didn’t say, “prove you sent them.” No, you must “prove they received them.” How? Return Receipt Requested through the United States Post Office. That’s how.
Another of the bank’s tactics will be to request the same documents over and over again every few months. The more opportunity to lose them. A foreclosure judge will not let the bank get away with demanding the same documents over and over. Be prepared and the judge will hold the bank to good faith negotiations. But the burden of proof is on you. Again, you can’t get in front of a judge and expect him to take your word for your faxing supporting documents. He has no reason to doubt your banker when he says, “We never got ‘em.” He said, she said.
The reason no one can answer your questions on the phone is because they don’t know anything. You will never talk to a bank authority, ever. Given preparation you’ll get official documents. That’s all. That’s enough. Again, don’t hold your breath. Missed payments go on the end of your loan. So why care how many payments you miss?
Your bank may not foreclose while you are in mortgage modification negotiations. Your single task is to ensure they don’t foreclose “By mistake.” Consult your local foreclosure judge regularly.
More than three-quarters of the homeowners who responded to a questionnaire said they did not trust their servicers to make a good-faith effort to evaluate them for a modification. Are you shocked?
The REST Report uses the same software the banks use to calculate the NPV for your home. It is admissable in court as a foreclosure defense and ensures that the judge will insist on good faith negotiations for your mortgage modification.
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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. For some reason, loan modification 2010 and mortgage relief 2010 are popular search terms.
This YouTube video says it all. Go here: How to Get A Beneficial Mortgage Modification Now Please ‘Like’ the video, will you? That makes it easier for others to find.
Read more, or get your Do-it-YourselfREST Report here
Read it here
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Originally posted 2010-08-24 19:58:20. Republished by Blog Post Promoter
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Protect against your bank sandbagging you in your Loan Modification – http://t.co/HWLNiIXV