Published proof from inside the banks that they want to foreclose on you

Half of all the distressed homeowners I counsel are convinced there is no reason for their lender to foreclose on them. Those of us in the business have known for months that foreclosure is exactly what their lender has in mind. Here is proof that your bank wants your home.

The short story is that the Home Affordable Mortgage Plan monies that are promised to your lender are but a mere pittance compared to what they will profit by foreclosing. Many distressed homeowners are shocked beyond comment to hear that their lender is going to do what is best for them. There will be no information from them to help you if it doesn’t help them. If you are talking to someone who is sympathetic to your plight, you can immediately be assured they have no authority to help you. All your talk and information, plus a dollar, will buy a cup of coffee.

The same is true for short sale applications. One can read the linked article from a financial advisor to see for themselves. One more time, the New HAFA, or Home Affordable Foreclosure Assistance program is doomed to failure. Add the mistakes of HAMP to a piece of legislation written by the banks (HAFA) and everyone must see the doom.

Those “carrots” won’t be enough to save the majority of the 4.6 million U.S. homes that have mortgages more than 90 days overdue, said Diane Swonk, chief economist of Chicago-based Mesirow Financial, which oversees $37.4 billion. The payouts at the heart of the Obama administration’s programs don’t come close to what servicers earn by foreclosing, she said.

“The incentives being offered by the government are small compared to the counter-incentive of foreclosure,” Swonk said. “The service industry has its own set of incentives, and you can’t tell people to do what’s not in their financial best interest, especially in an economy that is still struggling.”

The criticism of HAMP by Neil Barofsky, special inspector general for the Troubled Asset Relief Program has been well publicized thia past week. Big surprise.

About 7 million homes may end up in foreclosure in the next three to four years even with the government programs, according to Laurie Goodman, senior managing director at Amherst Securities Group LP in New York.

A foreclosure on a $200,000 mortgage may result in $10,000 or more of income for servicers, who get paid before mortgage investors.

“Servicers make more money in the short term through a foreclosure, but they could possibly make more money in the long term with a modification, if it works, because most of the money they make comes from servicing income on accounts that are current,” White said.

The distressed mortgage owner must come away from this information with renewed resolve to believe the new mortgage modification will not default.

Then along comes a bank analyst to state that banks are not issuing mortgage modifications because they are buried in mortgage modification defaults. If anyone believes that, come look at this marvelous bridge I have here in the desert. One more time, ask yourself, do they lose any applications for new mortgages?

We have run 4000 Rest Reports with 4000 successes. Pretty good track record, I’d say.

Next, the article raises the tired observation that bankruptcy judges should supervise mortgage modifications. Again, these judges are booked solid anyway. Where are they going to find the time for 4 million more cases? Non-starter. Even more importantly, how about making the same NPV calculations that the banks make available to the distressed homeowner? Much more efficient, I’d say.

“Servicers do make more money upfront by doing a foreclosure.” is quoted again, by the way.

“Servicers love loans that are in default for an extended period of time,” McDonnell said. “They are cash cows.”

If homeowners fail to meet the terms of modified mortgages and the property isn’t approved for a short sale under the HAFA program, servicers can proceed with a foreclosure and recoup their money when the property is sold. Do not sign the HAFA Short Sale Agreement letter unless you have a death wish. There is no escape. The bank will own you.

The article cites numerous staistics about mortgage modification and default rates. The missing statistic is a comaprison between trial modification and permanent modification default. The distressed homeowner who has tried to get their own modification needs to ask themselves about how many times they submitted the supporting documents only to have their lender lose them. How many times did you get away with losing your homework in school.

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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 more, or get your REST Report here

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tags: mortgage servicer fraud, sue mortgage lender, mortgage lender fraud,foreclosure fraud, foreclosuregate, robosigner,mass joinder lawsuit, broken mortgage chain of title, demand original mortgage note, fraudulent assignment of title, rest property solutions report, title search,corrupt title,

Originally posted 2010-04-23 11:44:07. Republished by Blog Post Promoter

Tagged as: calculate Net Present Value, do it yourself loan modification, do it yourself mortgage modification, foreclosure alternatives, loan modification example, loan modification hardship letter, loan modification process, loan modification services, loan modification software, loan modification success, mortgage loss mitigation, mortgage modification software, mortgage relief act, rest report