Daily I read another tale of woe of a distressed homeowner being abused by their lender that they trust to help them stay in their home by modifying their mortgage. Stories of these troubled homeowners being lied to and cheated are legion. However, today’s headline just screamed to be commented on. In the New York Times the headline is, “Winning Lower Payments Takes Patience, and Luck.” I repeat, No, it doesn’t. It takes the REST Report. We’ve run 4000 reports and every single one has succeeded.
It demands recounting of the dishonesty that this particular homeowner was subjected to. I have stopped naming the specific lender in any of my articles because it doesn’t matter. Any of the biggest 86 lenders that accepted TARP money are capable of this same treachery. If you have a distressed mortgage, substitute your lender and your name in this story and imagine yourself here. Without the REST Report, chances are you will be.
The owner applied to her lender for a mortgage modification. She was offered a three month trial modification. She thought her lender cared about her predicament. Big mistake, as she soon discovered. Mortgage servicers get paid to foreclose. They do not get paid for mortgage modifications or short sales. The article makes light of the confusing instructions the lender gave her to comply for those three months. The heartache these distressed homeowners are routinely subjected to is rarely given the attention it deserves. The lender then rescinded her trial modification with no explanation, but invited her to apply for another three months of anxiety.
The article attributes the anxiety and confusion to the Make Home Affordable Plan from the Obama administration. The fault lies with the enforcement of HAMP; not the intent.
The homeowner was then laid off, one more casualty amid our recession that we didn’t cause. The next big mistake the homeowner made was using her savings to keep current on her mortgage. If she had contacted me, We could have saved her this misstep also. She then turned to a free housing counselor. I guess I can’t call that a mistake, assuming she was satisfied with a 10% success rate these free counselors are acheiving. (No better than if she had applied with no assistance.)
The lender offered a forebearance agreement. These are not part of HAMP and never help the distressed homeowner. They can’t. And they should not be confused with a mortgage modification. The lender will let you, however. It’s OK with them.
Notice that the lender promised the mortgage modification would become permanent after three successful months of mortgage payments. Notice again that the bank didn’t have to live up to their agreement. Notice yet again that the lender promised to not report her trial modification as missed payments to the credit bureaus; but they did. Once again, as usual, the lender gets away with saying, “Oops.” Would the reader hazard a guess as to what response the homeowner would have received had she not garnered the attention of the New York Times?
Next, she gets notice that she needs to submit a tax document, The next day the lender says, “start over.” The lender has the temerity to tell the New York Times that really, this is a success story – because the program at least offers the opportunity. What?
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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: target="_blank">How to Get A Beneficial Loan Modification Now Please ‘Like’ the video, will you? That makes it easier for others to find.
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Originally posted 2009-11-30 02:02:13. Republished by Blog Post Promoter
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.Top Lender Sees Mortgage Woes for Good Risks Countrywide Financial the nations largest mortgage lender issued a pessimistic outlook of the housing market helping to ignite a sell-off in the stock market. ritholtz TheBigPicture Earlier today on Real Moneys columnist conversation Tony Crescenzi noted earlier that It would be extraordinarily unusual for the combined figures on new and existing home sales to continue falling in the face of increases in mortgage applications. …Top Lender Sees Mortgage Woes for Good Risks Freeexchange The bubble may be self-limiting in many areas.. GLOBAL capital markets trembled yesterday as American mortgage lender Countrywide Financial delivered bad news on the state of the housing market along with an announced drop in quarterly earnings of 33 .
Read how many times your lender can fib to you – http://t.co/3tuCzCZe