An article today in The Street illustrates several current trends in the trials and tribulations of getting a mortgage modification. The family profiled here has been pursuing a mortgage modification for 18 months or so, with no success. This article illustrates without stating the main conclusion any other distressed mortgage owner needs to understand: For the foreseeable future, you need to pursue your own mortgage modification without any initial professional assistance. No professional mortgage modification firm, attorney or not, will, nor should they; engage in assisting any distressed homeowner with a mortgage modification.
The banks simply take too long. (With the current news, apparently they’re even incapable of consumating a new purchase or refinance mortgage.) No professional firm can afford to sit through the delays of the lender. It is a moot point to discuss the validity of ‘up-front fees’ for a mortgage modification negotiation. If it takes 18 months (and it routinely does), up-front fees just don’t matter.
Let’s be clear though, for a bank to state that “it’ll take six months to even look at it,” is a criminal lack of good faith. The family profiled here made the mistake of not applying for mortgage modification much earlier. By submitting a legal application, the mortgage servicer is not entitled to collect any past due interest or payments until the legal application has been addressed. The article, and subject family, should know that it is illegal for a lender to pursue foreclosure while the distressed mortgage owner is negotiating a mortgage modification.
The federal administration has made it clear that they will not make any effort to enforce HAMP, or the Home Affordable Mortgage Plan. The distressed homeowner is on their own. The law exist, but not enforcement of it. This prevents the lender from foreclosure concurrent with mortgage modification negotiations. Not that they won’t try. It’s very probable that the homeowner will have to go to court to point this out to a judge. Very probably, this same judge would need to be consulted when the bank erroneously requests duplicates of previously submitted supporting documents.
The best way to pursue a mortgage modification is to purchase the REST Report and submit that along with the other required documents. The REST Report uses the same software the banks use to evaluate the NPV, or Net Present Value, of your property. This calculation is what the banks use to decide whether to grant a mortgage modification, short sale, or foreclosure.
The REST Report is recognized in the courts as proof of calculations that benefit all parties concerned, and will assuredly influence that same judge of good faith negotiations on the part of the beleaguered homeowner. After 1500 reports, the results have been spectacular.
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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 Loan Modification Now Please ‘Like’ the video, will you? That makes it easier for others to find.
Read it here
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Originally posted 2010-08-19 08:09:18. Republished by Blog Post Promoter
