Here is an entirely different take on the bank’s point of view in modifying a distressed mortgage. Basically, why would any lender modify a mortgage if it isn’t in their best interest? Well, I represent the perfect answer; but I’ll save that for the end.
Daniel Indiviglio posts a great article at TheAtlantic.com. Of course mortgage servicers act in their own best interest. What else would anyone expect them to do? What Mr. Indiviglio misses here is the underhanded subterfuge that banks go to, to avoid mortgage modification applications. He misses the dishonesty to which banks lower themselves.
Mr. Inviglio cites an article by Felix Salmon at Reuters blogs. Felix refers to the very popular news this last week about a judge that slammed Indymac bank for their neglect of a well-intentioned mortgage modification application. What almost everyone misses is the lack of good faith that Indymac treated this application. If they receive a mortgage purchase application, it gets processed pronto. A mortgage modification application gets shuffled around, documents lost, etc. The reader needs to ask themselves, just how long would a lender, or any business, be in business if they treated their ‘paperwork’ this way?
Mr Inviglio would do well to research the ‘other avenues’ that exist for the distressed homeowner. They rarely fit the situation, but they are offered as ersatz ‘mortgage modifications’ in many instances. Again, subterfuge, treachery and obfuscation.
Daniel, you failed to emphasize the real-world final outcome. It is that neither Indymac, or any other lender, ever expects to be held accountable for it’s treachery and lack of good faith. Why? Because no lender has yet been held accountable.
Daniel Inviglio, Felix Salmon, and any other interested party would do well to investigate Indymac’s reluctance and avoidance of mortgage modification negotiations. IndyMac gladly took TARP money last October and did not refuse, or avoid, mortgage modifications any more than any other lender, other than to squeal, along with the other TARP banks, that they couldn’t process the applications soon enough. IndyMac was just about the first lender to buy their way out of the TARP corral. The instant they were free of that responsibility, their approved mortgage modification approvals dropped like a rock. Coincidence? C’mon!
So, Mr. Distressed Homeowner, here’s the result: The free mortgage modification agencies are 10% effective in securing mortgage modifications. No one seems to be tracking how affordable or beneficial those mortgage modifications might be. Currently, there is no reason to hire a third party mortgage modification negotiator. They can’t do anything you can’t do by yourself, for free. (Read: New monthly mortgage payments of 31% of the new monthly income of the distressed homeowner.)
Since the inception of the HAMP program, the reporting of this dismal business slowly circles around the real situation. While it is refreshing to read Mr. Inviglio and Mr. Salmon get closer to the truth, it is simultaneously so very frustrating that they are so far from the real world truth.
I am a proud vendor of the Rest Report. I also have the best Hardship letter template anywhere. My template is proven to melt the heart of the most hardened mortgage underwriter on the face of the Earth. Given the REST Report and my Hardship letter, you will be the best prepared loan modification or short sale applicant anywhere.
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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
easier for others to find.
Read Daniel Inviglio here
Read Frank Salmon here
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Originally posted 2009-11-29 02:19:46. Republished by Blog Post Promoter
