I have written twice already about the incredibly ill-advised notion of the Federal Trade Commission (FTC) to consider the elimination of ‘Up-front fees’ of mortgage modification firms. If there is a question in any reader’s mind as to why this is a candidate for ‘Worst Idea of the Century,’ I invite them to understand the attorney-client relationship in our Constitution.
In fact, Martin Andelman met with and had significant influence on the Federal Trade Commission in their adoption of the MARS Rule. The MARS Rule allows attorneys to collect up-front fees as they do the mortgage modification negotiations. Fair enough. It’s what attorneys do. They’re already regulated by their state’s bar association.
Non-attorney mortgage modification firms are not allowed to collect up-front fees. Attorneys must deposit funds in a trust account that must stay there until a satisfactory loan modification is acheived.
Simply, the mortgage servicer’s have learned that they can avoid good faith negotiations with any third party mortgage modification negotiation entity. Adept attorneys have left the loan modification business in droves. Mortgage servicers even avoid HUD counselors skillfully. Loan modification is now a do it yourself loan modification. Any loan modification software that uses the HAMP calculators trumps all other methods. Calculating Net Present Value using the bank’s own software is the solution.
Mortgage modification is a do it yourself project for the foreseeable future.
The two secrets to getting a 31% mortgage modification are: first, to get the REST Report that uses the bank’s own software to calculate the loan modification. There’s no place for the mortgage servicer to escape. Second, submit the file so that a bank officer must personally accept responsibility for your file. This ensures that the mortgage servicer is not entitled to any fees until they evaluate the file in good faith. That means they don’t get paid until they do something. You can be assured your file will get top priority and nothing will get lost. I’ve been assisting sistressed homeowners for three years in the entire process.
Click to read more about your Do-it-Yourself Mortgage Modification REST Report
For those readers that prefer YouTube videos, try this:
Give your lender a Mortgage Modification or Short Sale Offer They Can’t Refuse
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.
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Originally posted 2010-02-10 13:25:23. Republished by Blog Post Promoter
{ 1 comment }
…The Bank of America mortgage loan modification program definitely got off to a slow start. Over the last few months many mortgage lenders have started to get loans into trail periods but this does not mean that these mortgages have been modified. Many readers and contributors to Subprime Blogger have found many problems with the Bank of America mortgage loan modification program.