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Federal Government satisfied with 13% mortgage modification rate

admin — Sat, 14 Jan 2012 18:45:02 +0000

There are several reports today that report the federal government is satisfied with the 13% rate of mortgage modifications under the Making Home Affordable plan, A six-month-old, $75 billion White House-backed program to help homeowners on the verge of foreclosure.

Currently, even attorneys are powerless to remedy this situation because the banks have learned they can sandbag anyone trying to negotiate a mortgage modification or short sale. The one notable exception is the REST Report. We have no complaints about it’s success. It uses the bank’s own software to calculate Net Present Value, so there’s no place for the mortgage servicer to run. Game over.

Loan servicers have extended more than 571,000 loan-modification offers while about 360,000 homeowners have begun the process of modification, according to Dave Stevens, assistant secretary at the Housing and Urban Development department.

“At the current pace, the program is well on its way to meet the goal of modifying mortgage loans for more than a half million deserving homeowners by Nov. 1,” Stevens added. This we now know was laughably overstated.

Yet the chairwoman of the housing subcommittee for the House Financial Services Committee, Maxine Waters, D-Calif., said that the program is still struggling, pointing out that only 15% of the eligible 2.7 million homeowners have received help. She noted that Credit Suisse expects 8.1 million homes to go into foreclosure over the next four years.

The lawmaker also said that there were concerns about servicers continuing foreclosure proceedings, even as modification processes are under way. “Some servicers here today reported enrollment of only 4% of eligible borrowers.” This can be stopped, but it involves due diligence by the homeowner.

Rep. Spencer Bachus, R-Ala., the ranking Republican member of the House Financial Services Committee, said he believed the White House approach was flawed from the start. We now know that the exact flaw was in specific definition of establishing ‘imminent default’. The mortgage servicers have criminally twisted the establishment of this requirement.

Michael Barr, assistant secretary for financial institutions at the Treasury Department, said that the progress in implementing the programs have been substantial, and that government officials will not stop at 500,000 modifications once it meets that goal.

Nevertheless, he added that more needed to be done. “Servicer performance is uneven, geographic unevenness as well. Servicers need to reach out to find the eligible borrowers.”

This is not going to happen. There is no inherent motivation for a lender to modify any mortgage. Congress passed the three laws, but mortgage modification is now a do-it-yourself project in 2011.

Barr said regulators are taking steps to have mortgage servicers expand the number of borrowers that can be eligible for the loan-modification program. He said the Treasury is pressing loan servicers to hire more staff, expand call-center capacities and generally devote more resources to the program.

The Home Affordable Modification Program is using as much as $75 billion, in part, from the Troubled Asset Relief Program to incentivize loan servicers to make loan modifications for troubled homeowners.

Another program, The Home Affordable Refinance Program, seeks to expand access to refinancing opportunities for families whose homes have lost value and whose mortgage payments can be reduced at market interest rates. This has also proven to be laughable. It was written by the banks. ‘Nuff said.

For those readers that prefer YouTube videos, try this: How to Get A Beneficial Mortgage Modification Now

I read every comment. Please use the Comment box below and tell me what you think.

Read it here

tags: do it yourself mortgage loan modification, do-it-yourself short sale, mortgage loan modification, mortgage lender fraud, mass joinder lawsuit, mortgage loan modification colorado, mortgage loan modification nevada, mortgage loan modification arizona, mortgage loan modification new mexico, hamp, home affordable mortgage plan,

Originally posted 2009-09-10 20:47:44. Republished by Blog Post Promoter

Corrupt Title suits help the non-Distressed Mortgage owner

admin — Wed, 26 Oct 2011 17:14:14 +0000

The media and press are oh-so fond of telling us what a miserable failure the Home Affordable Mortgage Plan, or HAMP, has been. It sells to highlight the hapless distressed mortgage owner who was denied a mortgage modification because of a treacherous and careless lender, or the crook that took their money and didn’t do anything to modify their mortgage.

The plain fact is that the law works. It is the enforcement that has failed. Very quietly the U. S. Treasury Dept. in conjunction with Fannie Mae and Freddie Mac, admitted that enforcement of HAMP is too big for them. I can go into more detail about that if anyone cares to call me; I’ll write about it in the future.

The banks are absolutely thrilled with any negative press about mortgage modifications and effective short sales. It has been proven that they make more money on foreclosures. Talk about giggling in the back room……..

Those rare individuals out there who have not been affected by this economic downturn (or THINK they have been unaffected), tend to dismiss the HAMP effort as assisting reckless and irresponsible homeowners who should be punished for their behavior. It rarely works to try to explain how one foreclosure affects five other surrounding homes and their values; and ultimately the community to these people.

Here, for those willing to consider the facts, is an article from the venerable Wall Street Journal that shows that even the dismal accomplishments of HAMP have had a beneficial effect on the overall housng market in the U. S.

By slowing the flow of foreclosed homes to the market, it has helped prop up housing prices, at least for now. The administration’s Home Affordable Modification Program, or HAMP, and other state and federal efforts to avert foreclosures have helped “buy time” for the housing market, preventing steeper home-price declines. This from Barclay’s Capital in New York. Housing analysts at UBS Securities in New York, in a report last week, described HAMP as “a vehicle to delay the timing of new foreclosures hitting the market.”

Many analysts believe that a large share of the people who get modifications will default again within a year or two. I say again the banks want the distressed homeowner to fail. They make no effort to really ensure the mortgage modification applicants can complete all of the application requirements.

Treasury officials acknowledge the broader effect on home prices: “I think it has had quite a strong stabilizing influence” on the housing market, Treasury Assistant Secretary Michael Barr said in a briefing Friday. Admittedly, he has to say that. HAMP was his idea. Please take a moment to consider the positive effects if 5 percent of elegible mortgage modifications were approved. How about ten percent? Fifteen percent.

This article says, “Because of HAMP, banks feel heavy political pressure to carefully screen borrowers to see which ones might qualify for loan modifications before proceeding with foreclosures. That has extended the time it takes to decide whether to force through a foreclosure, creating a huge backlog of unresolved cases.” I personally can’t imagine how heavy the pressure is at the published one percent success rate.

Because the banks are avoiding the mortgage modification process, they are the ones “kicking the can down the road.” There is no excuse for ‘trial modifications.’ A trial modification is not a permanent modification. It is an excuse for your lender to find a way to deny a permanent mortgage modification.

One CEO is quoted as saying that HAMP has shamed lenders into assisting distressed homeowners. Again, I don’t see one percent as much effect. The software that I use to qualify a mortgage modification is approved by the U. S. Dept. of Justice. The shame is that more people dare to take advantage of the free counseling information. HAMP is not dragging out the housing recovery. HAMP does not even suggest trial modifications. The banks invented the tactic.

This page explains the REST Property Solutions Report
It is a pre-requisite to any attorney consultation for this strategy.
I have a web submission form at the bottom of this home page. Talk to me.

I read every comment. Please use the Comment box below and tell me what you think.

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Originally posted 2010-01-20 22:21:01. Republished by Blog Post Promoter

Why Loan Modifications and Short Sales are not working

admin — Thu, 29 Sep 2011 16:51:16 +0000

CNN/Money Reports:

“The foreclosure plague is not going away — it’s only getting worse. A record 1.53 million properties were in the foreclosure process — default notices, auction sale notices and bank repossessions — during the first six months of 2009. That was 9% more than the previous six months and 15% more than the same period of 2008, according to a report released Thursday by RealtyTrac. There were a total of 1.91 million filings resulting in 1 out of every 84 U.S. properties receiving at least one filing in the first half of the year. Banks repossessed 386,800 properties. “What this means is, despite the intensity of the efforts on the part of government and lenders we don’t have a handle on foreclosures yet,” said Rick Sharga, a spokesman for RealtyTrac.”

And the federal government is making things worse…

Not only are government programs not making an impact; In their efforts to crack down on loan mod scams, they are making it harder for legitimate companies to help those in trouble. Many originators and others are starting to shy away from this industry because of government intervention. (HAMP and HAFA; Home Affordable Mortgage Plan and Home Affordable Foreclosure Assistance)

Source: David Hershman of Hershmangroup.com

The new FTC MARS Rule makes it even worse. Bottom line: Mortgage modification is a do-it-yourself project.

The regulators reported a sharp increase in the number of loan modifications that were initiated during the period. “Newly initiated loan modifications reached 185,156 during the quarter—rising by 55.3 percent from the previous quarter and 172.3 percent from the first quarter of 2008,” the regulators said in the report. “The impact of this increase in modification applications on reducing foreclosures and enabling borrowers to remain current on their loans will only be seen in future data.”

The REST Report calculates your mortgage modification eligibility using bank sofware. They have no excuse escape in a foreclosure court. And they know it.

And by the way, the same guidelines apply to getting a short sale accomplished. You need a separate, professional entity to ensure accountability.

Click to read more about your Do-it-Yourself Mortgage Modification REST Report

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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tags: do it yourself loan modification, do-it-yourself short sale, mortgage loan modification, mortgage loan modification colorado, mortgage loan modification nevada, mortgage loan modification arizona, mortgage loan modification new mexico, mortgage loan modification california, mortgage loan modification georgia,avoid foreclosure, foreclosure alternatives, prevent foreclosure, stop foreclosure

Originally posted 2009-07-21 00:39:09. Republished by Blog Post Promoter

Three Secrets the banks don’t want distressed mortgage owners to know

admin — Thu, 29 Sep 2011 16:51:10 +0000

It is obvious to all of us in the distressed mortgage industry that the chances of avoiding foreclosure are almost nil without legal counsel. The three successful distressed mortgage strategies are mortgage modification, short sale, and principal reduction refinance. The linked article refers to three secrets that your lender won’t tell you. One more time, another professional points out why your lender will profit from foreclosing on you, and therefore why they avoid your attempts to do the right thing.

Secret one is the Federal Deposit Insurance Corporation’s Loss Share Agreement with the nation’s largest 30 banks. The FDIC will insure 80% of the original purchase price of the mortgage. Why would they talk to little ol’ you?

Secret two is Net Present Value, or NPV. Briefly, NPV is the break-even point where your servicer makes more money foreclosing on a distressed mortgage than mortgage modification or short sale. It is a proprietary calculation, so they won’t reveal the number to anyone – not even the federal government. Since my negotiators have been at this business for years, we have reverse engineered the calculations and we have a really close idea of what that NPV is.

Secret three is that a significant number of mortgages are insured by the lender. Again why waste time with little ole’ you when they can collect on their insurance anyway? Again, the answer is legal assistance. You foreclose and they come after you for the insurance. Without legal assistance , you can’t win.

A forensic mortgage loan audit is a tough sell to the distressed mortgage owner in a panic, but the author makes a great case for it here.

The mortgage modification company I represent starts the process with a mortgage forensic loan audit and this is one big reason. The other is that it was the perfect way to justify a bond with the U> S> Dept. of Justice in their service. If the process comes to a short sale, the forensic sudithas already been performed. When faced with prosecutable mistakes in mortgage closing documents, lenders get much more receptive to a solution that benefits the homeowner. Heh.

Read it here

tags: do it yourself mortgage loan modification, do-it-yourself short sale, mortgage loan modification, mortgage lender fraud, mass joinder lawsuit, mortgage loan modification colorado, mortgage loan modification nevada, mortgage loan modification arizona, mortgage loan modification new mexico, mortgage loan modification california, mortgage loan modification georgia,

Originally posted 2010-04-30 07:54:31. Republished by Blog Post Promoter

More mis-information corrected on Credit Score implications of a Mortgage Modification

admin — Thu, 29 Sep 2011 16:51:09 +0000

Periodically I see an article that laments the spectre of a mortgage loan modification damaging a borrower’s credit score. Invariably, the reporter gets it half right. Unfortunately , the administrators at the big three credit bureaus are recalcitrant and unavailable for comment. The credit score biz is not much more than a computer. If you want real credit score answers, you have to deal with Hal. Everyone should know how that turned out.

The REST Report calculates an unbiased Net Present Value, or NPV that your mortgage investor (as distinguished from your mortgage servicer) uses to see if mortgage modification or short sale is the best solution to your distressed mortgage. Your mortgage servicer has assuredly already calculated that a foreclosure is most beneficial to them. That’s why they drag their feet and lose your file so as to get your house for free.

By getting and submitting the REST Report with your mortgage modification or short sale, you bypass the mortgage servicer and the discussion is just between you and your mortgage investor (as many as eight different investors may have their hand in your mortgage).

There are lenders out there that are advising borrowers to miss mortgage payments. The magic phrase here is “demonstrate imminent default” from published HAMP guidelines. Looking at the situation from the mortgage investor’s point of view, why grant a mortgage modification if all mortgage payments are current? Each lender interprets this phrase differently, and they may change their definition daily.

Here is the bottom line: If you miss payments or make partial payments on the terms of your current mortgage, as in the infamous three month HAMP trial period, your partial, or lack of payments, will be reported to the credit bureaus as just that. What this ultimately means is that the sooner the homeowner starts mortgage modification negotiations, the better for their credit score. It is not necessary to miss any payments to demonstrate imminent default. This is blatant treachery on the part of the mortgage servicer.

Once your modification is accepted, the new terms will be reported to the bureaus. There is no excuse for your lender not reporting new terms. A modification does not in and of itself reflect your payment history. Only your adherence to whatever current terms can be reported.

Pay your new mortgage terms on time and any damage to your credit history will recover. It certainly is better than losing your home, isn’t it? The credit bureaus have special entry notations for permanent mortgage modifications. I advise all my customers to call Transunion 45 days after their first permanent mortgage modification payment and dispute their mortgage entry. That will trigger a legal letter to your mortgage servicer demanding an update. Since November of 2010, the credit bureaus have a special, much less damaging credit entry for permanent mortgage modifications.

A year from now, as all those successful modifications start seasoning themselves in the computer-formerly-known-as-Hal, the nation’s scores will recover. There is a paragraph that more or less reflects this in the referenced article.

A foreclosure is absolutley the worst choice of action. Do a short sale instead. Short sale transaction reports can be ameliorated by a competent short sale investor. (I know several of them, too.) The referenced article correctly states that the secret is getting lenders to report a short sale to the credit bureaus as “paid as agreed.”

Bankruptcies have proven to almost never solve the problem. They just stall the wolf at the door, Granny got eaten anyway.

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

I read every comment. Please use the Comment box below and tell me what you think.

Read it here

tags: mortgage modification credit score, short sale credit score, do it yourself mortgage loan modification, avoid foreclosure,foreclosure alternatives,stop foreclosure, prevent foreclosure,mortgage loan modification colorado, mortgage loan modification nevada, mortgage loan modification arizona, mortgage loan modification new mexico, mortgage loan modification california, mortgage loan modification georgia, rest report,

Originally posted 2009-10-21 23:55:33. Republished by Blog Post Promoter

Fairly accurate, if disconnected Mortgage Modification article

admin — Sat, 24 Sep 2011 18:26:04 +0000

Ilyce Glink published an easy to read, if disconnected article on getting a mortgage loan modification negotiated successfully. She starts out with a sample letter received from a subscriber. I get the indication it’s representative of many, many letters. Further on, she re-states the tired, old advice to call a free HUD counselor: They “may” have other ideas. The fact is: they’re swamped and don’t have any more clout than the homeowners themselves. What has changed since the original publication is that the banks have figured out that they can sandbag attorneys just as much as the individual distressed homeowner.

Ilyce reports two previously reported facts: “about 9 percent of eligible homeowners have had their loans modified on a temporary basis, and an even tinier percentage have has those temporary loan modifications made permanent.”

Just now surfacing in the media are reports that many lenders are rescinding those ‘trial modifications,” for no apparent reason.

Ilyce also dances around another nefarious practice of the lenders: telling them to miss a few payments and call back then. This is the bank’s answer to demonstrating ‘imminent default.’ The problem is, the Foreclosure Dept’ at that same bank then initiates foreclosure proceedings. You can’t win.

The biggest complaint by the long-suffering would-be modifier is that it takes too many months. The fact is that your house is their asset too. They can take as long as they want to to get it to performing asset status. What you can do is prevent illegal foreclosure; which happens when you’re in the middle of a mortgage modification negotiation.

One last item that Ilyce almost clarifies; negotiating a loan modification and stopping a foreclosure are two separate processes. Any homeowner SHOULD be able to accomplish that also. Simply call your county Trustee and check the auction calendar every month.

Reading between the lines here, I believe that Ilyce knows most, if not all of this. Ilyce just doesn’t quite have the authority to confront that elephant. Financial reporters talk to banks and are beholden to them.

The REST Report is accepted by the nation’s courts as the ultimate authority of unbiased calculations to decide if mortgage modification or short sale is best for a distressed property. Either strategy is better for distressed homeowner and mortgage investor. It is not the most advantageous for mortgage servicer, which is why those same servicers are so quick to foreclose. 4000 successes out of 4000 submissions is a pretty good record.

I am a proud vendor of the REST Report. I also have the best Hardship letter template anywhere.

This YouTube video says it all. Go here: How to Get A Beneficial Mortgage Modification Now

I have a web submission form at the bottom of this home page. Talk to me.

I read every comment. Please use the Comment box below and tell me what you think.
Read the article here

tags: do it yourself mortgage loan modification, avoid foreclosure,foreclosure alternatives,stop foreclosure, prevent foreclosure,mortgage loan modification colorado, mortgage loan modification nevada, mortgage loan modification arizona, mortgage loan modification new mexico, mortgage loan modification california, mortgage loan modification georgia, rest report,

Originally posted 2009-08-22 21:18:28. Republished by Blog Post Promoter

Office of the Comptroller of the Currency and Office of Thrift Supervision Report Shows Mortgage Modification Trend And Woes

admin — Sat, 17 Sep 2011 18:57:58 +0000

Below is much of the text of an article posted on the Atlantic.com analyzing results of mortgage modifications in the first and second quarters of 2009. I believe a few more accurate conclusions can be drawn: One must remember, the ultimate goal of a successful mortgage modification is to negotiate ‘affordable’ payments. Evidence suggests that many of the modifications in the first quarter were doomed because they weren’t affordable. Ask yourself, “would I be satisfied with a new payment of 31% of my current monthly income?” Secondly, is your new current income foreseen as stable for the forseeable future? If so, call me for The REST Report. The REST Report uses the bank’s own software to calculate beneficial mortgage loan modifications, or failing that, short sale offers the bank is obliged to accept.

Yesterday, the Office of the Comptroller of the Currency and Office of Thrift Supervision released a report on mortgage modification metrics for the second quarter of 2009. As you might guess, it was not pretty. But it showed some interesting insights. I found notable the new trend in mortgage modification strategy, and its staggering re-default statistics.

First, I’d urge anyone with a keen interest in the mortgage market to at least skim the whole thing, as I couldn’t possibly capture all 46 of its pages in a blog post. But one of the most interesting trends I think it shows is that mortgages are being modified with greater attention to principal.

I invite the reader to follow the link on my home page to the page that generally explains how to calculate a mortgage modification. In the first quarter of 2009 principal reduction was only used 3.1% of the time. In the second quarter, however, that percentage increased to 10%. That’s a pretty drastic increase, with one-in-ten modifications now reducing principal.

So what’s the cause of this increase? It’s hard to say. One reason might be that interest rate reductions and term extensions alone weren’t enough to make the payments affordable for the borrowers. After all, you can only make interest rates so low or terms so long. The statistics in the chart might support this, since interest rate reductions and term extensions have also increased over this period.

The OCC report suggests another reason why principal reductions might be a good idea:

Principal reductions reduce monthly payments as well as increase the equity in the home, which may contribute to the borrower’s willingness to continue making payments on the loan. Why is that willingness to pay so important? Because re-defaults are quite bad.

They do seem to be improving slightly for Q2, but the statistics still show more than one-in-four borrowers receiving modifications from the first quarter has already re-defaulted just three months later. The chart also shows that over half of borrowers receiving modifications in prior quarters have defaulted again after a year. Such results indicate that these modifications are often grossly ineffective at preventing foreclosure. More aggressive modifications, probably specifically lowering principal, will help those rates.

It’s hard to tell if we’re really seeing systematic improvement in re-defaults from this. But I suspect as banks and servicers continue to modify these mortgages aggressively, reducing principal, these re-defaults will improve. Yet, that improvement will likely be limited. I think it will be extremely difficult to get the year-later re-default percentage much below 30%, unless incredibly extreme payment reductions are made — probably much greater than 20%.

This YouTube video says it all. Go here: How to Get A Beneficial Mortgage Modification Now
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tags: avoid foreclosure, do it yourself loan modification, foreclosure alternative, foreclosure alternatives, loan modification, mortgage modification negotiation, prevent foreclosure, rest report, stop foreclosure, loan modification colorado, loan modification nevada, loan modification arizona,loan modification new mexico

Originally posted 2009-10-02 21:26:42. Republished by Blog Post Promoter

The Federal Trade Commission and fear of upfront mortgage modification fees

admin — Sat, 17 Sep 2011 18:57:54 +0000

Increasing pressure on the Federal Government to control mortgage modification firms has encouraged the Federal Trade Commission to recommend not allowing up-front fees for professional mortgage modification negotiations. Because of the highly publicized failure of many companies to perform promised mortgage modifications, this would seem to be a great idea. As ususal, hasty and knee-jerk reactions to those few ill-prepared companies, or just plain crooks, will further hamper what is an overall well-intentioned industry.

The newly adopted MARS Rule wound up forbidding upfront fees for mortgage modification companies that were not driven by attorneys. Attorneys were allowed to charge up front fees as they were incurred; but they may not collect all the fees unless the client is satisfied with the end result. This last little part of the rule is driving proficient attorneys out of the mortgage modification business because of the unpredictability of final results. In no other legal pursuit is an attorney held hostage by this kind of restriction. No professional attorney will ever promise a given outcome of a legal process. They cannot be held accountable for other humans (the protagonist in any legal dispute, and the arbitrator) to not use good sense.

The banks will use their illegal ‘trial modification’ stalling techniques to ensure that mortgage modification is not a profitable endeavor. We already know that the non-profit counselors are essentially inneffective in obtaining beneficial, affordable mortgage modifications. The banks and un-informed public will then rise up and blame the President, US Dept. of Treasury, and federal government in general for the failure of the Home Affordable Mortgage Plan, or HAMP.

A little perspective might help. Imagine going to Wal-Mart and promising to pay for an item three months from now, after you were sure it would perform as promised. The similar much-publicized law passed last summer in California in June has done little to stem any crooks or other ill-prepared mortgage modification firms. Why? Because almost all the billable negotiations are performed within a week of modification application anyway. The reason a permanent mortgage modification takes so long is directly the responsibility of the banks doing everything they can to avoid negotiating. Why should a professional organization be held hostage by a ne’er-do-well mortgage servicer?

The upshot of all this is the spectacular results of the REST Report. We are operating at 100% efficiency – no complaints that we know of. The REST Report uses the bank’s own software to calculate a mortgage modification or short sale. Those are the only two options because those are the only two beneficial solutions for mortgage investor and distressed homeowner.

For those readers that prefer YouTube videos, try this: How to Get A Beneficial Mortgage Modification Now

I read every comment. Please use the Comment box below and tell me what you think.

Read it here

Comment to the FTC at:

http://public.commentworks.com/ftc/MARS-NPRM

tags: do it yourself loan modification, do-it-yourself short sale, mortgage modification, mortgage lender fraud, mass joinder lawsuit, loan modification colorado, loan modification nevada, loan modification arizona,loan modification new mexico, loan modification california, loan modification georgia,federal trade commission, mars rule,up front loan modification fees,

Originally posted 2010-02-05 09:33:47. Republished by Blog Post Promoter

US House Of Representatives to hold hearings on the failure of HAMP

admin — Mon, 05 Sep 2011 22:41:05 +0000

This is a copy of a letter I mailed to The Honorable Ed Perlmutter who is the only US House of Representives rep from Colorado sitting on the House Committee on Financial Services. They will hold hearings on the abject failure of the Home Affordable Mortgage Plan – HAMP

Dear Hon. Perlmutter,

Please consider this letter of experience in the HAMP law as the US House of Representatives considers the abject failure of the Home Affordable Mortgage Plan passed by Congress last March. I understand you sit on the House Committee on Financial Services that is currently considering the utter failure of HAMP.

Please hear this loud and clear: the failure of HAMP lies with the banks, not with the well-meaning and proficient attorneys that strive to comply with the well-intentioned HAMP provisions. Any statistical analysis of any endeavor would find that a published 1% success rate does not lie with the submission process. Any member of our United States government needs to face themselves in the mirror. Do not pass the buck. You need to honestly hold the US banking cartel accountable. The US public is watching.

There is no excuse for the ‘trial modification’ that banks are subjecting these distressed mortgage owners to. There was no ‘trial mortgage’ when they bought the property. There is almost no difference in the mortgage modification process. The trial modification exists solely as another excuse for the lenders to obfuscate the process and confuse these distressed applicants.

The lenders/banks do not lose supporting application documents for a new, purchase mortgage application. There simply is no excuse for banks losing, or blaming non-submission of supporting documents, on the distressed mortgage holder.

The proven fact is that mortgage loan servicers make more money on foreclosed loans than modifications or short sales. Do your research and you will see it.

The Federal Trade Commission will soon be holding hearings concerning the banning of ‘up-front fees’ in mortgage modification negotiations. If adopted, this will assure the utter doom of the less-than-meager accomplishments of HAMP. No attorney in this world can work for very long on a Pro-bono basis. The FTC needs to accept their responsibility in policing the miscreants in this should-be opportunity to help the US economy.

No attorney in this country is expected to work on an expected-outcome basis. But since no one in the United States, including the august US Congress, is holding the financial institutions accountable for their performance, there is no possible way to assess any responsibility for failure other than to recognize that a 1% success rate is attributable to other factors in administration of the law.

You are holding the distressed mortgage-holder public-at-large hostage for the US banks lack of good faith negotiation. The fact is the banks are resisting the administration of HAMP at every opportunity. Barring up-front fees and avoiding your responsibility as a federal elected representative ensures that HAMP will fail at 100 percent. The banks will laugh the federal government into humiliation.

I assured your representative in your Colorado office that I’d keep this letter to one paragraph. I just couldn’t do it. I’ve seen too much.

Mr Martin Andelman has an imminent appointment to speak to the FTC. I urge you to audit that meeting for your own edification. There just is no better unbiased expert in the failure of HAMP in the country today. You may contact Mr. Martin Andelman at 714-904-2288. http://mandelman.ml-implode.com/ email at: mandelman@mac.com.

Thank you for your time and attention.

Sincerely,
Christian Dix

Of course, since I sent this letter, the Federal Trade Commission has adopted their MARS Rule that exempts attorneys from the ‘upfront fees’ rule. But the rule is written in such a way that we are seeing attorneys willing to take on foreclosure cases dropping like flies. The one positive sign is that the REST Report is holding mortgage servicers accountable in court for their own calculations. This gives the attorneys a fighting chance and does their research for them at a fraction of the costs.

For those readers that prefer YouTube videos, try this: How to Get A Beneficial Mortgage Modification Now

I read every comment. Please use the Comment box below and tell me what you think.
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tags: do it yourself mortgage loan modification, do-it-yourself short sale, mortgage loan modification, mortgage lender fraud, mass joinder lawsuit, mortgage loan modification colorado, mortgage loan modification nevada, mortgage loan modification arizona, mortgage loan modification new mexico, hamp, home affordable mortgage plan,mortgage servicer fraud

Originally posted 2010-02-17 08:52:06. Republished by Blog Post Promoter

Colorado Public Trustee Unique in Nation’s Foreclosure Process Only in Structure

admin — Wed, 24 Aug 2011 17:39:31 +0000

Colorado is unique in that it is the only state that has public trustees to oversee all real estate transactions. Colorado is a non-judicial state, as most of the western states are; which means that the courts send the foreclosures to the trustees to auction off. A distressed homeowner would file an Action 120 to contest the foreclosure which in turn open a court case on the docket. The county trustee is empowered with the Trust Deed and foreclosure.

In judicial states, principally in the eastern half of the country, foreclosures are initially handled by the District Courts first, and then forwarded to the trustees for auction.

In Colorado, the ten largest counties have a public trustee appointed by the Colorado Governor. This includes Mesa County. In the other smaller 52 counties, the county treasurer takes on those trustee duties as well. In the two City and County districts of Denver and Broomfield, the City Council appoints a trustee.

As near as I can tell, the situation of Public Trustee, in or out of the County Treasurer’s office, has no effect on the foreclosure process. Once an Action 120 is filed as a foreclosure defense, the difference between a judicial and non-judicial foreclosure seems moot also. A judge is going to settle the case, period. The REST Report has gone to court at the behest of the mortgage servicers five times and upheld by the judge every time. The other 3995 times the mortgage servicer recognized the futility of arguing and granted whatever the REST Report calculated. There is really no argument. The servicer is faced with arguing with themselves.

It costs something under $200 to start the foreclosure defense process in a Colorado District Court. That would be a very good reason to file the REST Report as a legal document before the first Notice of Default was served by the Colorado County Trustee or County Treasurer.

No matter what state you live in, the instant your mortgage servicer gets your mortgage modification or short sale application as a legal document, they are not entitled to assess or collect any late fees, penalty fees, or attorney fees. There is no reason to send them a dime until they deal with your application in good faith. All late mortgage payments get puton the end of the loan anyway.The REST Report assures good faith negotiations because it is their own software – their own calculations. They have nowhere to run for their treachery.

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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