The short sale and mortgage modification application and process are increasingly becoming identical. Although the official federal rules don’t
take effect until April, the noose is tightening around reluctant and treacherous lenders who obfuscate, delay, and avoid professional distressed mortgage assistance. My conversation with an distressed homeowner will now be much simpler; “In a perfect world, do you want to keep your home and get a mortgage modification? or short sell your property and liquidate your obligation?. The paperwork and supporting documents are identical, and now, the lender will be held accountable in good-faith negotiations regardless of the decision.

Having represented a firm that is 95% successful in beneficial, affordable mortgage modifications for nine months, I can now refer a distressed homeowner to an efficient short sale negotiator who will hold the lender’s feet to the fire and require them to respond professionally and promptly.
This is done by having the same calculation parameters, the direct numbers of the actual lender decision-makers, and hundreds of similar short sale files so as to tie up the bank negotiator so they have no escape. The firms I represent can reasonably assure the distressed property owner that answers will be provided in 30 to 60 days.

This eliminates horror stories like the one linked below. The press is full of the stories of short sale candidates that can’r sell their property because the lender won’t respond. The second half of the secret sauce is to have a private investor with the capital to purchase the property the instant a slae price is reached with the lender.

The time for lender excuses is over. The private money in the United States will solve the stagnant mortgage credit market, if we can just get out the word on our ability.

Nationally, short sales nearly tripled to 40,000 in the first six months of 2009 compared with the same period a year earlier, according to a report from the Office of Thrift Supervision, the federal bank regulator, and the Office of the Comptroller of the Currency.

The fact is that the individual home seller, real estate agent, investor, or end buyer will never get the decision maker on the line. But we do, because of client volume and the strength of funds. Since we have a bigger database and negotiation experience, we can avoid the silly counter-offers that lenders use to stall the short sale process.

Read it here

tags: do it yourself short sale, rest report, avoid foreclosure, stop foreclosure, prevent foreclosure, foreclosure alternatives, self negotiated short sale, negotiate short sale, investor negotiated short sale, discharge mortgage deficiency, homeowner negotiated short sale, hafa, home affordable foreclosure assistance,negotiate mortgage deficiency,

Originally posted 2009-12-22 22:09:00. Republished by Blog Post Promoter

Almost daily I read yet another story relating how a bank simultaneously offered a mortgage modification and foreclosed on the hapless homeowner. Protection against this consists of getting the REST Report and monitoring your county trustee for an errant foreclosure sale date.

Disorganization within the big banks that service mortgages has made a bad problem worse. Simply, the Foreclosure Department doesn’t talk to the Loss Mitigation Department.

The lender reversed the sale by paying the man who’d bought the home an extra $19,500 on top of the $86,000 he’d paid at the auction. Does any reader believe the lender did that of their own free will? I gotta bridge in the middle of the desert I’d like to sellya.

No matter how ‘rare’ the loan servicers say this simultaneous travesty is, there are stories like this almost daily.

“Basically, you have the right hand at the mortgage company not knowing what the left hand is doing,” said Mark Pearce, North Carolina’s deputy commissioner of banks. Communication glitches and mistakes are “systemic, more than anecdotal” among mortgage servicers, he said.

Under HAMP, or the Home Affordable Mortgage Plan, which requires servicers to follow a set of guidelines for modifications, servicers must give borrowers a written denial before foreclosing. When Gomez called Bank of America about the sale, she was told there was a mistake but nothing could be done. She did get a denial notice — some three weeks after the house was sold and just days before she was evicted.

If you insist on reading the linked article, the biggest mistake you can make is thinking that since your lender is not mentioned, it doesn’t matter.

But it does. It could be any lender. It could be yours.

Servicers operating under the two-year-old Home Affordable Mortgage Plan (HAMP) are forbidden from auctioning someone’s home while a modification decision is pending. It happens anyway.

Consumer advocates say the lapses continue because they go unpunished. Do not believe for a minute that the money paid for a federal mortgage modification is enough payment for that same mortgage modification. If you listen carefully, you can hear the collective yawn of thos big banks.

I do not buy the excuse for banks fumbling mortgage modifications or short sales because of deluge of applications. How often did you get away with losing your homework in school? How often does anyone read about the banks losing a new mortgage purchase application?

The lender in question services “more than 10 million mortgages — the vast majority without a hitch.” Notice the quote does not say how many mortgage modifications are accomplished “without a hitch.” I invite the reader to watch the first two videos on this blog.

The article twice cites regulations from the HAMP program. What it doesn’t say is that the majority of mortgages do not qualify for HAMP, but they do qualify for lender in-house programs – that the call-center you’re talking to may not even know about. Many of these programs have better terms than HAMP.

To contest a foreclosure under the federal HAMP program, Maggiano, the U. S. Treasury official, said a homeowner should call the HOPE Hotline, 888-995-HOPE, a Treasury Department-endorsed hotline staffed by housing counselors. Those counselors can escalate the case if the servicer still won’t correct the problem, she said.

Why anyone would wait for a treacherous and sneaky foreclosure is beyond me. This advice is from a federal entity that admits it’s only 5% effective in obtaining a mortgage modification. They can only show you how to do the work yourself. Best of luck on that.

“I uniformly hear from attorneys and counseling advocates on the ground that the HOPE Hotline simply parrots back what the servicers have said,” said Alys Cohen, an attorney with the National Consumer Law Center. Cohen said she’d voiced her concerns with Treasury officials, who indicated they’d make improvements.

Under the current rules for the federal program, servicers have been barred from conducting a foreclosure sale if the homeowner requested a modification but are allowed to push along the process, even set a sale date. That allows them to foreclose more quickly if they determine the homeowner doesn’t qualify for a modification.

As a result, a homeowner might get a modification offer one day and a foreclosure notice the next. As of March, servicers were pursuing foreclosure on 1.8 million residences, according to LPS Applied Analytics. Appearance in court and the REST Report would stop that.

Treasury has yet to set any penalties for servicers who don’t follow the rules. Several distressed homeowners are having success on their own in court preventing foreclosure with the REST Report.

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.

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 it here

tags: do it yourself mortgage loan modification, calculate hamp net present value,rest report, mortgage loan modification colorado, mortgage loan modification nevada, mortgage loan modification arizona, mortgage loan modification new mexico, federal trade commission, mars rule, stop foreclosure, foreclosure alternatives, prevent foreclosure, avoid foreclosure

Originally posted 2010-05-05 12:15:35. Republished by Blog Post Promoter

Again, here comes another web article about those “Evil Mortgage Modifiers”

I’ve written about this in the past and will continue to. (Although my articles will probably get shorter and shorter) Avoiding mortgage modification fraud is pretty simple. Do it yourself with the REST Report.

Since this past June, attorneys can’t get anything accomplished in bank mortgage modification negotiations that you can’t get done. Attorneys only benefit you if and when you’re called to court in a foreclosure defense.

No attorney anywhere is monitored by the Better Business Bureau.

On a personal note, I used to represent two outstanding attorney firms. They were incredibly proud and jealous of their 97% success rate. They were very, very, VERY careful to not accept a file they couldn’t get done. Currently, aware attorneys are using the REST Report to calculate advisable mortgage modifications. The problem is that the banks have learned that they aren’t held responsible for good faith negotiations to attorneys any more than they are to the distressed homeowner.

Your initial consultation should be free. That avoids up-front fee concerns. It assures the attorneys can get it done anyway. The issue of ‘up-front fees’ is now moot because no attorney can afford to keep their doors open when getting sandbagged by the lenders. The answer is to file your mortgage modification application on your own and decide if you want legal representation if and when your miscreant lender calls you into court by illegally foreclosing on you.

Now, of course, you need to verify that any third party help you get is observing the Federal Trade Commission’s MARS Rule.

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.

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 mortgage modification, loan modification software, mortgage modification software, calculate net present value, rest report, avoid foreclosure, foreclosure alternatives, prevent foreclosure, stop foreclosure

Originally posted 2009-07-22 20:05:15. Republished by Blog Post Promoter

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