President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act today. It seems to be better known simply as the Financial Reform Bill, and HR 4173 seems a key also. We missed the first two chances. Insist on Elizabeth Warren to have a snowball’s chance this time.

Just knowing that the House version passed instead of the Senate version is great news. The House version allows attorneys to do business as they always have since the invention of jurisprudence. That is that they can, and must, charge an ‘up-front fee’ for their service for mortgage modification services. We as a country owe Martin Andelman, and Dodd and Frank, a huge appreciation and ‘thank you’ for this allowance. Indeed, we owe the entire legislative branch of our government a huge slice of gratitude for resisting the onslaught of banking cartel lobbyists that gave their level best to resist this legislation.

We know that there were/are three banking lobbyists for every US legislator in Washington. These lobbyists sign up for every single appointment available for every legislator every single day, effectively filibustering for their one-sided agenda and against this bill or whatever they deem of priority and ignoring consumer accountability. This is what TARP paid for.

Currently, the nation’s banks are being allowed to avoid negotiating in good faith with distressed homeowners for a mortgage modification or a short sale. Mortgage modification files are routinely being ignored and lost with impunity. There is no accountability for these banks.

Every one of the mortgage modification firms I represent have been shunned by every bank in their professional attempts to negotiate beneficial mortgage modifications on behalf of their clients. Currently there is effectively no such thing as a trial, or even a permanent, mortgage modification.

No attorney can afford to do business when at the mercy of an adversary that refuses to answer the phone.

One more time, how often did you get away with losing your homework or assignment in school? Or ever?

Alternately they may fall prey to the Home Affordable Foreclosure Assistance Act, or HAFA, that was written by the banks and fences that same distressed homeowner into a short sale on the terms that benefit the banks instead of the distressed mortgage owner.

Elizabeth Warren was in on the ground floor of this bill since it’s inception. Major television news reports that she is out as temporary head of the Consumer Financial Protection Agency that was established by the Dodd-Frank Act. But them, apparently so is Tim Geithner as Treasury Secretary. Sounds like a push to me.

Here’s the problem. US Treasury Secretary Geithner does not support Elizabeth Warren. AG Holder does not support her. Larry Sommers does not support her. Wthout a groundswell of support from the electorate, (that’d be you) she will assuredly be swept away by the biggies.

We know that Geithner was kidding about the Home Affordable Mortgage Plan,or HAMP. We all watched the week President Obama stood up and barked that he was going to make the banks behave, and then got told to sit down by those same banks. Elizabeth Warren was our next best hope.

We all know what happens when you enact a well-intentioned legialation with no enforcement. With Bush it was called TARP. With Obama it’s called HAMP: and when you let the fox guard the hen house, it’s called HAFA. It’s up to you, (that’d be the government) to make sure the Consumer Protection whatever doesn’t fall victim. (I already called my legislators.)

Make the call for your own benefit.

This YouTube video says it all. Go here: How to Get A Beneficial Mortgage Modification Now Please ‘Like’ the video, will you?

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tags: do it yourself mortgage loan modification, do-it-yourself short sale, mortgage loan modification,sue mortgage lender, mass joinder lawsuit, mortgage loan modification colorado, mortgage loan modification nevada, mortgage loan modification arizona, mortgage loan modification new mexico, mortgage loan modification california, wall street reform act, financial reform act, dodd-frank reform act, HR 4173

Originally posted 2010-07-21 15:29:31. Republished by Blog Post Promoter

The benefits of having an experienced investor negotiate a distressed mortgage short sale are published weekly. An experienced negotiator/investor can have all, or most, of the deficiency dismissed as a condition of the short sale. Based on the stated hardship of the distressed homeowner, the negotiator will make the dismissal of the deficiency the first condition of the short sale purchase.

Realtors and distressed homeowners don’t have the experience of an investor who has demonstrated the efficacy of a short sale to the mortgage investor.

The lender can, and will, pursue a deficiency judgement on the future income of the now-relieved homeowner for the deficiency of the closed mortgage loan after the property transaction has closed. This will happen with a neglected short sale negotiation or a consummated foreclosure auction.

It might help to break down the short sale process to more understandable parts.

A short sale occurs when a property is sold for less than the owed mortgage balance. These mortgages are referred to as ‘underwater.’ The difference between the selling price and the old mortgage balance is called the ‘deficiency.’ If a short sale is granted by the lender without specifying the dismissal of the deficiency, the lender has a varying number of years to come after the distressed homeowner to collect that deficiency. The number of years varies from state to state. Many homeowners, (and realtors) can and will be caught off guard by this land mine in the future of this current mortgage crisis. (see linked article)

An experienced investor/negotiator first makes a cash offer to buy a distressed property. That same investor/negotiator will account for the stated and verified hardship of the distressed homeowner at the outset of the purchase negotiations.

More than four in 10 homeowners said they would consider abandoning properties that are underwater, or worth less than the mortgages, according to a national online survey released recently by real estate firms Trulia and RealtyTrac.

The REST Report demonstrates in unbiased calculations what the short sale figures should be so as to benefit both homeowner and mortgage investor.

Even if lenders don’t pursue the judgments, they could sell mortgage debt to collection agencies at deep discounts. It will be those debt collectors that hound borrowers.

It’s important to note that the new Home Affordable Foreclosure Assistance Act (HAFA) only covers some mortgage loans. Investors may not negotiate loans that are already commited to the HAFA plan. It is a major drawback to HAFA that was assuredly inserted by the lenders. HAFA is nasty and should be avoided at all cost. Realtors who have marketed HAFA properties have regretted the effort every time.

Deed-in-Lieu appears to be of almost no more benefit than a foreclosure.

For the most beneficial short sale negotiations, or Principal Reduction Refinance, call me and get the benefits of professional distressed mortgage negotiation.

I am a proud vendor of the REST Report. We’ve run more than 4000 REST Reports. Every single REST Report used as a foreclosure defense for a short sale has been readily accepted by the courts as a foreclosure defense. I also have the best hardship letter template for either a short sale or mortgage modification available anywhere. Proven.

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

Read it here

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

Originally posted 2010-06-12 15:05:23. Republished by Blog Post Promoter

Overall, this linked article is informative on accomplishing a successful short sale on your property. There is one glaring mistake, but considering the source, easily understandable. Articles that feature  ‘five easy answers’ are always attractive. Here are comments and corrections.

1. Short sale negotiations typically take a long time because the negotiator/investor is only doing one or two at a time. Typically, they are unable to gain access to the true decision-maker at the lender. An investor and negotiator that is negotiating hundreds of property short sales has unequalled direct access to those decision-makers.

Your listing agent won’t tell you this, but they are advised to use an outside negotiator to get a beneficial offer from the lender. The agent makes most of their fee by negotiating that short sale. Initially they believe that it’s worth their time. What should be most important to the homeowner is their record on negotiating away the mortgage deficiency.

What the homeowner needs to know is that the mortgage servicer does not get paid to short sale. They only get paid to foreclose. The answer is to file your short sale application as a legal document that your mortgage servicer by law may not shred.

Any distressed mortgage owner would do better to contact me and let us negotiate a much quicker short sale. We then utilize the talents of the agent to sell the property. It’s what real estate agents were trained to do. It saves the distressed homeowner both time and money.

2. Banks do negotiate aggressively. Basically, the process is an auction. Us against them, both of us trying to negotiate a win-win-win situation. Since we are the buyer, we don’t disappear. We’re in it for the duration.

3. We can insert an addendum that we will negotiate away the deficiency. Ultimately however, the decision is in the hands of the lender. Yes, the deficiency is tax-free as income this year.

4. Yes, it will be two years before you can buy again. But that’s a huge improvement over the 7-10 years it will take to overcome a foreclosure. Quite brutally, if you can’t afford the payments, your credit score is the least of your concerns. Let us talk of lease option. It works.

5. I disagree with the blanket statement that it is better to try to ‘ride out the storm.’ Other emotional and financial considerations enter the mix before a final decision should be made.

The REST Report gives a no-argue resolution that benefits both mortgage investor and homeowner.

The new guidelines referred to in this article are collectively called the Home Affordable Forclosure Assistance Act. The Home Affordable Foreclosure Assistance portion has proven to only benefit the mortgage servicers. It was written by them. No surprise.

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 it here

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

Originally posted 2010-02-18 09:04:22. Republished by Blog Post Promoter

Here is accurate, comprehensive information on how the various solutions to a distressed mortgage lowers a credit score and rating. What isn’t said here, but is the most important concept in understanding each of the solutions is that credit ratings are nothing more than computer averages of credit handling behavior of the entire US population. Because the nations lenders have done such an incredible job of avoiding any consumer-initiated distressed mortgage solutions, it will be many months and even years before these solutions reflect themselves in the averages. The distressed mortgage holder reading this must finish with a renewed determination to control as much of a solution as possible. Foreclosure and bankruptcy are the very last solutions. Keep trying.

The higher your score, the more of a negative effect any solution will have. Similarly, he more negative the solution, the more negative effect will occur. The lower the original score, the less negative effect.

The creditor (in this case, your mortgage beneficiary) originates the reporting to the credit bureaus.  Not all servicers report the same actions in the same way. The credit bureaus will absolutely be interested in your input as to the accuracy of the event. This is especially true of Transunion since they are only only ones that will actually answer the phone with another human.

A deed-in-lieu-of-foreclosure should be the next most damaging to a credit score. The FICO people say that a score will suffer just as much with this solution. I believe this will change as more and more distressed mortgage holders opt for this solution. Even if the actual credit score numbers never did change, at least it will be noted by any future credit evaluator.

Short sales and mortgage modifications do not in and of themselves hurt a credit score. It is the missed payments on that account that lower a score. We will notice that scores recover faster with these two options because they show effort on the part of the credit holder to help solve the situation.

One big benefit of a negotiated short sale with an investor like the one I represent is that negotiating how a short sale is reported is part of the entire negotiation. We can reduce the credit score damage in the long run.

As of November, 2009 there is a new, specific entry in the credit bureau reporting to reflect a mortgage modification. Again, as more modifications actually become permanent, this specific entry will be more positive.

Approved deferrals because of unemployment are not supposed to have any effect on a credit score.

I believe that a credit score is the least of any distressed mortgage holder’s worries. Do what is best for you and your families’ finances and let the score take care of itself. With one in five mortgages now distressed in the US today, it will all take care of itself over time. Take care of yourself today and take control of as much as you can. Don’t let the pissants win.

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 it here

tags:
avoid foreclosure,distressed mortgage, foreclosure alternatives, loan modification arizona, loan modification colorado, loan modification nevada, loan modification new mexico, mortgage loan modification, prevent foreclosure, short sales, short sell, stop foreclosure, mortgage modification effect on credit score, short sale effect on credit score,

Originally posted 2010-04-05 07:53:04. Republished by Blog Post Promoter

We’ve known for two years now that mortgage mediation won’t work without court intervention. (The Colorado PBS station KRMA recently stated they were getting 10% success results.) A missed point here is that as mortgage servicers buy their way out of the HAMP program, they became increasingly reluctant to deal in good faith negotiations.

The simple solution today is to calculate an unbiased Net Present Value of the distressed property and see that it results in either a mortgage modification or short sale remedy when presented to the mortgage investor. By bypassing the mortgage servicer in negotiations, all the servicer treachery and obfuscation is moot. The REST Report uses bank software to do exactly that. No enlightened mortgage servicer can argue with that in foreclosure court. Some have tried, and every one had their knuckles rapped by a judges gavel. Every single one.

Mortgage mediation for distressed borrowers, as a requirement prior to foreclosure, was growing more common at national, state and local levels.

Mortgage mediation efforts, where lenders reach out to borrowers in trouble in an attempt to bring loan payments current, suffer from the same lack of industry accountability that haunts voluntary federal mortgage modification programs, according to a new study from the nonprofit National Consumer Law Center (NCLC).

The NCLC says for all of the good these new regulations intend for borrowers, in the end it equaled more bark than bite.

The NCLC is a consumer advocacy group representing low-income families. For the latest research, the NCLC reviewed 25 foreclosure mediation programs in 14 states and warned that the expectations these programs encourage could be misleading.

Researchers also found that the existing programs fail to impose significant obligations on mortgage servicers.

The programs do not require servicers to substantiate a right to foreclose, and they do not mandate an analysis of alternatives to loan modifications. Many of the programs set procedural barriers that keep some homeowners from participating, according to the study.

The nation’s foreclosure judges have been vocal in their desire to hold mortgage servicers accountable for good faith mortgage negotiations.

The next step after obtaining the REST Report is to file all documents by certified mail, return receipt requested. The servicer is not entitled to collect any monies, nor keep and penalty fees, nor foreclose, until the mortgage modification is dealt with in good faith. If the mortgage servicer can’t make any money, they find a way to negotiate immediately.

For those readers that prefer YouTube videos, try this: 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 it here

tags: avoid foreclosure, do it yourself mortgage modification, do it yourself short sale, foreclosure alternatives, foreclosure fraud, foreclosuregate, Home Affordable Mortgage Plan, mortgage lender fraud, mortgage modification negotiation, prevent foreclosure, rest report, robosigners, short sales, short sell, stop foreclosure,

Originally posted 2009-09-29 21:49:23. Republished by Blog Post Promoter

I remain convinced that naming specific lenders and servicers that resist legitimate and justified mortgage modification efforts is useless and meaningless. There are at last count 83 of the biggest mortgage lenders enrolled in the Home Affordable Mortgage Plan, or HAMP. Take your pick. But Bank of America is very special.

But after a month of taking applications for a national short sale negotiation program that I signed up for, Bank of America has singled itself out for elevation as the most notorious and treacherous lender I have seen in the ten months I’ve been taking applications for mortgage modification negotiations. A few times a day I see ads for Bank of America services. I’m here to tell you that you do business with them at your peril. If you are currently a customer with Bank of America, you are showing blatant disregard for your neighbor, community, family, state, and nation. You may be uninformed as of this moment, but the fact remains.

Linked below, Mandelman writes in detail about Bank of America disregarding a legitimate and justified mortgage modification negotiation, and foreclosing on a family’s home anyway. Never mind they will stall and ignore any mortgage modification application they receive. Never mind that they intentionally ignore and resist any short sale offer they get. They now show that they will foreclose even as a family tries mortgage modification in good faith. Bank of America wants your home. There’s more money in a foreclosure than your good will. You can have no illusions that they have any empathy, sympathy, or human thought for you as a customer.

Those of us in the mortgage modification business watch all 83 of the biggest lenders obfuscate and resist any mortgage modification application. That’s nothing new. Bank of America includes the notorious ‘item 10′ in their short sale documents. Specifically it states that the new buyer must hold title to the new property for at least 30 days. This essentially shuts out any legitimate investor trying to make a legitimate profit and prevent a foreclosure from blighting the neighbor hood and community. Even The Federal Housing Authority (FHA) and Freddie Mac have recognized private investors as a key tool and legitimate player in our nation recovering from the mortgage crisis we’re in.

In fact, I’m understanding that Bank of America resists selling any distressed property to anyone other than to another Bank of America customer. Just like any two-year-old you ever saw, “If I can’t have it, you sure can’t. I’m taking my toys and going home.” I can’t say for sure because my investors, who are ready willing and able to rescue a short sale and benefit the distressed homeowners, community and neighborhood; run away from any distressed Bank of America property. We can’t help you.

In the linked article to Mandelman, Bank of America foreclosed on the wrong home. It wasn’t even theirs to foreclose on. And when the true owners tried to tell Bank of America, no one listened.

Think this is a unique situation? I read stories like this every single week. These 83 lenders do not have a single humane thought about you. It’s just that Bank of America has raised the bar on complete disregard for any personal regard for any customer. You need to be a shareholder in B of A, not a customer.

I’ve become accustomed to the realization that it is money and only money to any of these 83 lenders. Bank of America is special, very special. Find another bank that is not so special, for your own good.

Currently, mortgage modification, and even short sale, are do-it-yourself projects. The Federal Trade Commission has seen to that. But the availability of the REST Report makes it so that you save a few thousand dollars at it 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 Mandelman here

tags: avoid foreclosure, do it yourself mortgage modification, do it yourself short sale, foreclosure alternatives, foreclosure fraud, bank of america, Home Affordable Mortgage Plan, mortgage lender fraud, mortgage modification negotiation, prevent foreclosure, rest report, robosigners, short sales, short sell, stop foreclosure,

Originally posted 2010-01-28 22:08:17. Republished by Blog Post Promoter