Anyone researching a mortgage modification on the internet can read stories of hapless distressed homeowners several times per week. Most of the blogs, and all of the responses I’ve posted, focus on the treachery of the banks in dealing with 99 percent of the mortgage modification applications.
It is time to focus on the mistakes the distressed homeowner makes in this process. The country has been dealing with the Home Affordable Mortgage Plan (HAMP) since last March. The cold hard fact in this situation is that the distressed homeowner must start accepting their responsibility in any failing of their mortgage modification application. The U. S. Dept. of Treasury has made it crystal clear that they have no influence in enforcing HAMP. Make a strong case to a foreclosure judge and you win.
The linked article uses just about every wrong assumption a distressed homeowner can make.
Yes, all the big banks are doing this. It does no good to identify any given treacherous mortgage servicer. They’re all the same. There is no trick that goes undiscovered by the other big banks. If you have a mortgage with a small local bank or credit union, you stand a very good chance of getting satisfaction. If your mortgage lender has more than one floor to their building, you’re going to get the same treatment as in this article. Get used to it. Would you go to Las Vegas with one percent odds? Go for it.
Sending a letter to anyone in your government is like barking at the moon. Likewise contacting any administrator at your bank. Keep barking. Help yourself. Guilt is not a word the hoompahs understand. If you haven’t been watching all the obscene bonuses being paid to these clowns, you deserve to lose your home. Someone needs to slap your forehead. Ya wanna buy a bridge I have reserved for ya?
The simple fact is that the HAMP law exists. There is no one to enforce it. Currently even attorneys can’t get any good faith. None of the free mortgage modification outfits can exert any influence either. No third party can do anything you can’t do yourself. And now the new MARS rule from the Federal Trade Commission makes it highly unlikely that any third party negotiator can make a profit.
Be assured of one thing; whoever you actually talk to at your bank is exactly NOT the decision maker. Someone has your stuff today, (not tomorrow, though) and you will never speak to them. The only assured communication is certified mail, return receipt requested. No faxes.
Being assigned to the “Executive Resolution Group” or whatever your bank calls their Distressed Mortgage Avoidance Dept. does nothing to stop a foreclosure. That is a separate department that does not communicate with the Distressed Mortgage Avoidance Dept. You will find your local foreclosure judge more than willing to examine your mortgage servicers process and file. All that is required of you is that you prove they received the documents. Do not fax anything. That is an excuse to lose the documents.
Having someone ‘assigned’ to your application means nothing. They are a paper pusher, not the decision maker. If you applied for a new mortgage or refinance, your potential lender would not lose anything. If your loan officer gets sick, someone else will assuredly pick up the slack. Your lender administrators are too busy whining to Congress about being deluged with applications. Get over it.
The REST Report processes unbiased calculations that prove to your servicer the most efficient resolution to your distressed mortgage: either mortgage modification or short sale. Never foreclosure. Your servicer has calculated that foreclosure is the most profitable for them. That’s why they stall and lose the paperwork.
The REST Report uses the bank software to calculate mortgage modification or short sale. Those are the only two choices. Your mortgage servicer knows it. Your foreclosure judge knows it.
If you make a payment of any kind after applying for a mortgage modification, and before you have signed and confirmed receipt with your lender; you might just as well toss it to the wind. Or whatever you do with money you don’t need or want. Your lender will take any money you throw at them. Once you can prove file submission, you are not required to make a payment.
You have no business getting frustrated with the negligence of your bank in the mortgage modification process. In the US, you don’t get prosecuted for stupidity. Ignoring a mortgage modification negotiation is stupid on the part of your servicer. Banks do get prosecuted for pursuing foreclosure while engaged in mortgage modification negotiations. That’s your job. Fairly easy once you understand the concept. Yes, they do want your home. You must know that. They have calculated that they’ll make more money foreclosing. Accept it.
Your lender will let you believe it is a mortgage modification even if they offer you a forebearance or reinstatement. Silly you. Caveat Emptor. Like the TV commercial with the toy horse – you didn’t ask. A beneficial mortgage modification under bank guidelines will be a new monthly payment that is 31% of your new monthly income.
You have two realistic chances of getting a true mortgage modification. Get the run-around for many, many months and then complain to your local press and hope they need one more bleeding-heart story to sell newspapers. It does work. I’ve seen it. I see it every week.
Or you can get the REST Report and prove to your lender and courts that mortgage modification or short sale is the most beneficial.
I am a proud vendor of the 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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Originally posted 2010-01-22 22:07:36. Republished by Blog Post Promoter
{ 3 comments… read them below or add one }
It’s true that a loan modification attorney can properly prepare the written documentation needed to prove financial hardship in a clear manner.
An attorney also knows the exact requirements regarding the burden of proof needed to display financial hardship.
This will increase the odds that your request will be approved and approved timely which is what one would want in the first place. This will allow the borrower to engage in modified payments and travel once again on the path to financial freedom.
The hardship letter needs to be written by the distressed mortgage holder. There are guidelines, but no attorney should be wrting it
The Naive and their Mortgage Modification – http://www.mortgage-mod-monster.com/?p=444