Once again, this week I read yet another story on the internet about another family caught in the mortgage modification morass. It is a tired, old story on the internet, but weekly, somewhere, a local newspaper drags out another distressed mortgage owner caught in distressed mortgage never never land.
Here’s the deal, the federal government, HAMP or no HAMP; has proved themselves incapable or unwilling to put more pressure on the nation’s largest banks to help with the mortgage modification mess. Again, Treasury Secretary Tim Geithner and Presidential Press Secretary Robert Gibbs have said as much. America, get over it. No one is going to help you. Wherever there was an efficient attorney that could help you, they are closing up shop because they can’t afford to put up with the bank’s shenanigans in avoiding your mortgage modification. They also don’t have a court-approved calculation of Net Present Value.
Never mind up front fees. Fuhgetaboutit. It’s a moot point. An accomplished attorney is going to take cases that they feel the courts will adjudicate. Those are ones that have already been calculated by the REST Report. That makes the REST Report a pre-requisite for any attorney-driven foreclosure defense. If no one forces the bank to negotiate in good faith, there’s no profit in it. They have bills to pay. And since I’ve only read one single account about a successful mortgage modification attorney in the last 20 months, there just isn’t going to be an increase.
(Never mind that the media, and especially the banks would have quashed any and every successful mortgage modification attorney for public relations. You’d better know that no big bad mortgage servicer wants to be told to do the right thing.)
The individual distressed mortgage owner can negotiate their own mortgage modification if they purchase the REST Report. (I have it) They can’t get in a hurry. But then, why would they? Squawk all you want about credit scores, you must prioritize: your house or your credit score. However, the mortgage servicer is not entitled to collect any delinquency fees or interest (read: profit) after the REST Report is filed as a legal document.
The numbers: The $75 billion Home Affordable Modification Program (HAMP) has resulted in the permanent modification of more than 389,000 loans, saving homeowners a median of more than $500 a month. But many observers say it hasn’t lived up to early hopes that it could help 3 million to 4 million distressed homeowners. About 520,000 homeowners who were in trial modifications have been unable to qualify for permanent loan workouts. You don’t suppose the bank’s losing paperwork had anything to do with those, do you? Heh.
We know stuff is getting thrown out.
One point still missed yet again in this article is that there is no reason for a bank to modify a mortgage that is doomed anyway. The subject is danced around by some banking wonk, but you have to read between the lines to get it. The solution is to short sale – not foreclosure or deed-in-lieu.
Also unsaid is the fact that any distressed mortgage owner in mortgage modification negotiations will never talk to a decision maker. That’s why homeowners get a different answer every time they call – or go to their mailbox.
In order to negotiate your own mortgage modification, you need the same calculations that the bank has. Specifically, the bank calculates, behind your back, a Net Present Value for your home. They will never tell you that calculation. You must get it yourself. It’s for sale, and I have it.
The Net Present Value, or NPV, is the number at which the bank calculates what is in their best interest: mortgage modification, short sale, or foreclosure. If you have that number, you can speak the bank’s language. If you don’t, you’re fighting a tger in the dark, in a closet, with one hand tied behind you. With the Net Present Value, it’s a fair fight. No guarantee how long the fight will last, but at least it’s a fair fight. If the distressed homeowner ever finds themselves in a courtroom across the table from their lender, this REST Report is admissable as expert evidence as to your good faith negotiations. It’s the best tool available in a court proceeding.
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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 Loan Modification Now Please ‘Like’ the video, will you? That makes it easier for others to find.
Read it here
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Originally posted 2010-08-01 11:46:22. Republished by Blog Post Promoter
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So far 6 major financial institutions have signed up to be involved ..