The press is fond of citing the trial mortgage modification rate. They are not efficient at defining the various reasons why trial mortgage modifications fail and subsequent foreclosure occurs. The banks are quick to say that the applicants didn’t follow through with supporting documents. The attorneys that I used to represent were acutely aware of why trial mortgage modifications fail.
The banks simply use this procedure as an excuse to set up the distressed homeowner for failure. The supporting documents needed to justify a permanent mortgage modification are identical to the documentation required to apply for an original mortgage in the first place. Not publishing those requirements and issuing ‘trial mortgage modifications’ provides a convenient excuse to lose the documents in the process. This is carte blanche for the banks to lose their homework. Remember losing your homework in school? How many times did you get away with it?
Well, the banks get away with this subterfuge and treachery every day. They have been since January of 2009.
The solution is to use the REST Report to use the bank’s rules to calculate a mortgage modification or short sale – and then submit the entire file as a legal document. That specifically means no faxes, FedEx, or UPS. It is necessary for a bank officer to sign for the file.
Why didn’t the banks do this? Because they don’t want to grant permanent mortgage modifications in the first place. It is a well-known fact on the inside that mortgage loan servicers make more money by foreclosing on distressed mortgages. So, if you’re an administrator working on your absurd bonus for collecting money for your bank or servicer, what’s the best way to do that?
Set up distressed homeowners for failure, let them pay a few more months into their doomed mortgage, collect a little more moola, and then foreclose on the poor slobs. Lose their submitted documentation, don’t let the mortgage default section of your bank communicate with the foreclosure department so they can foreclose at the same time you’re collecting those ‘trial modification’ payments, whine to the government about the application overload, tell Congress that ‘we made mistakes.’ wait for the smoke to clear, keep doing what you’re doing, give the government ‘SWAT teams’ the Full Monty, obfuscate the ‘call centers’ you ostensibly set up.
Get the idea?
One more thing: You call your county court trustee once a month and make sure your mortgage servicer is not foreclosing behind your back. They’re famous for that, too.
Anything But Foreclosure.
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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 Mortgage Modification Now Please ‘Like’ the video, will you? That makes it easier for others to find.
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Originally posted 2010-01-16 23:43:03. Republished by Blog Post Promoter
