This blog researches the convoluted and mis-reported distressed mortgage industry.
As of June 2010, the only efficient way to negotiate your mortgage modification is to get the REST Report. The REST Report uses the same software your lender uses to calculate the NPV of your home and decide whether to modify, short sale, or foreclose.
The most current information can be found on the Do-it-Yourself link below.
If you are currently dealing with your lender or a HUD counselor, Come back when you see the light. This is the real answer.
New FHA Home Affordable Loan Modification program
Great news for previously ignored FHA mortgage borrowers. Though, you knew the line was long before........
Read MoreFairly accurate, if disconnected Mortgage Modification article
Ilyce Glink published an easy to read, if disconnected article on getting a mortgage loan modification negotiated successfully. She starts out with a sample letter received from a subscriber. I get the indication it's representative of many, many letters. It almost spells out the path to success. "I have heard that people who [...]
Read MoreMortgage Modification or Short Sale statistics; in the end, only your home matters
It begs for comment from someone who actually provides mortgage modification and short sales services, however. For someone who regularly speaks to these distressed homeowners, there is an inside story that begs to be told.
Read MoreBanks get away with losing their homework again
Banks who participate in the HAMP (Home Affordable Mortgage Program) are supposedly not allowed to foreclose on a distressed homeowner who is negotiating a mortgage modification. Turns out that expectation is voluntary. Turning in my homework was always voluntary too. Wasn’t yours?
US Treasury admits HAMP effectiveness is a mirage
Several weeks ago I watched Treasury Secretary Geithner dodge questions about the mortgage modification mess that is HAMP (Home Affordable Mortgage Plan). The week before I watched as Press Secretary Robert Gibbs do the same thing. It is that the mortgage modification law exists, but the federal government, and Cobgress, are going to do nothing to enforce it. Yjis past week it was made clear that the nation’s Judicial Branch was moving to pick up the slack.
US District Court Judge rules that negotiating a Mortgage Modification is mandatory
Once again, Mandelman writes about the little guy beating the bank into a mortgage modification. The legalese will kill the avrage homeowner, but the effect is stunning. Get the REST Report, prove submission of your supporting documents, and you can do your own mortgage modification. The subject in the article did, is doing, just that. Judges are progressively recognizing that the REST Report, in addition to a complete mortgage modification file, is proof in a foreclosure defense.
