Mortgage-Mod-Monster

Fairly 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 hire attorneys are getting great results with loan modifications.” Further on, she re-stayes the tired, old advice to call a free HUD counselor. They “may” have other ideas. The fact is: they’re swamped and don’t have any more clout than the homeowners themselves.

I think Ilyce is being forced to dance around the elephant in the room. The sure-fire method to getting a mortgage modification is to contract a US attorney. (Like the two firms I represent.)

Ilyce reports two previously reported facts: “about 9 percent of eligible homeowners have had their loans modified on a temporary basis, and an even tinier percentage have has those temporary loan modifications made permanent.” A cursory glance will explain the totality of the statement; it is that essentially April-June encompasses those trial modifications.

Just now surfacing in the media are reports that many lenders are rescinding those ‘trial modifications,” for no apparent reason. One more reason to hire a US attorney like the ones I represent. With a 97% success rate, they’re not about to let some half-baked lender rescind a modification that was successfully complied with on the part of the homeowner.

Ilyce also dances around another nefarious practice of the lenders: telling them to miss a few payments and call back then. If anyone else said that, they’d be legal chrges filed.

The biggest complaint by the long-suffering would-be modifier is that it takes too many months. The attorneys I represent routinely accomplish mortgage modifications in less than 60 days. Why? because they have the personal phone numbers of the actual “Advocates” that do the underwriting. The lender is not about to release that phone number to the public. They can’t. If the underwriter is on the phone with “civilians,” they’d never get any modifications done.

One last item that Ilyce almost clarifies; negotiating a loan modification and stopping a foreclosure are two separate processes. Any homeowner SHOULD be able to accomplish that also, but they’re taking their homestead’s future in inexperienced hands. A US national attorney will handle that also.

Reading between the lines here, I believe that Ilyce knows most, if not all of this. Ilyce just doesn’t quite have the authority to confront that elephant.

Starting the mortgage loan process today, the distressed homeowner is at the end of a purported 4-million-long line. If you want to the front of the line, come on over here with me.

Read the article here