Vetting the REST Report
The subject of Net Present Value, or NPV has been a hidden aspect of mortgage modifications for a few years now. The Net Present Value is a required calculation in the Home Affordable Mortgage Plan, or HAMP. It is a proprietary calculation to the banks, however. A lender will not reveal that calculation.
A Third Chance to make the Nations Banks Ours
President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act today. It seems to be better known simply as the Financial Reform Bill, and HR 4173 seems a key also. We missed the first two chances. Insist on Elizabeth Warren to have a snowball’s chance this time.
Solid Allegations banks are stalling Mortgage Modifications
The simple fact is that the nartion’s biggest banks have practiced to perfection how to lose files and documentation. Simply put, no one is holding the banks accountable for submitted information.
Better Mortgage Modifications than HAMP
Before the current mortgage crisis, few homeowners had even heard of a mortgage modification. You’d have to be a real estate heavyweight, real real Donald Trump, to know the process existed. Even today, many people believe the Home Affordable Mortgage Plan, or HAMP, is synonymous with mortgage modification. A distressed mortgage owner needs to know that every lender has their own mortgage modification plan, and has since the institution opened for business.
Strategic Default on a Distressed Mortgage is the last ‘Option’
One of the very unpublished aspects of attempting a mortgage modification by the distressed homeowner themselves is the incredible amount of time it takes, if successful at all, to get results on that mortgage modification negotiation. Anyone who has successfully negotiated their own mortgage modification will say that it is a full time job. (See link below)
The Federal Trade Commission wants no more Mortgage Modifications
The Federal Trade Commission, or FTC, is still rattling the threat of imposing restrictions on how and when fees for mortgage modifications can be collected. Basically, the mortgage modification will have to be complete and permanent before any fees can be collected. That will certainly eliminate any legal assistance available to a distressed mortgage owner.
HUD counseling for a Mortgage Modification is a statistical Dead End Street
The dismal failure of HUD counseling in obtaining a mortgage modification is well known in the circle of people who follow the mortgage modification
industry. Sadly, it is not well publicized beyond that circle. One can only speculate as to why that might be. Could it be that the US banking cartel that lobbies the US Congress to distraction might have some influence? Could it be that the US Government is not anxious to reveal what a failure the program is?
FTC forbidding up front mortgage modification fees will ensure the end of beneficial and affordable mortgage modifications
The Federal Trade Commission, or FTC, is nearing the end of their hearings on proposing regulations on how prfessional mortgage modification firms get paid for their service. Mandelman and I both published articles about the misguided direction of the FTC at the start of these hearings. Now, Mandelman writes an even more in-depth criticism of these hearings.
Distressed mortgages and how the banks got us here
My man Mandelman does it yet again. Here is a Cliff Notes version of how we as a nation got into this mess. Anyone who even has a glimmer of blame for the typical mortgage consumer-client should be forced at sharp-stick-point to read this, as he explains clearly himself. The nation’s banks and “Wall Street” got us in this mess. Any distressed mortgage holder once again needs to relieve themselves of any shred of guilt. If you don’t know Mandelman, it’s time you did. I can find no other better informed expert on the internet.
Simultaneous foreclosure and mortgage modification: This could be you
I have represented three highly professional mortgage modification firms for a year. I’ve been writing this blog since last July. Almost daily I read yet another story relating how a bank simultaneously offered a
mortgage modification and foreclosed on the hapless homeowner. Linked below is yet another story.
