Principal Reduction Alternative applications for Underwater FHA mortgages start today
A year and a half after the unveiling of Home Affordable Mortgage Plan (HAMP) and the federal government finally reacted to the significant number of underwater mortgages (distressed mortgages worth less than the unpaid balance). It is referred to as the Principal Reduction Alternative (PRA) aspect of that same Home Affordable Mortgage Plan legislation.
New York finally holds banks accountable for Good Faith Mortgage Modification Negotiations
It took two and a half years, but finally, New York has taken steps to hold banks and mortgage servicers accountable for their negotiating mortgage modifications in good faith. Lenders and servicers have avoided distressed mortgage owners since the mortgage meltdown at the end of the Bush presidency. Just in the last few months, a few bank administrators have even been caught admitting to this obvious lack of good faith. (Please see the first video on this blog home page.)
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.
Two common mistakes to avoid in a real estate short sale
Briefly, an experienced investor will skillfully negotiate the deficiency on your mortgage. A deficiency is the difference between your current mortgage balance and a realistic market selling price for that property. No realtor can have the experience at negotiating your deficiency like the negotiator we use, experinced since 1994.
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.
When Short Sale Fraud isn’t
Media posts on short sale fraud seem to be getting more popular as the mortgage crisis moves on. The problem is that explanations of that fraud and avoiding being a victim, seem to make the explanation even less evident.
Bank may foreclose while considering Short Sale
Fox 31 TV in Denver Colorado spotlights exactly why a distressed homeowner needs an investor to buy and negotiate the deficiency on a short sale of their property. Without professional assistance, a distressed homeowner is at the mercy of their lender. If the bank calculates that they’ll make more money (or lose less) they’ll foreclose, period. An experienced investor can make a cash offer for the property and keep the lender from foreclosing just because that’s what they want. In layman’s terms, an experienced short sale negotiator can talk some sense into the short sighted lender.
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.
The REST Report and a strategy to do your own Mortgage Modification evaluation
Mandelman has finally recommended a software program that prequalifies a distressed mortgage owner for a federal HAMP mortgage modification. The solution is called the REST Report.
The banks caused this mortgage crisis; give up your guilt
One more time, any reader that wants to delve into the causes of this current housing mortgage crisis needs to read my man Mandelman. Mandelman is an encyclodedia of information on the mortgage mess. I Cliff Note his latest article here because I’m all about solutions.
