Automated Valuation Model and calculation of Net Present Value in a Mortgage Modification
The Rest Report calculates the Net Present Value of a distressed mortgage and it’s underlying value. One half of this calculation is the AVM, or Automated Valuation Model. The Rest Report pulls the current value of your property from a variety of online sources.
Protect against your bank sandbagging you in your Mortgage Modification
Perhaps sandbagging distressed mortgage owners is exactly what the lenders had in mind. We’re now reading countless media posts about distressed homeowners giving up on mortgage modification negotiations because the banks wait months, approaching years, to meaningfully negotiate mortgage modification. We’re guessing the banks figure that the stress of unknown mortgage payments is greater on the beleaguered homeowner than the banks themselves. Wear ‘em down and they’ll give up.
A Different Perspective on Banks reluctance to Mortgage Modification
The final article about the mortgage modification mess reports on the bank’s part in not assisting distressed mortgage owners in mortgage modification. This article in “The Street” finally approaches the real cause. The fact that the author found a mortgage modification company still in business is remarkable by itself.
The REST Report would have mitigated this mortgage modification disaster
An article today in The Street illustrates several current trends in the trials and tribulations of getting a mortgage modification. The family profiled here has been pursuing a mortgage modification for 18 months or so, with no success. This article illustrates without stating the main conclusion any other distressed mortgage owner needs to undertand. For the foreseeable future, you need to pursue your own mortgage modification without any professional assistance. No professional mortgage modification firm, attorney or not, will, nor should they, engage in assisting any distressed homeowner with a mortgage modification.
REST Report more crucial than ever given Principal Reduction Alternative in the new HAMP
The latest version of HAMP, or the Home Affordable Mortgage Plan, has accomodations for underwater mortgages to have principal reduction accounted for. As Mandelman states, where was it a year ago? As one reads through the details it is even more crucial that the distressed mortgage owner get the REST Report as an indispensable part of their mortgage modification application.
Mortgage Modification Misinformation in my local Newspaper
My local newspaper published an article today about the mortgage modification mess. It seems the spectre of mortgage modification scams is here in Mesa County, Colorado also. The publication today is one more indication of our community’s history of being a six to nine month lagging economoc indicator. The author makes the same mistake that every other reporter makes in reporting on this mess: taking the word of ineffectual HUD counselors and realtors that aren’t fully informed.
When applying for a Mortgage Modification, you need the REST Report
Once again, this week I read yet another story on the internet about another family caught in the mortgage modification morass. It is a tired, old story on the internet, but weekly, somewhere, a local newspaper drags out another distressed mortgage owner caught in distressed mortgage never never land.
Federal Reserve and Federal Treasury don’t care about your Distressed Mortgage
Mandelman’s blog post today concerns the headline from last April that the Federal Reserve Bank made $47.4 billion by helping the distressed mortgage market in the country. Great for them, huh? Most of the article goes past me. I don’t know enough about macro-economics to digest the whole article. Mandelman is a trusted source on [...]
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.
The REST Report and a Do It Yourself Mortgage Modification or Short Sale
Readers of this blog (and others that deal with the current mortgage modification process) the past two weeks should have noticed that the mortgage modification process has been an even bigger mess for a month or so now. After a week of research, here is the next solution.
