Who really believes the mortgage modification failure is the fault of the distressed homeowner?
A reader that doesn’t have a distressed mortgage might swallow the complete fallacy of the first paragraph of this article, but I’m guessing there’s not more than 100 of the estimated 650,000 mortgage modification applicants under the Home Affordable Mortgage Plan (HAMP) that believe this garbage.
“Many have stated that the source for the low numbers from top lenders in the home loan modification program lies with ineligible borrowers and the program is running as it should, yet the homeowners are the source of trouble when it comes to passing from the trial period to a permanent modification.”
The proven data show that the nation’s largest lenders have used every conceivable tactic to delay and refuse beneficial, affordable mortgage modifications. If a distressed homeowner is unfortunate enough to take those same lender’s advice and call them for assistance, they are stalled, documents are lost, they’re told to miss some monthly payments. Then, if they somehow actually get a ‘trial modification,’ they risk having the rug yanked out from underneath them and the final modification denied; even when they’ve complied with all requirements.
There is no excuse for a ‘trial modification.’ If the lenders were up-front and requested all of the required documents to begin with, (all the same stuff required for the original mortgage application plus the hardship letter) there wouldn’t be any necessity for this treachery.
If any lender were this careless with supporting documentation, how long would they be in business anyway?
The third paragraph here actually slides over the truth, althoufh so incredibly understated as to be sickly humorous. This ought to be the opening line in an Edgar Allen Poe novel.
The truth here is that the law exists to benefit distressed, qualified homeowners. But the chances of getting an affordable, beneficial mortgage modification is statistically limited to assistance by a national attorney like the ones I represent.
Please understand that the application and qualification process for a mortgage modification and a short sale are increasingly identical. If the reader has a distressed mortgage, one phone call or email will straighten out your information and financial path. The U. S. Dept. of Justice is increasingly taking the lead in standardizing distressed homeowner assistance. I will get you to the front of the line.
Read it here
