Ineligible Home Loan Mortgage Modification Borrowers Source Of Low Modification Numbers?
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.
However, this seems to go against all the homeowner’s testimonies in respect to their dealing with the home loan mortgage modification process. There are countless homeowners who are looking for help in their home loan and a home loan modification is one of the best ways in which to lower the monthly mortgage payment due on a home.
The problem seems to be that many homeowners are fighting against lenders who don’t actually want them to move into the permanent phase of the home loan mortgage modification program and there seems to be little that homeowners can do about it.
Many homeowners have turned in paperwork on time, completed at least three months of a trial period, if not more, and are spending hours on the phone seeking help only to walk away from the situation empty-handed.
The home loan modification program is helping people and has the potential to historically be one of the great programs that helped American’s get back on their feet coming off the recession but there seems to be a lack of communication between the banks and the governmental authorities who are pressing them to make more permanent home loan modifications.
If the program is to be a success and lenders wish to keep capital coming in from the homes in their charge, then banks have to move their feet on the home loan modification process or banks are going to be left with endless defaulted mortgages and homes sitting empty.
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[...] Ineligible Home Loan Mortgage Modification Borrowers Source Of Low Modification Numbers? 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. [...]
What else the banks want? They are being paid up to $5,000 by the government for each loan modification. Before they didn’t use the programs because they didn’t have any incentive and now with incentives is not enough!!! I think that homeowners need to make sure that they follow all the rules (StopFreclosure.com) , fill out the official forms and do the follow up as the programs require so the lenders won’t have any excuse to denied the loan modification…
Chase said that 51% of homeowners completed the 3 month trial period but failed to send in the required paperwork. Is it just me or does that really sound crazy. I can’t imagine a home owners would spend months working out a loan mod, spend thousands of dollars on 3 payment, then not get the needed paperwork to the lenders. Whoever thought handling 100’s of thousands of loan mod apps with fax machine is the best systems needs to be drug tested.
I agree with JW. Using fax machines and hard copy papers makes for a seedbed of confusion and error. People associated with our company who have done full service mods agree. It’s why we developed our kit and software. We are currently working out some kinks on our website, but you can get the software there. It’s for homeowners to help themselves put together a loan mod for the bank. The idea is to make it as easy for you as possible, so that you can turn around and hand it to the bank.
http://www.facebook.com/pages/LoanModificationEducation101-Inc/176981227212?ref=ts
http://www.loanmodificationeducation101.com/
Loan Modification via Loan Modification Firm VS Total Mortgage Reset With Homeowner Protection Group
Loan Modification With Loan Modification Firm
•Lenders have mastered the Pretend and Extend game prolonging the outcome for months and months for seemingly no reason
•Any loan modification will almost always be done according to the lenders best interest
•Principal reductions are extremely rare with loan modifications
•Lender will require homeowner to defend and disclose every aspect of their financial life
•Even with a successful modification a majority of homeowners will still be upside down (owe more than properties value)
•The proof of financial hardship is an absolute necessity with any loan modification
•In most cases a loan modification will lower your mortgage payment for the agreed upon fee and nothing more
•If the lender’s workout offer does not truly help the homeowner, the loan modification is all but dead
•Throughout the process to obtain a loan modification the homeowner is at the lender’s mercy
•Modifications typically take 6-8 months or more
•Arrearages may or may not be eliminated (in most cases they are moved to the back of the loan)
Total Mortgage Reset With Homeowner Protection Group
•By law, lenders must respond and work on a resolution within 60-90 days
•The threat of litigation will result in much more favorable outcomes for the homeowner
•HPG guarantees a minimum 10% principal reduction on accepted cases or 100% of fees will be returned
•Lenders are required to defend their business practices; giving the homeowner the upper hand
•HPG negotiates principal balance in such a way so that the overwhelming majority of clients who are currently upside down will have a new loan balance that is equal to or below appraised value
•Financial hardship does not necessarily need to exist
•HPG will negotiate rate, term, and principal balance of the homeowner’s mortgage and in addition (through business partnerships) will address and repair homeowner’s credit, negotiate unsecured debt, help increase the homeowners chances of finding work through career training (if needed), (this is called The Full Circle Package) and much more (including the possibility of claim damage awards paid to the homeowner!) for one flat fee
•If a stale mate is reached HPG’s investors will make a cash offer to the lender to buy out the note, or a qualified member of the attorney network will take the lender to court to prosecute found violations at no additional cost to the homeowner beyond filing fees
•When violations are found, the homeowner is in the position of power
•A majority of HPG’s cases will be resolved in as little as 60-90 days
•Arrearages are completely eliminated in addition to a guaranteed minimum 10% principal reduction
If you would like more info
Please contact Mary D
Email marydhpg@live.com
1-570-992-6630