Home Loan Modification Denied ? How to Stop Home Foreclosure With A Forensic Audit
Loan modifications are when your loan is renegotiated to fit your current financial situation. However, banks do not have an incentive to modify your loans (mortgages) and will give you the run around. This is my opinion. Banks would just love to liquidate all of the homes in foreclosure now instead of waiting for the market to drop more.
Benefits To A Mortgage Loan Modification
- Lower monthly payments
- Lower interest rates
- Secure home
- Save/repair credit
- Remain in your home
The banks seem to be taking their sweet time hoping the home owner will suffer enough and just give up. It’s a shame but we are just numbers to the financial institutions. Now after taking billions of dollars of government money the banks still are not helping homeowners aggressively save their homes. Haven’t we paid them enough fees? (Ok, I’m just ranting now.)
Loss mitigation department in the bank has not been a popular position in the mid 2000’s. But as the foreclosures increased over the years the time period has changed in which the bank can effectively do mortgage modifications.
At one time the turn-around for a loan to be modified was around 30 days! Now after the nation has been in a financial crisis due to subprime loans and job loss this time has extended to over 18 months and sometime around 2 years.
Between the banks dragging their feet and the many people in danger of loosing their homes it’s no wonder the rental business is booming! Home owner have to move out of their own home’s and rent it just to afford to keep it.
Banks Incentive To Give You Your Mortgage Modification
Sorry I can’t think of one good reason why a bank will want to give you your loan modification. But I can think of reasons why they benefit for not giving you one. Firstly we can’t even imagine what it would cost them to correct the financial ruin they cost from predatory lending in the first place.
I don’t really believe the banks will take the massive loss in finances by helping keep hard working people and families in their home. How can regular people really begin to fight against multibillion dollar financial institutions that have people that are trained to give you the royal run around?
You may never really know if they even tried to modify your mortgage terms. My guess is not. Especially if the banks analysis (net present value) on your home shows they can make more money if they foreclose on your home now and sell it for more money versus selling it later for less. Yes, the banks analysis everything! Secondly the banks are selling mortgage notes at a fraction of the price of what is owed.
How many notices have you have since you owned your home stating a new payee? But guess what your note is insured for the full amount, so the banks still win. Numbers are what runs the world and our lives. Can you now see why more banks are foreclosing on homes and not getting to that modification?
Try telling your bank you are hiring a third party to help. They will tell you , you can’t . They will tell you they will help for free. (Good luck with that.)
Denied A Loan Modification? 3 Steps To A Modified Loan
If your loan was originated between 2003-2008 it may be securitized. 95% of these loan have issues that may cause you hardship and legally force the bank to lower or forgive your mortgage loan.
- Get free document review
- Let modification analysis give you a strategy in your free consultation.
Why Some People Get Their Mortgage Modified In Less Time
They are not really getting a modification they are getting a compromise from the bank. Of course it’s who you know and your resources to pay them.
Banks work by numbers and you have to fight them with numbers and by speaking their language. Homeowners have resorted to hiring 3rd party representatives to deals with their lenders. This can be costly and you have to be careful of predators. It is best to use the help that ends with .gov although many have falling short by only being pacified for a short while just to loose their home later.
Many attorneys are now working with forensic loan audits and securitization audits to force the banks to give you new terms to keep your home. These reports expose the banks unethical behavior and can justify a lawsuit against them. Of course now the person that has these tools will experience a faster and more pleasant negotiation with the lender. The homeowner now has a home loan modification, affordable payments and ease of mind. This is called an “Offense Against Your Lender”. You can get more information and a free document report .
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