What You Need to Know About Successful Mortgage Loan Modifications That Crazy Activist Types Don’t Know
Why? It’s extremely unlikely that you’re not going to score a debt-free house in your foreclosure. Even if you win, your lender will keep coming after you. Especially, if you are in a judicial foreclosure state.
The odds are 1:5 that a judge will throw out your foreclosure with a dismissal with prejudice. That is if you have a lawyer who knows what he or she is doing.
Your chances of scoring a free house are 1:150 if you are following the gobbledegook from Neil Garfield’s Living Lies website. Garfield has no experience in mortgage lending nor is he a “Wall Street Insider” like he claims. Finance journalists on Wall Street hadn’t heard of him until he began doing his version of Brother Love’s Traveling Salvation Show. Yes, he is a lawyer. However, prior to jumping on the foreclosure bandwagon, Garfield was a single practitioner doing wills and trusts for little old ladies in the Florida panhandle.
You’re Not Ben Matlock Or Perry Mason. Take The Mortgage Loan Modification And Stay In Your Home!
Why? The legal system is designed for lawyers by lawyers.
Pro-Se litigants don’t know court procedure and they don’t know court rules. Plus, the judge hearing the case doesn’t have the time or the patience to listen to the moronic conspiracy theories and innuendos of people who want to play Ben Matlock or Perry Mason.
So, get your head out of the land of rainbows and lollipops and negotiate. Keep your house. Remember, homeownership in America is a privilege. It’s not a birthright!
What Are Mortgage Loan Modifications?
However, there is one key difference. Refinancing entails replacing your loan with a new mortgage. Whereas, a mortgage loan modification only changes the terms of your existing loan.
A mortgage loan modification could mean extending the length of your term or lowering your interest rate. The modification could also chang a variable interest rate to a fixed-rate loan. The terms of your modification depend on what you can negotiate with your lender.
Who Qualifies For A Mortgage Loan Modifications
Normally, not everyone can qualify for a loan modification. Usually, a mortgage servicer will claim you must be 90+ days behind and the house must your primary residence. Mortgage servicers will claim you must show you have incurred a hardship.
These criteria help. However, there are other criteria that will get you kickass terms on a mortgage loan modification. Namely, if there are legitimate questions of legal standing or if they can’t validate the debt.
Sorry, but problems in the mortgage securitization process are no longer considered affirmative defenses or a strong enough argument for lack of standing. The same goes with arguments about robo-signing. Alleging robo-signing is not an affirmative defense. So, unless you can prove a person’s signature is forged, don’t bring it up. Proof as an affidavit or a deposition saying he or she didn’t sign it or that the person doesn’t exist as in the case with Linda Green.
Validation Of The Debt
A lender must be able to validate the dollar amount of the mortgage debt they claim you owe. If they can’t show complete transaction history and can’t prove their numbers, you can use this to argue for a principal write-down or to have any unpaid interest taken off the negotiation table.
Lenders and foreclosure mill attorneys fear forensic CPAs. Especially, former FBI agents like MFI-Miami uses. Our forensic accountants testify for the government in drug trafficking and money laundering cases.
Successful Mortgage Loan Modifications Take Knowing How To Get Them Done
It takes more than strong-arming a lender to get a successful mortgage loan modification. You also must know how to properly submit the modification package and get into the hands of the right people.
You have to properly stack the file with the application, all your financials and hardship letter. A proper mortgage loan modification submission is also usually 50-200 pages of documents. In other words, just simply submitting a modification letter won’t cut it. Underwriters don’t like playing your mom. They don’t have the time or inclination to play your mom.
This something activist types and Pro-Se litigant types don’t get. So instead of doing it right, they fall victim to their arrogance and do it they’re way. When it blows up in their face, they go on the internet an bitch about mass Illuminati style conspiracies and how they’re victims of a corrupt system.
Underwriters are not going to call you and remind you to submit missing documents. They will just deny your application for a mortgage loan modification. Why? Because they can. They are not required by law to give you a loan modification. It’s up to you to give them an incentive to do so.
In other words, submit all your modification application and supplemental documents all at once. That will increase your chance of getting a loan modification by 50%.