I’m fairly confident that I’ve finally addressed the virus issues that have been plaguing my site….for now…..stay tuned on more information.
BOTTOM LINE IS MORTGAGE MODIFICATIONS ARE NOT WORKING….FOR HOMEOWNERS.
MORTGAGE MODIFICATIONS MAY ALSO BE A BACK DOOR TRICK TO CONVINCE HOMEOWNERS TO GIVE AWAY MANY IMPORTANT RIGHTS–BE VERY CAREFUL!
The typical mortgage modification forces the borrower to stipulate to many critical facts….facts that the lenders my never be able to establish if they proceeded with the case in court….if they cannot establish these facts, they cannot get foreclosure. Accordingly, homeowners and advocates should be very careful when signing a modification because they could be sealing their fate in the pending or soon to be filed foreclosure.
Having said that, read an article from today’s Wall Street Journal…apparently $50 billion in federal HAMP modification money has bought us a grand total of 295,000 in modifications…that’s a real bargain!
The Treasury said in a monthly report on the government’s $50 billion Home Affordable Modification Program, or HAMP, that about 1.2 million trial modifications had been started under the plan, and about 281,000 borrowers had washed out by the end of April.