There’s an invisible war being wages on America by lenders that are destroying the American Dream of Home Ownership. Once you understand the causes and impact of the Great American Foreclosure War, you can make help when it’s your home being foreclosed or you lose your home in a short sale.
The first thing to understand is who holds the actual mortgage. Most homeowners are not the company that originally offers the financing. They are sometimes called servicing BankorLenders or Third-party Trust Administration. The true owner of the mortgage is the company that is listed as the owner of the record and holds the actual paperwork. This is the biggest conflict because mortgage companies are the ones that helped create this mess, not the homeowner or the people.
The homeowner truly has no influence over who gets the ownership of the home through foreclosure or a short sale. All they can do is write a letter of love and mercy for their family and send it to the lender. Nothing can be done to the homeowner once the loan is in default. Homeowners are being swindled by banks that have made tons of money with their vain loans. Homeowners are paying for the mistakes and testament of their home mortgage company setting in on them.
Homeowners are looking for someone to come and help them save their homes. It takes just a Hutto to get on the phone and rap sheets and email addresses are useless. Today’s homeowner is facing thousands and thousands of fees from the bank that holds the actual paperwork for their home. Fees of $300 to $1000’s of dollars. These fees were called in the loan documents EMs (Early Mortgage Mitigation Fees) and ARM (Adjustable Rate Mortgage) fees and are also known as the Blame DZA fees.
The first thing a homeowner should do when a mortgage company is demanding fees to do the very same thing that they could do themselves is to ask who the actual owner of the note and mortgage loans are.
Getting on the phone and paying the bank a fax fee for the actual paperwork of the paperwork, will not get you one penny of the fees that the bank has set in their loan agreement.
Talking to the department that is responsible for monitory fees on a mortgage company mortgage is like speaking to the Alexandria of the Bible. They are the easiest people to catch and explain every possible expense and fee in great detail.
Getting on the phone and yelling and screaming at the bank about every little misunderstanding and crisis they could possibly encounter will not get the results you want. It will actually just increase the fees and costs that the bank has to play with. Not to mention that they are busy and it is hard to get to them.
Cleaning up the mess the bank has created, will not get you one penny of the fees or costs the bank has made. They have to maintain the mortgage in order to keep their interest rates and reputation high.
So what is the only thing a homeowner with late payments and a past due payment history can do to salvage their home before they are sent packing?
Try and refinance the home as soon as you can after the house is ready to be listed for sale after closing. Remember the mortgage company has not forgotten about a homeowner that has fallen behind on payments, and the thought of foreclosure goes through the roof.
It is just not financially sound to have a mortgage that is not paid off that is still paying all the bills of the home.
Think about it, the mortgage company has to pay for the home insurance, the mortgage payments, the taxes, the repairs, and the upkeep. If there happens to be a mortgage on your house and it is still being paid, great, but the mortgage company has to eat the difference in between payments.
So what does a homeowner do if they believe they can still make a transition to a home without the additional bills and financial strain?
The best option for a homeowner is a mortgage modification. A mortgage modification is an agreement with a lender on the terms of the mortgage based on the current income of the homeowner. While this may seem like the best option, it is not.
The mortgage company is most often looking out for itself. They want the homeowner to have good credit and make all future payments.
A mortgage modification within your current mortgage is looked at differently than a modified payoff, which would be considered a permanent change.
To qualify for a mortgage modification, the homeowner needs to show the lender that the home is going to be in a better situation for them now and in the future.
If the home is going to be sold in a short sale, a mortgage modification shows the lender that the home has the potential to run in too low in the future, whereas a short sale shows the lender that the home is viable to cover the difference through re-sale.