Mortgage modification whether through Making Home Affordable program or directly with the bank is ineffective, tardy, and often completely frustrating.
The government program "HAMP" was designed to adjust interest rates to bring mortgage payments, including taxes and insurance, down to 31% of one's gross monthly income.
It does not adjust principal unless an interest rate of 1-2% will not get you to 31%. Frankly, most people receive little or nothing with this program.
Now, you may have heard of violations under RESPA, the Real Estate Settlement Procedures Acts that governs the disclosure, procedures, TILA, truth in lending and other procedures followed by banks. Violations under this have little sway with banks. The fines for violations are minimal to banks. And so is a forensic audit that may uncover this violations.
On the other hand, you probably heard of the term "mortgage backed securities", or the securitization of mortgage notes. Well, here is where banks made huge mistakes. When a professional securitization auditor looks into who actually owns the notes, and often that's not the servicing company, nor the company that first issued the mortgage, the results are very revealing. Our auditors uncovers errors made by banks. Understand some of the details, which are more than will be defined in this blog. However, view the You Tube videos at http://hbn.cc
For more information on these business model, ask Keith Cameron for a review. 306-933-2046 or contact me on Skype - ediscover
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