Lawmakers Debate Pitfalls of Loan Modification by Louise Hay
Excerpt from the article...
These mortgages are no longer owned by the banks that service them; they are instead owned by numerous investors, and some in the industry think the investors may sue banks that modify mortgages.
“The servicers are telling me they’re not in power at this time,” Representative Brad Sherman, Democrat of California, said. “You have 10 investors, and any one of them can allege from a purely negligence standpoint that the value of the portfolio has not been maximized.”
If you have a loan that needs modification and you read this article you can't help but sweat. As lawmakers begin to dig deep into the Loan Modification world they are realizing very quickly that one size does not fit all. Investors who put up the funds for the mortgages may seek retribution from the banks, the government, etc.
Each loan is it's own specific legal agreement that needs to be dealt with on a case by case basis. I am bombarded with advertising on the radio of companies trying to pick up the Loan Modification Leads and then selling them back to the Real Estate professionals that are now doing loan modifications. Weird Huh! They made money selling you the loan, now they make money negotiating the loan.
When I read this article it reinforces what this blog is about. Get someone to represent you in the negotiation process. An attorney that can look at your specific situation and access the damage and a next step for you. You have the right to have someone on your team.
The lawmakers are trying to be fair and the reality is that while they unravel the legal issues there are people going further into debt and losing their homes.
ACT NOW! We would like to help.
Corey Goldstein founder of FixMyReport.com
An Expert on credit and commercial financing for investors, builders and developers. FixMyReport.com can assist you in finding the best solution regarding Loan Modification and more. Extraordinary solutions for unique clients. He can be reached via email by clicking here or call him directly at 858-270-0251.
An Expert on credit and commercial financing for investors, builders and developers. FixMyReport.com can assist you in finding the best solution regarding Loan Modification and more. Extraordinary solutions for unique clients. He can be reached via email by clicking here or call him directly at 858-270-0251. 
Very good article. This aligns with the argument that I have had for some time now regarding the loan modification
process, I agree that the investors especially in the sub prime pools had a reasonable expectation of return, so although in a foreclosure there would be total loss who now assumes liability for the loss from the negotiation?
Posted by: Richard Schulz | 11/13/2008 at 03:40 PM