Mortgage Modifications Are Still Not Working.
Living in Southwest Florida is never dull. Now, despite having beautiful weather and beaches, we are dealing with real economic issues which will determine the future paths taken by resident and business owners in Southwest Florida. Many business owners are closing their doors because of cash flow. Residents are feeling the pinch at the pump and in the grocery stores. Many people are opting to stay at home for dinner, rather than drive and then pay for that luxury. Of course, it is not that bad yet, but I can see it coming on the horizon. When people cannot afford to fill up their gas tanks, how are they going to go out and eat. Naturally, the next logical question is: How can they pay mortgage payments on a home if they cannot afford to fill up their tanks.
I am in the process of writing a series of articles for the mortgage law network blog. In these articles, I am attempting to point out to the frustrated homeowners why the mortgage companies are reluctant to modify their mortgages. In simple terms: The mortgage companies have their own agendas for modifying mortgages and their agenda may not fit your own. Likewise, there may be other players in the mix that have a separate agenda which needs to be considered before a modification may be recommended. Remember, there are no two mortgage modifications that are alike. Each one will have elements unique to the individual transaction.
In a nutshell, the players in a mortgage modification can be:
1. Borrower/Homeowner
2. Lender - Could be a local bank or a Securitized Trust
3. Mortgage Servicer for a Securitized Trust
4. Mortgage Insurance Company
5. Second Mortgages
After looking at the potential players, ask yourself this question: Do all of these organizations really want me to save this home? If you can come up with reasons for them all putting their heads together to help you save the home, you are on your way to a modification.
Carmen Dellutri, Esq. is a Board Certified Consumer Bankruptcy Attorney, and he is the founder of The Dellutri Law Group, P.A. He is also one of the founding members of the Bankruptcy Law Network, Mortgage Law Network, Debt Law Network, and the Credit Law Network. Mr. Dellutri sits on the Board of Directors of the American Board of Certification for Certified Attorneys.
