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Posted in For Sale By Owner, Foreclosure Defense, Seller Financing

We have an open telephone line to brokers, buyers, sellers, and clients in general who may need help with buying or selling real estate or who may need help with mortgage modification. Services we offer: Help to Brokers, Co-Brokering Escrow Setup Lease Option Deals Mortgage Modification Help to Sellers Help to Buyers Cleaning Up Our Drinking Water Making Snohomish County a Better Place Your referrals are welcomed. Sincerely, James Robert Deal , Attorney 425-771-1110 telephone 425-776-8081 fax 3715 196th St SW # 2276 Lynnwood, WA 98036

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Servicers Make More Money By Modifying Than By Foreclosing

Posted in Mortgage Modification

Thanks to Martin Andleman and Mandleman Matters Why Does Ocwen Want to Modify Loans? Answer: Because they profit by doing so.   In case you haven’t noticed, over the last month or so there’s been an ongoing debate of sorts happening on Mandelman Matters as to whether mortgage servicers make more money modifying loans… or foreclosing. It’s the same debate that’s been going on informally all over the country since 2009, when everyone was trying to explain what the Sam Hill was going on with servicers who at the time, seemed to be doing everything but modifying loans. And, if you remember, I’ve been saying that servicers cannot possibly be making more money by foreclosing today… perhaps they did to a point, but not for a long time now.  Late fees are great… to a point.  Once everyone’s late,...

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$157,105 Wells Fargo Principal Reduction

Posted in Mortgage Modification, Principal Reduction

JS is a hard working taxi driver. He came to us after a financial hardship, including a divorce. Ocwen is his servicer, however, the important fact is that Wells Fargo is the investor, the owner of his mortgage. Wells Fargo gives principal reductions because it was nailed in the recent robo-signing scandal. In this case JS is getting a principal reduction of $52,368.51 per year for three years, for a total of $157,105.53. Further, there is a principal and interest forbearance of $40,600, which means that this amount of his loan will bear no interest and require no payments for 34 years. His payment dropped from $1,936.28 to $1,074.41. Yes, JS is a happy taxi driver. See this modification by clicking on this...

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You Get What You Pay For

Posted in Modification is the Practice of Law, Mortgage Modification

Virtually all of my modification clients tried it on their own and were turned down. Servicers will turn a borrower down and not tell them why. There are many tricks and techniques which we have learned with are not commonly known. It is to the advantage of servicers for modification to fail. Servicers get paid more if there is a foreclosure, while the home owner and the investor are the losers. Yes, many borrowers do succeed with their modifications, however, many just get the run around. The non-attorneys have for the most part been put out of the modification business because they cannot charge up-front fees, and that is good. Modifying a mortgage is the practice of law. Non-attorneys should never have been doing modifications in the first place. If you hire an attorney, it should be an in-state...

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Modification Guidelines

Posted in Bankruptcy, Foreclosure, Mortgage Modification, Principal Reduction

Read the Hamp Handbook here. It will answer a lot of questions. Lenders may but are not required to reduce principal balances in a modification down to 115% of the principal balance owing. Lenders may not foreclose on a borrower who is in the process of modification until after the borrower is declined and other options have been considered. A borrower in bankruptcy may proceed with a modification. Unemployed borrowers can have up to six months of reduced payments will seeking new employment. There are many other points these guidelines clarify....

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