LOAN MODIFICATION
The private sector modification arena is now a hot spot with regulators. Basically, the focus is on eliminating the private sector arena all together. This does raise an important question—why?
No prudent or diligent studies were done to present a solution that would ensure that the home-owner is protected while working with a private sector modification firm. The home-owner is simply told that all private sector firms will steal your money—and that the home-owner’s Lender will absolutely ensure that the very best modified terms are presented.
The Lender may very well take care of the home-owner. However, the fact that bothers is why the home-owner has access to all sorts of avenues to report a private sector modification firm that does not perform, but there are absolutely no instructions of what to do when a Lender does not perform? Even the playing field would be nice.
Continue to pursue assisting home-owners with a modification. Do it the right way, follow the rules, keep at it. I think you will find home-owners that will become frustrated and seek professional as-assistance to get the job done.
HOME AFFORDABLE MORTGAGE PROGRAM
CASI MOD Loan Modification Software v5.00 now includes HAMP (HOME AFFORDABLE | Obama Mortgage Modification Program) guidelines
Did you know that a non-delinquent home-owner can apply for a mortgage modification?
Note: the Lender cannot solicit a non-delinquent home-owner.
Casi Mod Loan Modification Software has been adjusted to be fully compliant with the HAM program . Mortgage insurance is deducted from the mortgage payment prior to modified payment analysis.
NON GOVERNMENT MODIFICATION PROGRAM
Target Debt Ratio
Design your modification terms by setting your target debt ratio and simply selecting the terms. From the Modification Worksheet, select Mod and then select the program available closest to the debt ratio you are targeting. Upon selection, all applicable terms are automatically set on the Modification Worksheet.
ESCROW ADVANCES
Did you know that under the HAM program, escrow advances are included in the modified mortgage payment calculation?
It affects the 31% gross front-end debt ratio and could offer a lower interest rate.
Escrow advance re-payment is spread over 60 months.
The home-owner does have the option to pay for these advance out-of-pocket prior to the modification trial period beginning.
LENDER FINANCIAL WORKSHEETS
Many Lender have issued specific financial worksheets required to request a mortgage modification. These financial worksheets are available from the Mail center by selecting Print, Email Or Fax next to the heading “package”.
In order to select these financial worksheets, you must have Word 2003 or Word 2007 available (Openoffice is compatible also in many cases).
Most parts of the financial worksheets are pre-populated. However, there are some sections that will require homeowner participation to complete.
NET PRESENT VALUE ANALYZER
See what the Lenders are looking at to determine if a modification or a sale is in their best interest. Change variables to compensate for each individual Lender. You will receive either a ‘pass’ or ‘fail’. Have the facts before contacting the lender to negotiate modification terms on behalf of your homeowner.
TO LEARN MORE
Please visit us at http://www.casimod.com
Email – casimod@casimod.com
Phone 714-420-6148
