Heres why in most cases mediation modification is a waste of time except for delaying the sale of your home. To start with a servicer cannot participate in a court mediation because they are NOT the person entitled to enforce or the note owner. If they claim to be a beneficiary and servicer at the same time thats against the law. So think about this, the servicer most likely is paid from insurance claims such as LPMI and PMI insurances they are now discussing something they do not own and will never pay the insurances back once they took your home so if they attempt to discuss a lower amount owed they would be having to answer to the government to access HAMP monies so HELL NO they will state sorry we dont do that or we are not willing to negotiate nothing. At the same time they would be cutting the throats of the reconveyance companies sitting their with their mouths open waiting to profit on your home. Also banks are known to have stake in Reconveyance companies as well. The HAMP is only designed for loans created in full legal full chain of title loans. The LPMI insures only unsecured debt so an insurance company will never come after your home. https://youtube/watch?v=kQgkQVsRMxE
Posted on: Sat, 25 Oct 2014 18:10:07 +0000
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