Re: More news on loan mods

Posted by cmc on January 05, 2009 at 06:46:03:

In Reply to: More news on loan mods posted by steele in minnesota on December 29, 2008 at 06:52:31:

In referenc to Loan Mods: I just found something interesting yesterday.

For those mortgages that were sold as Asset-Backed Certificates, people need to read the prospectus. It will most likely state in the Pooling and Servicing Agreement that the servicer is "NOT" allowed to Mod the mortgages. So when it comes to a case like that, guess what??? There is no Mod. Do you know how many of these mortgages are Asset-Backed Certificates???

Another thing, The game starts out like this. You will never know if you have one of those mortgages due to the fact they do not record an Assignment of Mortgage until they file a Lis Pendens. Take it from me.

So when these servicers are asking for banking statements, letters, and anything else they can waste your time with. They know that they can't even help you. Why do you think they don't return your calls after you have given them everything they needed. Because they have run out of things to ask for. So now you will just sit back and wait and see what comes first. The loan mod or foreclosure papers.

There are too,too many mortgages out there like this. This is the reason this country is in this boat.

If anyone thinks I'm wrong let me know.....

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