There is a disturbing trend in (lack of) loan modifications. Lenders are now maintaining that they cannot modify because the "Investor" does not participate in HAMP, etc. REALLY...the lender received TARP funds and a requirement was that THEY help distressed home owners in exchange. So now they are claiming that they do not own the Note. REALLY again, THEY are the ones foreclosing and not the "investor". BTW, the "investor" is frequently Fannie Mae. So we have a situation in which lenders received TARP money; promised to help deserving homeowners and are now saying that they cannot participate in a federal modification program because an investor owns the Note and the investor is part of the federal government. Is something wrong here?? The banks file affidavits in Court that they own the Notes...when they do not...
Real Property Management of Sarasota & Manatee - Sarasota, FL
Real Property Management of Sarasota & M
You cannot rationally expect a den of thieves steeped in a cesspool of corruption to do ANYTHING in favor of homeowners -- it's a fantasy. --JM
Jan 15, 2011 04:52 PM
Property Management & Sales at REALTY WORKS TEMECULA, CA 92590 (951) 217-6745 - Temecula, CA
Property Management & Sales Experts 951-217-6745
Let me guess,your clients was not accepted into the HAFA program.
My client was denied HAFA on a WellsFargo loan backed by Freddie Mac only because we brought an offer to the table before they would issue the SSA. Go figure.
Jan 15, 2011 05:00 PM
Rainmaker
676,901
676,901
Paddy Deighan MBA JD PhD
Paddy Deighan J.D. Ph.D
Service Areas
Real Estate Resources
Author Bio: Paddy Deighan earned his Juris Doctorate and PhD Paddy consults with taxpayers in regard to tax liens, tax levies, tax levy, offer in compromise, tax debt, tax settlement
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