A recent post from a previous blog, An Open Letter to Countrywide

David - I have not met one lender that was willing to work with homeowners as the current media bull trys to get out there.  All you here is "Call your lender" - "they'd love to work something out" - that is hogwash IMO.  I have not come across one that is willing to "work with a homeowner".

There are a few loan servicers who will voluntarily workout certain non performing loans at terms which favor the distressed borrower,  but they are the exception to the rule.

Another rule, "A lender will only do what is in its own, self financial interest."

That's one reason why I've developed a "cramdown" loan modification procedule which can be used to compel lenders to more quickly embrace workout proposals which include preforeclosure short sale, short payoff refinance, or cramdown loan modification. The "cramdown" seeks concessions on par with HOPE FOR Homeowners program.  The basis for "leverage" is the identification of predatory lending practices, and or material violations to state of federal lending law.

I am working with individual homeowners, realtors, mortgage brokers, and other non profit organizations who need to implement successful loss mitigation advocacy.

More INFO on SPOCH's consumer advocacy