LS in Georgia said: “Saxon Mortgage refuses to cooperate with me. I have attempted to obtain a modification for almost 2 years. I was put on 2 repayment plans. I also made 3 trial payments for HAMP program. Now I am being forced to short sell my home or do a Deed in Lieu. Something or someone has to do something about Saxon Mortgage.”
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One Comment
Frankly, I can’t understand why this whole process seems to be so difficult. It’s general math people. And to top it all off they are all given a program that will do the math for you. They all make it sound so difficult to figure out “31% of your gross monthly income”. If, based on recent financial hardships, your current mortgage payment is HIGHER than 31% – you should qualify for the HAMP. The IRS knows how to add and subtract. Why is it so hard for Mortgage companies to do it. … The problem is that the program isn’t really based on that calculation. It’s based on NPV. (Net Present Value) If you’re loan isn’t NPV positive, you’re more likely to lose your home. Why… it’s more profitable for the investor to sell out of a bad deal than try to adjust it into a more favorable deal. Another thing to consider is the potential that the “investor” wants to get out of the distressed investment(s) and gives the servicer the authority to ‘do what it takes to get out of it’. Thus, we can’t do anything to change the numbers in our favor.