THE HERTZOG BLOG: August 2009

Judge Says "NO" To Loan Modifications!!!

There was an interesting and potentially serious ruling by a Federal Court Judge that could alter the opportunity for lender-servicers to modify mortgages to mitigate foreclosures.  The link below discusses the rendering in some detail and is worth reading.

In essence, the Judge has ruled that mortgager terms cannot be modified without the consent of the investors in a mortgage backed security giving their approval, that the mortgage is a contract that can't be changed.  In addition, he apparently said that the issue was one for the State courts to decide and was not a federal matter.

This could be a very large monkey wrench in the loan mod program, and impact hundreds of thousands of distressed home owners seeking relief.

Click Here to read the article.

Yet another slap in the face to distressed homeowners.  We always encourage our clients to try a loan modification before deciding to conduct a short sale.  Unfortunately, if this ruling holds up, many will not even have the opportunity to stay in their home through a loan modification.

If you or someone you know is facing foreclosure, visit our website to learn about your alternatives.  Better yet, pick up the phone and call me!

Bob Hertzog
Summit Home Consultants

 

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Bob Hertzog

Designated Broker-Summit Home Consultants

http://phoenixhomeseekers.com

           


 

 

Comment balloon 0 commentsBob Hertzog • August 20 2009 07:41PM
Judge Says "NO" To Loan Modifications!!!
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