THE SERVICERS DIRTY LITTLE SECRET IMPEDING THE MORTGAGE MODIFICATION PROCESS

I am livid after reading a story about the servicing companies such as OCWEN, LITTON, SPS, SLS, and almost all of the other lenders.

In order to make my point I will simplify the story but if you are trying to obtain a modification I strongly urge you to read the full M.S.N.B.C article.

The majority of the home mortgages in this country are owned by investors. Funds and individuals purchased shares of mortgage pools and earn interest on their investment through the payment of your mortgage. The Mortgage companies and servicing companies collect your payments on their behalf. So while you are paying say Bank America they are basically collecting the money for some faceless investor's benefit.

The way a servicing company makes money is charging a fee for collecting the payments and or collecting on a defaulting mortgage. These companies are striking it rich in this foreclosure rich environment. They charge servicing and late fees amounting to 6percent of the mortgage payment which they keep for either processing your payment or managing a foreclosure if you fall into default.

If you think about it, when you fall into default all sorts of charges get added to your balance. The servicing company collects this money even if the house ultimately sells for less than the mortgage balance. Can you see why the companies are reluctant to modify your loan.

These companies have set up title companies and real estate management companies in order to profit from the Foreclosure sales and management of the inventory of the investors. This is a scandal and you should not take this sitting down!

At E Mortgage Recovery we are aware of this practice and we tenaciously pursuit a modification on behalf of our customers. We realize that a company will modify a loan that is being vigorously represented for modification and take a home from someone who is powerless, thus reaping the fees and add ons to their bottom line.

We are dedicated to "Saving the American dream one family at a time". Please call to see if you qualify: 610-317-1501 ext 108. The longer yo wait the more fees the service can impose on your mortgage making it harder to modify your loan. Here is the MSNBC :link: http://www.msnbc.msn.com/id/32214198/ns/business-the_new_york_times/page/2/
Contact me at: info@emortgagerecovery.com

ARE THE BANKS AND INVESTORS ADDRESSING THE MORTGAGE CRISIS

Friday, July 24, 2009

I have previsouly written extensively about the rising unemployment rate and its connection to the present enormous mortgage foreclosure crisis. Wake up America, we are in a terrible financial mess and it is getting worse.

For the last six months all you have read about is how the Obama plan and the government were going to ride in like Ronald Regan on a great white steed and rescue you from your mortgage predicament. Nothing could be further from the truth. The default rate on mortgages is shocking and now commercial properties as well as residential properties are defaulting at a alarming rate.

What are the lenders doing in response to this problem. Nothing! The lenders and investors continue to create roadblocks and objections to accepting the loss that has occured and resurrect the existing mortgage portfolio. Time and time again we here the cry of borrower's who can not gt a reasonable response from their lender leaving them on the brink of losing their home.

E Mortgage Recovery recognizes that solving this mess and helping homeowners to stay in their homes is the key to resurrecting the American economy. We strive to serve our customers interests by efficiently and effectively reducing their interest rates and recapitalizing their loans allowing them to once again live in security in their home,. Call me at 610-317-1501 ext 108 for a free consultation to see if you qualify for E Mortgage Recovery's services.