People are confused by the lenders lack of willingness to fulfill promises and why they appear sincere and then stall. Modification offers and terms for qualifying these loss leader offers are NOT genuine or even POSSIBLE.
I cannot tell you how many clients have seen leave our effort and forego our strategy and testimony after buying into lenders misrepresentations. These clients have also pursued counsel and were never heard from again. Their lawyers likewise believed they could compel a lender into a modification.
NO ONE CAN OFFER A LOAN MODIFCATION OTHER THAN A LENDER. THE PARTIES YOU’RE SPEAKING TO ARE NOT A LENDER BUT PARTIES REPREPSENTING THE SELLER OF YUR LOAN.
I can only professionally opine and remain steadfast to the primary most damaging argument available to consumers over all other arguments.
ARGUMENT: According to GAAP accounting rule FAS 140 and revised 140-3 under FASB pronouncements you will find a crippling lender reporting requirement. FAS 140 cause the lender as a seller who transfers your loan into a securitization to FOREVER lose all control of the asset.
A sellers lack of adherence to the rules for FAS 140 are undeniable whereby a registrant is required to publish its assets acquired and annual earnings in public records for the year the loan is sold .
Lenders cannot grasp the fact that an accounting rule is enforceable whereby they see the sale provision for reporting as merely an accounting necessity. It’s an accounting requirement that no doubt MANDATES seller adherence solely for derecongnition regardless of the circumstances.
And by that I mean that derecongnition may be the single greatest financial error in US history to have ever occurred.
Witness to Counsel