Loan Modification

Lies, Damned Lies and Statistics on Mortgage Modifications

By Carmen Dellutri

It seems that every time you turn on the radio or television in Southwest Florida, all you hear is a new advertisement from a mortgage modification company and how many modifications are getting done and how good the banks are doing at saving homes.  If you call the latest scam company, they can help you save your home because they have the knowledge and contacts to get it done.

All I can say is be careful out there?  If you are in the market for a mortgage modification, please seek out a consultation with a qualified attorney that will give you the facts on what is really going on out there.  Thank goodness that lawyers cannot advertise that way.

I say it is all bologna.  Although I don’t know who said it first, Mark Twain helped make the following quote popular in America:  ”Lies, damned lies and statistics”  What we are now hearing from the banks and mortgage companies is all propaganda.  It is the same amount of trash that we are hearing from Wall Street on the markets and the U.S. Government on the economy.  I have never felt less secure in the United States as I do now.  With all of the information that we have access to, I still question the openness of our financial stability.

Wall Street statistics are misleading.  Quite frankly, the numbers do not match up with current prices of stocks.  The only reason I can see that stock prices are so high is because of the amount of cash that is currently out there and needed to be invested somewhere.  However, the statistics show that the market is recovering.  The housing numbers are looking better, I think, based upon whichever statistic that you look at.  Housing is up 7% over last year, when it was down 50%.

Again, don’t take the numbers for granted.  Ask yourself if you would be willing to invest in this market or is housing really up?  When the number of houses sold this month last year was 100 and this year was 107, sure housing is up 7%.  But overall, it is still down 95% from 2005.   Of course, I made these numbers up, but it was to prove a point.

Now, when you hear that mortgage modification are getting done, please ask yourself, is this true or is this more propaganda from the banks, mortgage companies or the government.  Also, if numbers or statistics are being touted, please ask yourself this simple question.  Am I being given all the correct information?  Probably not.

If you are in the market for a mortgage modification, you will need to educate yourself on your mortgage company or bank’s proper procedures and forms, document requests and whatever else they need.  Also, you will need to educate yourself on the specific program that you are applying for.  There is quite a bit of information out there on the internet, so be careful what you read and verify the source.

This post was submitted by Carmen Dellutri, founder of The Dellutri Law Group, P.A.

Related posts:

1. Why Are Mortgage Modifications Still Not Working?
2. Mortgage Modifications – The latest chapter in the “Great Deception”
3. California Foreclosures: Lenders Must Accept Loan Modifications

Full post as published by Mortgage Law Network on November 30, 2009 (boomark / email).