Are you eligible?

You know what I mean…

Are you eligible for a loan
modification?

If you’re like me, you have
absolutely no freakin idea!

I mean, what are the government’s
rules anyway regarding HAMP? I
mean if you think you’re having
trouble making your mortgage
payments, then you think you
should be eligible, right?

But like everything in gov’t,
it just doesn’t work that way.
They’ve got all sorts of rules
that get in the way of common
sense and most people just can’t
figure them out. And even if you
are eligible, you probably have
no idea how to even go about
filing out the necessary forms.

Take these numbers for example:

1) Of all people that have set
up trial loan modifications, only
30% have filed the paperwork to
make those loans permanent.

2) Bank of America has to handle
65,000 trial loan mods, and
50,000 of them have given in
inaccurate information.

3) Only 20% of JPMorgan Chase’s
borrowers have filed the right
paperwork and kept up their payments.

You need to realize what these
numbers mean. In the words of
Amherst Securities Group LP’s
Laurie Goodman it means the
loan program is

"destined to fail!"

He said this for a lot of reasons
that get really complicated, like
negative equity, and the fact that
the programs don’t address the
heart of the issue. But for you
and me, the real reason it’s
going downhill is because it
just can’t get to the average
person. Life under these programs
is even more complicated than dealing
with the bank is.

So what’s the solution?

Is there a solution?

….

Of course there is! You just need
to know where to look. So, now that
you know even the experts don’t think
the gov’t has the answers, the right
place to look is to …

SHORT SELLERS!

What’s the fundamental problem? The
trouble is homeowners owe more on their
mortgages than their homes are worth.
So making payments on a losing proposition
is just stupid! The only thing to be
done is to get housing prices
back up to the levels they should be
at. That means getting the right price
for your house and selling it.

Sooner or later, homeowners are going to
realize that the solution to their
problems is to sell at a great price.
So you, a member of the
Short Seller community, need to be
the first one out there to find
those homeowners. Explain to them
that they’re better off not taking
advantage of the government programs.

In the end, they’ll do much better
with you. If you need help, I’m here,
and just comment on my blog to find out
what your fellow short sellers are
saying.

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