Blog

Tuesday, February 3, 2015

Mortgage Problems - Should You Trust Your Lender or Loan Servicer?

In this video, attorney Jason McGrath discusses whether it is wise to rely on information from or promises made to you by your lender or loan servicer to help avoid foreclosure and resolve your delinquent mortgage.

https://youtu.be/MCKj4fmAyXk




Mortgage Loan Loss Mitigation Application - Financial Ratios – Be Careful

In this video, attorney Jason McGrath, who handles many mortgage dispute and foreclosure matters, discusses an important loss mitigation issue. Persons filling out their mortgage loan loss mitigation applications need to be very aware that the financials they are listing may make or break their chances of obtaining a modification, and need to know what ratios matter most and what the banks / loan servicers / government is looking for.

These applications are referred to by various names, such as the “Request for Modification and Affidavit” (“RMA”), the “710 Form”, and the “Uniform Borrower Assistance Form”. Regardless of what it’s called, or even if the information is being provided verbally, gross monthly income (“GMI”) and the total monthly expenses (“TME”) have to be provided accurately but also with an understanding of what can, and what should, be included and excluded. If you think the loan servicer is going to advise you properly on this, or if you think it’s a no-brainer, you’re almost definitely wrong. Also, did you know that it may not only be the borrower’s income which can be considered…?

https://youtu.be/Jkp048OTBnc