Using A Revised Appraisal - How The Process Works

FIRST READ THE SECTION
“WHY IT MAKES SENSE”
IN ORDER TO GET THE MAXIMUM BENEFIT FROM THE SECTION BELOW

LOAN MODIFICATION

• Order a Historical Revised Real Estate Appraisal. This appraisal will provide documentation of the actual market value of the residence at the date or time of the mortgage financing in question.
• The appraisal will take 5-7 business days to complete and will be emailed to you.
• Assemble the other parts of your Loan Modification Submittal
• Package and overnight (signature required) the complete package with the Historical Revised Real Estate Appraisal included to both the Lender Loan Modification Department and the Lender Legal Department.
• NOTE: While there is no need to detail the elements of a Loan Modification Package, the importance of inclusion of a hand written Hardship Letter can not be overemphasized. This letter must be composed and written by the borrower. If, for any reason, you have questions about the general areas of content or form of this letter, please contact us.
• Using the leverage of the Historical Revised Real Estate Appraisal and the push-pull relationship between the Lender Loan Modification Department and the Lender Legal Department, counsel asks the Lender for the most favorable terms for their client, including principal reduction.
• Introducing the Historical Revised Real Estate Appraisal which is a factual look back at real value puts the Lender in the uncomfortable position of dealing with their complicity in inflation of value and doing exactly what their guidelines specifically prohibit – knowingly putting a borrower into a loan that they could not afford –
• Rather than dealing with these issues, the Lender is more likely to offer an aggressive Loan Modification in favor of the borrower as well as move the file forward to make sure it is handled in a timely fashion.

FORECLOSURE DEFENSE

• When Lender’s counsel moves for Summary Judgment, introduction of the Historical Revised Real Estate Appraisal causes most Judges to deny most of the time for many obvious reasons including that a higher court review of the irrefutable factual information contained in the appraisal, would most likely cause such an opinion to be overturned.
• Attorneys have used the Historical Revised Real Estate Appraisal in their pleadings to allege collusion, collaboration, civil theft, and fraud in the inducement and common law fraud. The aforementioned can be a springboard for an attorney's affirmative defenses and counterclaim for damages - depending upon the state's rules of civil procedure and the attorney’s experience and creativity.
• In all cases the Historical Revised Real Estate Appraisal is a valuable added tool to achieve favorable resolutions for borrowers.

MEDIATION

• More and more courts in an increasing number of states are requiring mediation in the Foreclosure process
• The Mediation process turns out to be more like a face to face Loan Modification with parties and their counsel in attendance.
• Using the Historical Revised Real Estate Appraisal allows the defense to hint at all the Lender participation in the myriad of issues which indicate the Lender knowingly allowed a borrower to get in to an unworkable, unethical, illegal Loan. In many cases these Loans violated the Lenders own guidelines. In addition, most of the time the Lender had little risk because they generally sold the loans within thirty days.
• By employing this philosophy in mediation, superior results are obtained for the borrower.