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Register Today for Bank of America Short Sale Webinar
Important changes to loss mitigation process of Bank of America Bank of America real estate professional webinar series is one of the ways they stay better connected with their agent community. The upcoming webinar will provide information that helps you better serve...
CHASE: Short Sale Rule Kills Deals.
Another one bites the dust. Chase now joining the ranks of other large servicers has put a stop to the amount of money allowed to go to second mortgages. Where once they were one of the last that were reasonable, reasonable being based off of the common understanding...
CHASE: As of April the 2nd you better know it all! (Verification Questions)
As of April the 2nd Chase has changed up the verification process once again. At least we have seen this on with EMC (Chase side of the business) and the particular agents we were dealing with work both Washington Mutual loans as well as EMC's portfolio. They are not...
Bank of America: Puts stop to cash out refinances
Bank of America certainly turned some heads last week when it told its retail loan officers nationwide that the lender will halt, for now, originations of cash-out refinancings, citing what it calls a "surge of refinancing activity" and capacity problems. A memo...
What’s the difference?: Chapter 7 v. Chapter 13
Even though many individuals are familiar with bankruptcy in general, few are aware of the differences between a Chapter 7 and a Chapter 13. First, a Chapter 7 bankruptcy is considered a liquidation of assets. A Chapter 13 is a reorganization of debts for an...
Incomplete Bankruptcy Petitions: The Truth Behind Emergency Chapter 13s
Many people call a Chapter 13 filed on the dawn of a foreclosure sale an emergency Chapter 13. However, it would be more accurate to call it an incomplete Chapter 13. An emergency Chapter 13 Bankruptcy is often done in order to stop the sale of a property at the very...
MHA-HUP: Freddie Mac (FHLMC) to give homeowners more time in their homes!
For many the industry isn't getting better at solving their problems. Hopefully, at least for those finding themselves experiencing a long bout with unemployment, they will find a little relief coming from at least one of the GSEs Freddie Mac. In an announcement FHLMC...
New and Improved HARP Program to take affect March 1st
On March 1st Fannie Mae is putting the newly enhanced HARP program also known as REFI PLUS into full swing. This will benefit those Homeowners that are underwater to the point of going past 105% loan to value, they will now be able to refinance with No Loan to value...
SB 458: What can save me from a short sale deficiecny? This does.
Senate Majority Leader Corbett came through for many homeowners in a tight pinch. Those that were worried about completing a short sale while still having a second mortgage that could come after them years later, commonly to what everyone refers to as seeking a...
Fannie Mae: Bank of America’s HAFA program sees major changes… Leaves many homeowners in the lurch and forecloses on those who waited.
As of July 13th 2011 Bank of America received a new guidelines (or in the business it is called a directive) from our old pal Fannie Mae(FNMA). In this new guideline change they are requiring homeowners that look to go through the HAFA program to actually jump through...
EMC: Chase slowly engulfs its prey until they become one and the same!
Starting July 1st Chase continued down their path of their slowest merger ever with EMC (Guinness Book of World Records currently weighing out if they qualify for any records). By Chase opening up their Collections Department and other Loss Mitigation Departments to...
Wells Fargo: Short Sales go through Equator… Well at least for the most part.
Wells Fargo has a long standing reputation to upkeep of being the fuddy duddy of the Loss Mitigation industry. I am sure that if they could convince people to submit their short sale and loan modification packages via the old horse drawn cart they would. Well in an...
Bank of America: Fannie Mae(FNMA) Loans to go through new ringer for HAFA Program Assistance for Homeowners
Would you think that they would let the homeowner's get off easily for that long? Well it seems that Fannie is back at it again. This time at Bank of America with a whole slue of new hoops for the very tax payers keeping their doors open. In this case it seems their...
HSBC to make some major changes to its Mortgage Divisions
In recent history time has shown HSBC to be in the process of consolidating its mortgage divisions. A recent letter sent out to our customers who have a mortgage that is being serviced by HSBC Mortgage Corporation division, in possibly yet another decline in their...
Saxon Mortgage: Going through growing pains…System Upgrade has them down till 5-9-2011
If you've notice lately there there has been a slow down in information getting out to you from Saxon Mortgage it could have to do with some upgrades they are doing. They are currently in the process of porting the old files in to the new system which has only allowed...
PNC Bank: Ordering a Pay Off Statement via 900 number. Strange… Just a little bit.
It is important that while servicing your client's loans with PNC Bank that you understand their Pay Off Statement Request Guidelines. Often when ordering a pay off it is no more than a request by phone but every so often you come across a lender that asks for you to...
Chase: Phone Number Changes (Contact Information Changes)
Chase, one of the mega Goliaths in the mortgage servicing industry is about to start a major renovation on their phone systems. In a conversation the other day with a representative in the Executive Office it was divulged to one of our negotiators that there were...