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 this they hope to start servicing their EMC portfolio in order to...
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 going to be some major changes in the phone...
Chase, like many companies in its pursuit for improving how it does business, attempted to make some changes to Loss Mitigation Workout line up. Traditionally speaking the process goes from having a simple document collector and negotiator structure to trying to break down the whole system to a Multiple Stage Process (opener, negotiator, closer,...
Chase is seemingly not hurting these days as the recovery department is on a set course to collect a minimum of 70% for a full release of the deficiency balance to be released. Now to anyone paying 70K on a 100K debt is a savings of 30K (which by the way the IRS does...
Frequently our clients are concerned about approaching Bank of America to complete their immanent default interview, which happens prior to their falling behind, because they don’t know what to expect. It is important to know is that if you do not answer yes to all the questions you will not qualify for the loan modification process and...
Similar to the Indymac non-owner occupied or investment loan modifications are rare at most lenders unless you know the right people. Well at Chase this is no exception. Chase has adopted many of it’s own practices from the new current HAMP/Government program. These modifications are actually completed under Chase’s slightly adjust guidelines but has...
Recently GSE Fannie Mae rolled out new guidelines guiding the servicers on how to manage its portfolio. Stating that it wants its borrowers, if they are in an active foreclosure and if they have a sale date within 14 days, the only acceptable remedy to stop foreclosure is to fully reinstate the defaulted loan. Until further...
We’ve been dealing directly with loss mitigation for just about a decade now. With direct stories coming from our experiences on the front lines we have seen that Chase, specifically confirmed with the Washington Mutual twice, we were advised that money needed to be paid to second non-attached loans. In many cases these were...
******SIGN UP FORM AT THE BOTTOM****** Washington Mutual has been reducing commissions past to point of acceptability. It is time that we bring this up to upper management and show them we mean business. We know thousands of you who visit here sometimes on the daily know where we are coming from. For those...
Recently a homeowner on an active loan modification plan was foreclosed on even though they were making their payments according to their arrangement. As these types of issues become more common place we feel that this is the reason why it is important to work with the right team of individuals to represent the...