When everyone talks about the great short sale deals I don’t think they have frequented the 21st Century Mortgage area of the business. If this business has gotten any better in some places it’s definitely gotten worse in others. Strange as it may seen we have come across some awkward negotiators but 21st Century...
Foreclosure Postponement
Fannie Mae: Commercial Loan Modifications …not just for Residential Markets!
Fannie Mae is always on the look out, like any servicer, for the best solutions that in the long run lose them the least amount of money. Commercial owners and owners of investment properties rarely see the benefits of these programs. Since October of 2009, a little more than a year ago this date,...
BAC Home Loans Servicing, LP: Bank of America Short Sale Information: Awaiting Valuation
While processing short sales through the Equator system, once known as REOTrans around this time last year, we received a new message notice advising that they were completing the valuation part of the process. This is a relatively new in the sense that it has only been in the past month couple of months that...
MHA:What is the HAMP review? Frequently Asked Questions.
Many different acronyms get thrown around frequently in the business world. The banking world being one of the largest cogs in private sector it is no wonder confronting your mortgage company and getting a clear understanding of what they are trying to say or who you should be dealing with is so crucial. Now...
MHA: Bank of America’s (and just about everyone else’s) spiel for Immanent Default.
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...
MHA/HAMP/HAFA: Harsh rules leaving many homeowners in trouble.
Many times these programs that we deal with for our clients change for the better but there are also certain times that they change for the worse. I guess only adding insult to injury is that fact that it is our own government, supported by our tax dollars, making life just a little bit...
NEWS: Tax Incentives Extended: Thousands of Short Sales saved from Buyers dropping their offers!
Anyone riding the short sale pipeline may have seen many buyers getting antsy as we came to the end of the filing period for tax payers to cash in on those home buying incentives. Well many of those last-minute buyers can wipe the sweat off their brow along with saving a lot of short...
Bank of America: BAC Loan Servicing Imminent Default Terms. Do I need to be behind?
Frequently we get a lot of questions but none as much as the question, “Can I apply for assistance without being behind/delinquent?” Usually this is followed by the fact that they were told by everyone they know that they should stop making payments if they want to find any assistance. We are huge believers...
CalHFA: We don’t need no stinkin’ government programs, Rs r gud!
Needless to say CalHFA’s review of loan modification is weak and at best they don’t even look to see if you have your basic requirements for living are met. Many times you will find that they will go through multiple level’s of management prior to actually making approvals on loan modifications, same goes as well for...
Wachovia: An offer that is too low they will automatically get you kicked out.
Wachovia known for its speedy work outs and it could be because of the streamline guidelines that they put out to begin with. In fact those rules aren’t necessarily that stringent but they do keep the flow of work going. Wachovia’s short sale department uses an automated valuation system and through the use of...