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 latest...
Mortgage Meltdown.
HAFA: Making homes affordable HAFA Options Pamphlet
The Government’s alphabet soup of mortgage help programs has really set a lot of confusion amongst homeowner’s, agents, and professionals alike with all the programs that they have brought to pass. HAFA, as relatively one of the newer programs, has been met with a large bit of confusion as to the terms to be...
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...
Wachovia: Wells Fargo advising that if a home is in California don’t wait till the last minute.
In a recent conversation with a Wachovia representative we were advised that their rule of thumb for properties in California is to no longer postpone when within 5 business days of a foreclosure sale. They advised that there is a foreclosure law set in the state of California prohibiting them to foreclose if a...
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...
Bank of America: Understanding BAC Loan Servicing LP’s acceptance of Counter Offer Terms
Realtors have told us the better they understand the counter offer process, the more successful they are in closing short sales. The following facts related to the counter offer process are critical to closing short sales in Equator. Fact #1: Your acceptance of the counter offer terms does not mean the transaction is approved...
HAMP: New Changes to Investor Income Valuation, Government reviews and has found clarity.
In an odd turn of events HAMPs guidelines have changed possibly this time for the better. Changes have recently taken place to help try and bring that 18% of successful workouts up a little and this time it’s including Investors. Now before you jump for joy they are not expanding this to include investor...
Bank of America: Stop Faxing Me Your Loan MOD Documents! Email Them.
We should set off the fire works for this one. It’s almost like Bank of America is taking a few steps into the future calling out,”’90′s here we come!” OK. So they are still running 20+ years behind on the times but their catching up. In a bold move Bank of America stopped accepting...
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...
Ocwen: Freddie Mac sets the Matrix Second Mortgages
Recently in conversations with a negotiator in the Freddie Mac department at Ocwen Mortgage we had an in depth conversation leading us to final result of having a full understanding of their break down paid to Jr. Lien holders. Frequently, lenders in specific, have what they call a “Martix”. The Matrix we are referring...