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...
So as if it wasn’t already tough enough to get your mortgage lender on board with your short sale now they are charging you to approve it! Buyers, agents, homeowners, etc. already have enough trouble on a day to day basis processing short sales but now Service Link Loss Mitigation Services a division of...
Fannie Mae in another attempt to tighten its servicing belt has decided to release new servicing procedures that are only going to make it tougher for those homeowners who find themselves in an already tough position. Starting as of this month they have increased their precautionary measures for properties that are hovering dangerously close to...
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...
IndyMac Mortgage Services, a division of One West Bank FSB, has a policy that has to with all forms of income the could be considered either less than stable or not completely permanent. In order to count for a type of income for a loan modification this income must be accountable into the future....
Well as IndyMac doesn’t seem to be doing investor loan modifications unless you know the right people this post, we guess, will really be for those people. As anyone processing or just dealing with the loan modification industry it has changes almost on the daily basis. In the last week it seems that this...
Don’t ask IndyMac about what they are doing for their own loan modifications these days because they don’t know. Prior to the Making Homes Affordable Plan (MHA – Obama Plans) and prior to any talk about the HASP/HAMP programs there were regular loan modifications. Some of these loan modifications consisted of principal capitalization, rate...
IndyMac Mortgage Services, a One West Bank, FSB company, is one of the few lenders that allow the homeowners to call in and verbally authorize the lender to speak to their 3rd parties as opposed to having to submit this in writing. Most lenders allow for a 1 time verbal authorization but in many...
When applying for assistance every lender has different guidelines as to the time it takes to be reviewed and just the same they all have different time frames a borrower must wait prior to reapplying if a decline has been made on their previous workout attempt. When a workout option is declined (repayment plan/loan...
For those just tuning into the mortgage industry welcome to the constant roller coaster of ups and downs with the regulations and procedure changes. IndyMac mortgage servicer being no stranger to this have recently yet again change their foreclosure arrangement policies. If it is because of the One West Bank buy out or the...