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 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...
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...
We here at MLReport know how important it is to find the information that you need when trying to deal with the mortgage servicing industry. When it comes to mortgage lenders it is not ever surprising to get a new number just about every time you call to some new department that disconnects you after a 45 minute...
Anyone dealing with WaMu in the last 6 months at least has been dealing with a crippled, defunct, unorganized company left over of a time that has now passed and possibly will never come again. Lending for the last couple of years has run-a-muck and it is time to pay the piper. Washington Mutual...
Most lenders have a habit of waiting for the last minute to take care of anything important. Well, Chase is no exception to the rule. Chase will wait to as late in the game as possible prior to postponing the foreclosure sale. Well the issue is not so much that they end up waiting...
The Non-Assets Department over at Washington Mutual seems to be playing by its own rules but it seems that they are striking pay dirt in one more area. This time they are operating in an area that many others don’t and that is on modifications being completed to non-delinquent homeowners. Even with the HAMP...
Washington Mutuals Assets Department, since around June, has not been allowing for verbal authorizations to be given to third parties by the homeowners over the phone. Basically, for those who don’t know, when it is necessary for a lender to speak to a third party, this would be someone who is not the borrower/debtor/homeowner,...