Recently it is becoming more and more apparent that the Loan Modifications are in many cases hurting those that it first set out to help. Specifically the participants of the HAMP Program have found themselves scrutinizing the creators of the program (namely the U.S. Government and the Obama Administration) for leaving a provision in the...
Many of our clients are receiving these days a Hardship Affidavit that seems like it is causing a storm of confusion. Even those in the industry find that they are not exactly sure what it is for. The “Affidavit” pronounced by many as ‘affidavid’ is basically a formal hardship letter to the lender advising...
So, where to start. The Governator is back at it again and this time he’s trying to make some changes before he’s out of office and some of those things are going to impact you. The Governor’s proposal to extend the $10,000 first time home buyer tax credit has been passed by California Legislature which means...
We find that our clients are really frequently asking these days with the HAMP and HAFA programs (Obama Modification Program or Making Homes Affordable Program) the question that seems to be on everyone’s mind and that is what is this 4506t? Traditionally the 4506t is used be loan officers and submitted to mortgage lenders...
In the shopping spree that incited in 2008 with the collapse of the mortgage/lending industry, Bank of America (now operating as BAC Loan Servicing), purchased an asset called Merrill Lynch. Under that umbrella they picked up several subsidiaries of which one of those was known as Wilshire Credit Corporation. In some unusual events IBM at the end...
Obama, after being left with a crippled economy, is trying to manage to keep it afloat with means necessary. This next attempt will have many homeowners staying tuned with their fingers crossed. President Obama‘s corner is throwing out what they hope is their next big solution for stopping this foreclosure epidemic and according Laurie Goodman,...
Bank of America is accustomed to making mistakes but this latest one will be costing many of their short sales to get decline in error. In all the movement of trying to get everyone on the new equator system the lender seems to have lost track of things and has sent many of its...
Millions of homeowners across the United states are getting onto arrangements with their lenders. Many other states may have the same or similar laws here so listen in as this could affect you and your clients. Commonly, in the state of California, the foreclosure process starts with a Notice of Default being filed against...
Our customers who make their mortgage payments online to Wachovia (now part of the Wells Fargo family of owned companies) from time to time find that their account will generally make have some changes made to their file in Wachovia’s online payment system when applying for different types of mortgage workouts. It is not...
While there is no exact answer to this question the average short sale puts in a dent into your FICO around 50-80 Points. As the FICO is influence by many different factors (not all disclosed) the affect of a short sale on someones FICO will vary. While reports state that the highest adjustment recorded...