Many people call a Chapter 13 filed on the dawn of a foreclosure sale an emergency Chapter 13. However, it would be more accurate to call it an incomplete Chapter 13. An emergency Chapter 13 Bankruptcy is often done in order to stop the sale of a property at the very last minute. Sometimes, when...
Bank of America in an effort to close more deals has designated a company, Default Servicing LLC., since September to begin contacting homeowners that were pre-qualified for the short sale process. Their new program, shrouded in part due to secrecy of how to qualify, has been initiated and Default Servicing, LLC has begun making...
As the bank’s continue to beef up security it seems there is no lack of measures being put in place. No bank worse than Wells Fargo’s HELOC department. Strangely enough this is not a company-wide rule. In fact the rule doesn’t even extend to any of Wells Fargo’s advocacy groups in the very same...
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...
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...
There have been many problems with the program put out by the Obama administration referred to as MHA or Making Homes Affordable but things may be changing for the better. Frequently, homeowners over the past year have only seen an 18% success rate while companies such as our own would not be able to operate under...
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...
HAFA is not guaranteed as not all lenders will be participating. Investors currently participating in HAMP or the Obama program may continue to participate but it must be understood that many can also back out and choose to no longer participate as these programs are not an obligation and more of a suggestion with...
Absolute Consultant Group (ACG), a leader in Loss Mitigation and Workout Negotiations, is reporting today that they received word from a Bank of America (BAC Home Loan Servicing LP) insider that there will be a new expansion into the Nationwide Homeownership Retention Program (NHRP). Most importantly these enhancements to the Attorney General’s program will be the addition...