Senate Majority Leader Corbett came through for many homeowners in a tight pinch. Those that were worried about completing a short sale while still having a second mortgage that could come after them years later, commonly to what everyone refers to as seeking a deficiency, was not a settling thought for many sellers who...
As of July 13th 2011 Bank of America received a new guidelines (or in the business it is called a directive) from our old pal Fannie Mae(FNMA). In this new guideline change they are requiring homeowners that look to go through the HAFA program to actually jump through several new hoops. One of those...
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...
It is important that while servicing your client’s loans with PNC Bank that you understand their Pay Off Statement Request Guidelines. Often when ordering a pay off it is no more than a request by phone but every so often you come across a lender that asks for you to request it in writing....
Aurora Loan Services – Needs specific agents name on letter of authorization – this started at the begining of OCT Aurora Loan Services or Aurora Bank, FSB, formerly of Lehman Brother has enacted new guidelines for its authorizations and what is the expected to be found on them. As of 30 days ago the...
Chase, like many companies in its pursuit for improving how it does business, attempted to make some changes to Loss Mitigation Workout line up. Traditionally speaking the process goes from having a simple document collector and negotiator structure to trying to break down the whole system to a Multiple Stage Process (opener, negotiator, closer,...
BAC Home Loans Servicing, LP., or Bank of America, wants you to know what all those auto responders mean. In a recent email sent out on August 17, 2010, BAC sent a message about the changes that had taken place over a month ago on July 15th to their partner’s website (Equator.com). It goes into explaining...
This is often a question that we receive from our clients and the Agents we work with. Really, it’s hard to say because it all depends on whether the lender is going to counter back again on any of the terms. Until the offer is submitted to the investor anything may still happen and...
Due to our volume of business with Bank of America we frequently get asked approximately how long it takes us to process a short sale with Bank of America or BAC Home Loans Servicing, LP and, like most lenders, who have a very large volume of short sales (which is most) Bank of America’s...