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...
The Government’s alphabet soup of mortgage help programs has really set a lot of confusion amongst homeowner’s, agents, and professionals alike with all the programs that they have brought to pass. HAFA, as relatively one of the newer programs, has been met with a large bit of confusion as to the terms to be...
Image via Wikipedia Foreclosure deficiencies are one thing… those are usually depending greatly on the type of loan you had prior to the home going to foreclosure but these days there are new laws waiting to be rewritten on the banks ability to pursue you have a homeowner. Well don’t expect any legislative back...
It’s no surprise with the loose lending that went on the government allowed unsupervised for so many years, enough to cause an economic crisis almost as bad as the great depression, that they be forced to come up with some sort of solution for it. After seemingly enslaving a large percentage of the homeowners strapped now to...
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...
Ocwen, based out of West Palm Beach, has no time frames set up for letter of authorizations to automatically expire. Ocwen’s system is currently set to permanently authorize anyone that they receive an authorization letter for but if a homeowner so chooses to they can write a letter to remove the 3rd party from...
Litton Loan Servicing, founded by Larry B. Litton, has time frames automatically set up for letter of authorizations to expire. This is currently set at 90 Days Months but if a homeowner so chooses to they can write a letter for a 3rd party and once submitted that authorization is permanent until the homeowner...
When the going gets tough the banks make your life tougher. Bank of America’s charge off recovery department has been known to ask for settlements as high as 80% of the debt in order to let go of the homeowners obligation. In the last couple of months though either because of the larger number...
What happens when homes go to foreclosure and have to be bought back by the bank? They become REO properties. Real Estate Owned properties are a large issue for lenders as they are not in business to owns. They are not in business to manage properties or in business to keep them up or...
Loss Mitigation or the department in every lender there to minimize the losses for its investors has one purpose in mind; Save money. Seldom discussed is the banks vigorous review of their employees time usage as the old saying goes, “Time is Money.” Well the lenders generally take this to next level as they...