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...
Posts Tagged ‘ business days ’
Wells Fargo: My home went REO. How fast is it going to go to be sold?
Frequently we receive phone calls from homeowners who’s properties have been lost to foreclosure and their homes have sold back to the bank at the auction. Wells Fargo’s REO Department is no different and while there isn’t an exact time frame on how long it will take for the property to hit the market....
BAC Home Loans Servicing, LP: Bank of America Short Sale Information: Awaiting Valuation
While processing short sales through the Equator system, once known as REOTrans around this time last year, we received a new message notice advising that they were completing the valuation part of the process. This is a relatively new in the sense that it has only been in the past month couple of months that...
Wachovia: Wells Fargo advising that if a home is in California don’t wait till the last minute.
In a recent conversation with a Wachovia representative we were advised that their rule of thumb for properties in California is to no longer postpone when within 5 business days of a foreclosure sale. They advised that there is a foreclosure law set in the state of California prohibiting them to foreclose if a...
Wachovia: An offer that is too low they will automatically get you kicked out.
Wachovia known for its speedy work outs and it could be because of the streamline guidelines that they put out to begin with. In fact those rules aren’t necessarily that stringent but they do keep the flow of work going. Wachovia’s short sale department uses an automated valuation system and through the use of...
Ocwen: Letter of Authorization Time Frames
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: Letter of Authorization Time Frames
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...
Wells Fargo Home Mortgage: Mod to Short Sale Guidelines
Many times homeowner’s having attempted everything find that they are being forced to have to sell. In fact it is because they’ve been turned around, either declined or given terrible offers, no matter what they request they are given no further options to allow them to keep the property in some affordable matter. Furthermore,...
Nevada closings require Certified Funds only as per NRS AB #133
The state of Nevada is catching up to many other states effectively asking for Certified Funds only at all closing. As of October 1, 2009, per Nevada NRS AB #133, All closing funds must be in the form of a Cashier’s Check or other form of certified funds (check with your title company for...
Select Portfolio Servicing(SPS): No final HUD approval letters
Select Portfolio Servicing (SPS) states on their approval letter that 48 hours or two business days prior to closing a short sale they want want to receive a copy of the HUD as it will stand final and recorded. The strange part is most lenders have this clause but they normally send you an...