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...
Chase, one of the mega Goliaths in the mortgage servicing industry is about to start a major renovation on their phone systems. In a conversation the other day with a representative in the Executive Office it was divulged to one of our negotiators that there were going to be some major changes in the phone...
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...
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...
Recently in conversations with a negotiator in the Freddie Mac department at Ocwen Mortgage we had an in depth conversation leading us to final result of having a full understanding of their break down paid to Jr. Lien holders. Frequently, lenders in specific, have what they call a “Martix”. The Matrix we are referring...
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...
Wells Fargo Home Mortgage and a subsidiary America’s Servicing Company in a conversation today they advised that they accept payment by phone as certified funds. In essence a payment by phone is not a form of certified funds but would be acceptable. This came directly from the “High Escalation” department supervisor so as for...
Bank of America, much like the rest of the industry, has their own interpretation of what should be done for its mortgagors and how to interpret what the MHA/HAMP/HASP programs mean to them. Financial statements seemingly are a thing of the past for this review as they require the homeowner to verbally quote their...