For many the industry isn’t getting better at solving their problems. Hopefully, at least for those finding themselves experiencing a long bout with unemployment, they will find a little relief coming from at least one of the GSEs Freddie Mac. In an announcement FHLMC stated that they would be extending their previous Forbearance plans...
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...
We receive frequent inquiries from our readers and our clients regularly about finding assistance for their Multi-unit properties. While there are programs for non-owner occupied properties or investor properties the treasury has made sure that the HAMP, which only focuses on primary residences, takes into consideration those that do live in their Multi-unit residences....
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...
Something that many people lose sight of is the fact that you have to qualify around the HAMP guidelines which is what causes them to disqualify from HAMP or become qualified for the HAFA program. Not everyone qualifies for HAFA. For everyone there are many things that can make a difference of why they may...
In an effort to help defaulting homeowners Wells Fargo is offering their own version of FHA’s Partial Claim Program. This version varies in several ways but is aimed at what Wells Fargo is referring to as a “Principal Forbearance”. Now this is not like the Principal Reductions everyone is speaking about these days or...
Where many are taking it upon themselves to make things worse it is nice to see that at least one servicer isn’t. Litton Loan Servicing, though known for it’s terrible loan modification process, is at least taking a few steps in the right direction. The government’s HAFA program put out by the Treasury and...
Many times these programs that we deal with for our clients change for the better but there are also certain times that they change for the worse. I guess only adding insult to injury is that fact that it is our own government, supported by our tax dollars, making life just a little bit...
In an odd turn of events HAMPs guidelines have changed possibly this time for the better. Changes have recently taken place to help try and bring that 18% of successful workouts up a little and this time it’s including Investors. Now before you jump for joy they are not expanding this to include investor...
Similar to the Indymac non-owner occupied or investment loan modifications are rare at most lenders unless you know the right people. Well at Chase this is no exception. Chase has adopted many of it’s own practices from the new current HAMP/Government program. These modifications are actually completed under Chase’s slightly adjust guidelines but has...