In setting a new president starting today Aurora will not longer allow its loss mitigation (loan modification and short sale representatives) to message their processing department representatives. Due to the high volume they are being instructed to only transfer you to their voice mail and/or document the account that you called. They too along...
Fannie Mae is always on the look out, like any servicer, for the best solutions that in the long run lose them the least amount of money. Commercial owners and owners of investment properties rarely see the benefits of these programs. Since October of 2009, a little more than a year ago this date,...
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...
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...
In a business where it can really help to know people in high places Wachovia has proven to be no different than the rest. Where in many cases homeowner’s find it difficult to manage through the process loan modification process, with the now Wells Fargo owned company, it looks like there is some light at the...
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...
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...
We should set off the fire works for this one. It’s almost like Bank of America is taking a few steps into the future calling out,”’90′s here we come!” OK. So they are still running 20+ years behind on the times but their catching up. In a bold move Bank of America stopped accepting...
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...
Needless to say CalHFA’s review of loan modification is weak and at best they don’t even look to see if you have your basic requirements for living are met. Many times you will find that they will go through multiple level’s of management prior to actually making approvals on loan modifications, same goes as well for...