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...
Starting July 1st Chase continued down their path of their slowest merger ever with EMC (Guinness Book of World Records currently weighing out if they qualify for any records). By Chase opening up their Collections Department and other Loss Mitigation Departments to this they hope to start servicing their EMC portfolio in order to...
Wells Fargo has a long standing reputation to upkeep of being the fuddy duddy of the Loss Mitigation industry. I am sure that if they could convince people to submit their short sale and loan modification packages via the old horse drawn cart they would. Well in an unprecedented leap into the 20th century,...
Chase, like many companies in its pursuit for improving how it does business, attempted to make some changes to Loss Mitigation Workout line up. Traditionally speaking the process goes from having a simple document collector and negotiator structure to trying to break down the whole system to a Multiple Stage Process (opener, negotiator, closer,...
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...
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...
So as if it wasn’t already tough enough to get your mortgage lender on board with your short sale now they are charging you to approve it! Buyers, agents, homeowners, etc. already have enough trouble on a day to day basis processing short sales but now Service Link Loss Mitigation Services a division of...
HAFA is not guaranteed as not all lenders will be participating. Investors currently participating in HAMP or the Obama program may continue to participate but it must be understood that many can also back out and choose to no longer participate as these programs are not an obligation and more of a suggestion with...
Many of our clients are receiving these days a Hardship Affidavit that seems like it is causing a storm of confusion. Even those in the industry find that they are not exactly sure what it is for. The “Affidavit” pronounced by many as ‘affidavid’ is basically a formal hardship letter to the lender advising...