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...
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,...
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....
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,...
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...
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...
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...
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...
We find that our clients are really frequently asking these days with the HAMP and HAFA programs (Obama Modification Program or Making Homes Affordable Program) the question that seems to be on everyone’s mind and that is what is this 4506t? Traditionally the 4506t is used be loan officers and submitted to mortgage lenders...