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...
Posts Tagged ‘ Properties ’
Fannie Mae: Commercial Loan Modifications …not just for Residential Markets!
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,...
Wells Fargo: My home went REO. How fast is it going to go to be sold?
Frequently we receive phone calls from homeowners who’s properties have been lost to foreclosure and their homes have sold back to the bank at the auction. Wells Fargo’s REO Department is no different and while there isn’t an exact time frame on how long it will take for the property to hit the market....
Wachovia: Wells Fargo advising that if a home is in California don’t wait till the last minute.
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...
HAMP: New Changes to Investor Income Valuation, Government reviews and has found clarity.
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...
ACG works with Investor Properties (Non-owner occupied) and Chase to save homes from foreclosure.
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...
Fannie Mae: 30 Days or less to a Foreclosure Sale you need at least 25% down for help!
Fannie Mae in another attempt to tighten its servicing belt has decided to release new servicing procedures that are only going to make it tougher for those homeowners who find themselves in an already tough position. Starting as of this month they have increased their precautionary measures for properties that are hovering dangerously close to...
News: 1 in 4 mortgages ‘underwater’
Walking away from your mortgage in most states seems like the worst thing that you can do. Well in many cases it is. With short sales on the rise and agents finding themselves with even less time on their hands they are finding that hiring 3rd party negotiation firms are the way of the...
Assembly Bill AB 957: Seller no longer dictates Title or Escrow. Buyers rejoyce!
In another strike on lenders and altogether sellers of homes obtained through foreclosure (Hard Money/Private Lenders/Note Buyers we are talking to you!) they can no longer dictated according to Assembly Bill 957 (AB957) as of October 12th what Title and Escrow company must be used in the purchasing of their REO inventory. The lenders...
Wells Fargo Home Mortgage: Bulk REO Sales behind closed doors.
What happens when homes go to foreclosure and have to be bought back by the bank? They become REO properties. Real Estate Owned properties are a large issue for lenders as they are not in business to owns. They are not in business to manage properties or in business to keep them up or...