Senate Majority Leader Corbett came through for many homeowners in a tight pinch. Those that were worried about completing a short sale while still having a second mortgage that could come after them years later, commonly to what everyone refers to as seeking a deficiency, was not a settling thought for many sellers who...
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...
Would you think that they would let the homeowner’s get off easily for that long? Well it seems that Fannie is back at it again. This time at Bank of America with a whole slue of new hoops for the very tax payers keeping their doors open. In this case it seems their latest...
PNC Bank, not to be confused with PNC Mortgage (as if it wasn’t hard enough to already deal with them), has a work flow for dealing with their short sales just like anyone else. It is always important to deal with the right people, at the right time, and and ask the right questions...
Chase is seemingly not hurting these days as the recovery department is on a set course to collect a minimum of 70% for a full release of the deficiency balance to be released. Now to anyone paying 70K on a 100K debt is a savings of 30K (which by the way the IRS does...
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...
This is often a question that we receive from our clients and the Agents we work with. Really, it’s hard to say because it all depends on whether the lender is going to counter back again on any of the terms. Until the offer is submitted to the investor anything may still happen and...
Due to our volume of business with Bank of America we frequently get asked approximately how long it takes us to process a short sale with Bank of America or BAC Home Loans Servicing, LP and, like most lenders, who have a very large volume of short sales (which is most) Bank of America’s...
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...