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...
***PLEASE NOTE THAT THIS SHOULD NOT BE CONSIDERED LEGAL ADVICE OR TAX ADVICE. EVERYONE’S SITUATION IS DIFFERENT AND SHOULD BE REVIEWED BY A PROFESSIONAL IF YOU NEED TO SPEAK TO SOMEONE PLEASE REACH OUT TO US AT 888-934-3444 TO SPEAK TO AN AGENT THAT DIRECTLY OR EMAIL US AT INFO@MLREPORT.COM*** In a simple answer....
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...
BAC Home Loans Servicing, LP., or Bank of America, wants you to know what all those auto responders mean. In a recent email sent out on August 17, 2010, BAC sent a message about the changes that had taken place over a month ago on July 15th to their partner’s website (Equator.com). It goes into explaining...
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...
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...
Loss Mitigation or the department in every lender there to minimize the losses for its investors has one purpose in mind; Save money. Seldom discussed is the banks vigorous review of their employees time usage as the old saying goes, “Time is Money.” Well the lenders generally take this to next level as they...