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....
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...
Starting in 2005, Absolute Consultant Group’s(ACG) counselors sought out to solve mortgage problems no longer from the confines of Countrywide’s Loss Mitigation Department. At that time they were part of one of the largest lenders in the world helping service a portfolio topping a trillion dollars. Since then ACG has set its self a part by helping thousands of homeowners. With...
Ocwen, based out of West Palm Beach, has no time frames set up for letter of authorizations to automatically expire. Ocwen’s system is currently set to permanently authorize anyone that they receive an authorization letter for but if a homeowner so chooses to they can write a letter to remove the 3rd party from...
Litton Loan Servicing, founded by Larry B. Litton, has time frames automatically set up for letter of authorizations to expire. This is currently set at 90 Days Months but if a homeowner so chooses to they can write a letter for a 3rd party and once submitted that authorization is permanent until the homeowner...
As a mortgage lender the bank is not there to sell the borrower’s home. That is why 9 times out of 10 it is better to go through a short sale for all the parties involved than to let it go to foreclosure. There does not need to be a delinquency but it is...
Bank of America, much like the rest of the industry, has their own interpretation of what should be done for its mortgagors and how to interpret what the MHA/HAMP/HASP programs mean to them. Financial statements seemingly are a thing of the past for this review as they require the homeowner to verbally quote their...
When applying for assistance every lender has different guidelines as to the time it takes to be reviewed and just the same they all have different time frames a borrower must wait prior to reapplying if a decline has been made on their previous workout attempt. When a workout option is declined (repayment plan/loan...
Citi Mortgage, a division of Citi Group, one of last legs to stand for the company as such divisions as Citi Residential that were closed in early ‘09 is the focus of our post. Citi Mortgage has time frames automatically set up for letter of authorizations to expire. This is currently set at 6...
Aurora Loan Services or Aurora Bank, FSB, formerly of Lehman Brother and now on its own two feet operating as a FSB or a Federal Savings Bank, has a time frame automatically set up for letter of authorizations to expire. This is currently set at 90 days but if a homeowner so chooses to...