Have three months have past by and you’re still awaiting your “permanent” modification? As Gomer Pyle says, Surprise, surprise, surprise. USA Today points out that Chase & Bank of America just don’t quite seem to know how to calculate three months. It seems three is the same as five or six or NEVER! Unfortunately, this [...]
Bank of America’s equator system reduces chance to successfully close short sales – PART 2
June 7, 2010 By 2 Comments
Homeowners & agents nationwide are confused. What is Equator and how does it impact my short sale? In this blog let’s examine the negatives and then finally what to do with Equator. Thinking about taking on a new short sale? REALTORS take note, Equator is the new “in thing” for Bank of America and [...]
Bank of America’s equator system reduces chance to successfully close short sales – PART 1
June 4, 2010 By 8 Comments
I’ve been asked to write an update on Equator. Homeowners & agents nationwide are confused. What is Equator and how does it impact my short sale? In this blog let’s examine the positives…up next the negatives and then finally what to do with Equator. PART 1 Thinking about taking on a new short sale? [...]
Chase says NO to Obama’s loan modification plan
April 14, 2010 By 2 Comments
JP Morgan Chase still owes $40+ Billion to federal agencies but has decided they can tell Obama and Co. that they want no part of loan modification if it involves principal write downs. If you read between the lines in the Huffington Post article below you’ll see the real reason…while they don’t give a darn about jacking around [...]
What is Equator? Shhh…Bank of America secrets below
April 13, 2010 By 4 Comments
For those who are about to launch a short sale BofA’s way please take note of their love for what used to be REOTrans and now is the new Equator system. We have been testing this with them for quite some time. In a nutshell they are pushing the work out to the loss mitigation [...]
Does the government own my mortgage?
April 13, 2010 By Leave a Comment
Who is actually owed the money on your mortgage and how much is owed? Recently we’ve seen TARP documentation showing a flow of money into mortgage-backed securities. If large banks like Bank of America routinely foreclose on the wrong house are we sure mortgage payment are going to the correct place? Is the bank going [...]
Obama is handing out $3,000 to short sellers
April 5, 2010 By 1 Comment
Our U.S. Treasury stands ready to hand out checks to homeowners to help them with short selling their home! Ok, not exactly but the Obama Administration is pledging to chip in to help homeowners who are underwater and need to sell their home. Bank of America, clearly our Nation’s leading “uplifting promise to do something press [...]
Bank of America’s mortgage write-down scam
March 28, 2010 By Leave a Comment
You think BoA will write-down your mortgage to what your house is worth? Maybe. Then again maybe not. Friday was a day of rejoicing for many homeowners who saw the press releases touting that Bank of American will writedown your mortgage balance to the actual value of your home. Hold the champagne. According to The New York [...]
Obama Bank Policy shoots for $1 Trillion in Writedowns
March 19, 2010 By Leave a Comment
As Neil Garfield points out in the following information: “This is red meat for investors and borrowers seeking restitution for losses caused by improper appraisals, ratings and representations concerning loan and property values, loan viability, securities fraud, deceptive lending practices, TILA violations etc.” Ok, so if the mortgage is written down, how does that inpact [...]
