So is the end of HAMP near? Looks like Congress is making a run at ending HAMP. Sadly, HAMP never lived up to its touted goals and in fact mainly served as a way for servicers to line their folks while dragging homeowners through mountains of paperwork which was required to be faxed over and [...]
ASC / Wells Fargo HAMP rant. A date on the WRONG line?!?
September 21, 2010 By Leave a Comment
America’s Servicing Company (“ASC”) / Wells Fargo look for any possible ways to deny loan modifications. We have a client who had previously submitted their 66 pages of “loan modification required documents” in all its glory to ASC. But then you know the drill…months pass by and many, many, many, more documents are faxed since [...]
Short Sales on a fast track?
September 20, 2010 By 2 Comments
H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010″ has been offered in the House but will it go anywhere? Kudos to the National Association of Realtors for their support of a housing initiate that could help the mortgage/housing crisis, if it passes AND has some teeth. We don’t need another sissy [...]
IndyMac is a shady operation – HAMP, we don’t need no stinking HAMP
May 2, 2010 By Leave a Comment
IndyMac is a shady operation. One of our staff used to be on the inside working against homeowners but (in my words…turned his life around) and now battles for home owners. He tells tales of “being trained” on programs like HAMP and seeing blacked out sections. When he asked why IndyMac (now OneWest) redacted [...]
Can I get a principal reduction on my mortgage?
April 1, 2010 By Leave a Comment
Sure, with enough firepower you can not only get a principal reduction but shut down the bank from even attempting to collect from you at all. As far as regarding how you “get your principal reduction” in HAMP read on… Remember folks, these changes to HAMP and HAFA and every other program rolled out require [...]
Short Sale’s are gaining traction with Lenders
March 29, 2010 By 2 Comments
For homeowners the choice is VERY CLEAR; short sales do less damage to credit, allow the homeowner to satisfy a large portion of the debt and in many cases allow for the homeowner (who has fallen behind on payments) to live “rent free” while the sale is negotiated. The following article on CNNMoney highlights what [...]
HAMP update…we bring you HAFA
March 5, 2010 By Leave a Comment
When are they going to roll out the HEMP program so we can relax while being put through the agony of re-faxing 90 pages of paperwork over and over and over. You asked for a new and improved HAMP and so now you get HAFA…say it with me now, HAFA, no, no, no, pronounced just like “half [...]
FHA loans are available to Short Sellers!
December 22, 2009 By 3 Comments
One of the fears that homeowner have is whether they will be able to secure a new loan to purchase a home in the future after short selling the current one. The answer is yes. In fact, the Department of Housing and Urban Development (HUD) released a letter to lenders regarding borrower eligibility for a [...]
