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 [...]
2,500 Homeowners Put Into Foreclosure While Awaiting Mortgage Modifications
December 16, 2010 By Leave a Comment
This is very scary for anyone attempting a mortgage modification and/or short sale. Imagine thinking that your short sale or loan modification was “in review” (we discuss this review process in another article here) then suddenly find out you are in foreclosure or worse – foreclosed already. Sadly this happens every month in the Greater [...]
Fatal Flaw in HAMP: Uncle Sam isn’t watching
December 14, 2010 By 1 Comment
The total lack of oversight and teeth in the “enforcement” of HAMP is a Fatal Flaw according to Steve Gillan. We agree. Over and over we hear from homeowners, “I am in HAMP and have made seven on time payments in a row but am now facing foreclosure. The bank said I was still in [...]
ASC wants you to default
December 2, 2010 By 2 Comments
A class action lawsuit filed by New York law firm Harwood Feffer alleges that Wells Fargo-owned mortgage servicer, America’s Servicing Company, induced distressed borrowers into defaulting on their payments supposedly in order to get a loan modification all the while accruing late fees and penalties. READ: Enriching themselves at borrower’s expense. This isn’t the first [...]
Robo-signers: Apply here – No experience necessary
October 13, 2010 By 2 Comments
Can’t you just see the ads? Anyone can now be a foreclosure expert! No experience, license or training required. Yes, you can make money at home (or in an office) with a full time job working for a bank!! Only requirements for this job are sight and upper limbs, so you can see where to [...]
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 [...]
JPMorgan CHASE is in the foreclosure business, not the modification business
September 12, 2010 By 8 Comments
It’s simple, follow the money. Everyone understands the purpose of a compensation plan. Develop a plan that uses money to motivate a certain behavior. For the past several years we’ve been saying that the banks/servicers WANT to foreclose properties. It is the fastest way for them to generate fee income as well as convert [...]
Is your mortgage modification trials rolling past 3 months?
August 23, 2010 By Leave a Comment
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 Sued In Texas For Abusing Homeowners with Misinformation and Misdirection
July 8, 2010 By 1 Comment
For the most part BAC Home Loans Servicing, LP is the pits. Faxing documents several times in a row because BAC “lost them” or got a new fax number has been the norm for a long time. Before Equator kicked in (which is a whole other story) Bank of America was consistently the slowest servicer [...]
