Which Servicers/Mortgage Companies are part of the Independent Foreclosure Review?
Here is the complete list of mortgage companies/servicers who are part of the Consent Order.
Posted On:
February 23, 2012
Posted On:
February 23, 2012
Independent Foreclosure Review- Part 2
What is the Independent Foreclosure Review? The Independent Foreclosure Review provides homeowners, who were in foreclosure during the time period of January 1, 2009 to December 31, 2010, the opportunity to request an independent review of the foreclosure process.
This Independent Foreclosure Review is not for everyone who was in foreclosure during this time. The Independent Foreclosure Review only applies to fourteen (14) mortgage servicers and their affiliates. For a complete list of all the entities involved click here.
Continue reading " Independent Foreclosure Review- Part 2 " »
Posted On:
February 23, 2012
Foreclosure Bill Fight Sharpens
Attorney Carmen Dellutri of the Dellutri Law Group was interviewed for this article. Please click here to read the full article.
Posted On:
February 21, 2012
Independent Foreclosure Review Part 1
Well let’s start with a little history. We know back in the hey days of 2005, 2006 and 2007 banks were writing loans with reckless abandon, then they tried selling these loans to other buyers, investors, etc. Then, they realized that someone had to collect these loans.
Mortgage servicers stepped in to take up the slack. The mortgage servicers act as agents for their principals (owners of the note), and they take a slice of the pie for themselves. Eventually, we found out that the servicers had such a slim margin (little profit) servicing the loans legitimately, but the real upside (amazing profits) was in default servicing (when the homeowner defaulted).
Continue reading " Independent Foreclosure Review Part 1 " »
Posted On:
February 21, 2012
Statistics on Short Sales? Are There Any? Part 2
In the many years of assisting Sellers though Short Sale transactions, I have found it unproductive to try to keep statistics as they relate to what each Lender does, timeframes, whether cash contributions will be required or ways deficiencies are handled. Too many times I have experienced the same group of decision makers (or what appears to be the same group because) produce a result on one transaction, which would be expected on another transaction including same or similar circumstances. The reason for the different result remains undisclosed. I have also repeatedly experienced receiving an approval, losing a Buyer before closing, obtaining a new Buyer and resubmitting for approval. While the purchase price remained the same, the second approval contained different terms and requirements. Again, while understanding the variables and individuals in the transaction, it is unproductive to try to chase down an explanation for the difference.
Continue reading " Statistics on Short Sales? Are There Any? Part 2 " »
Posted On:
February 20, 2012
Statistics on Short Sales? Are There Any? Part 1
I am regularly asked questions like:
“In your experience, what does my Lender usually do in a Short Sale?”
“Are they going to let me do a Short Sale?”
“How long will it take?”
“Am I going to have to pay money in the Short Sale?”
“If I am going to have to pay, how much do they require?”
“Are they going to give me a full release? If not, then what?”
“Is my short sale going to close?”
The answer is the same to all of these types of questions. “It depends”. You might ask why such a vague and uncommitted answer? I have found that after assisting Sellers through Short Sale transactions over the past five plus years, providing any other answer would be inaccurate and could be misleading.
Continue reading " Statistics on Short Sales? Are There Any? Part 1 " »
Posted On:
February 17, 2012
Florida’s Housing Outlook for 2012
Since the beginning of 2012, the weather has been really really good. And now for the bad news.
Florida alleged unemployment rate is 9.9%. I cannot track down a trusted source for this number, and I cannot believe it either. It seems the more people I meet, the more I hear yes I’m still unemployed. It is not uncommon to meet people who have not worked in over a year or more.
Next, state wide our home prices are down again. We can now say that our home values are down 41% since the peak in 2006. We are now into this mess for well over 5 years with no relief in sight and NO PLAN.
Posted On:
February 17, 2012
Independent Foreclosure Review Deadline Is Extended
Individuals who were involved in a foreclosure action in 2009 and/or 2010, and who believe they may have been the victims of a fraudulent foreclosure by their mortgage servicer have the right to have an Independent Mortgage Review. The deadline has been extended so more people may participate.
Continue reading " Independent Foreclosure Review Deadline Is Extended " »
