5 Lenders and AG Settlement: MODIFICATIONS

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Here are some bullet points on the 27 page settlement agreement between 49 states and Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and Ally Financial Inc. (formerly GMAC). When the settlement agreement addresses Modifications it is basically the HAMP Guidelines with the word “shall OR must” substituted for “may”. As is the case …

Secret to Success in Loss Mitigation

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Everyone thinks there is a “secret” to getting Modifications approved. The truth is there is none. It is hard work and requires experience in multiple fields. You must understand mortgages inside and out. How to Calculate Income How to Calculate LTV Determine Investor on Loan How to apply proper guidelines You must be a good interviewer, to get the truth …