5 Lenders and AG Settlement: MODIFICATIONS

admin Uncategorized

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 …

Being Prepared for Interview with Attorney or Consultant for Loss Mitigation Matters

Roberto Rivera Uncategorized

Determine who is the investor on your note. Determining the investor of your loan is one of the most important things in the process. The investor sets the guidelines for loss mitigation (Modification, Short Sale, Partial Claims, Forbearance Plans etc), who and how to be eligible, and many have published guidelines. Call your servicer and ask them. Some servicers will …

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 …

Modification Denials: Lender Trends

Roberto Rivera Uncategorized

Denials are the bread and butter of my business. The number one reason for denials I see is for inaccurate information.  It is amazing how even in court (mediation in NJ or Settlement Conferences in NY), lenders will deny modifications that they have never reviewed or have inaccurate information on. Steps to take when denied. 1.  Request an NPV. NPV …

The Truth About Forensic Audits

Roberto Rivera Uncategorized

I am not a fan of Forensic Audits. In late 2008 I went to a training seminar in South Florida by a recognized practicing attorney who was one of the first selling the service. At that time I already had a hundred or so modifications under my belt. The idea that submitting an application with a forensic audit somehow scares …