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On this week’s Preforeclosure Daily Grind “Tip of the Week” we tackle the latest way that Litton Loan Servicing is handling their loan modifications. We cover how they deal with sellers, agents and third party loss mitigation companies when they are servicing the 1st mortgage. We also go over what they are doing when they are servicing a 2nd loan and what debt collection company they are working with. Chase’s new practice regarding sellers that miss one payment and what foreclosure “status” they put them in and what you need to do to get them out, and more.
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You guys need a new theme song…..
RE: New Short Sale Wrinkle From Chase Bank…Bank Of America is using the same classification technique.
My client had been harassed by BOA’s representative from some outsourced location overseas to work with HAFA. Despite telling the party he was declining the offer to be a HAFA participant, the rep called several times a day, several times per week for several weeks.
When I submitted the Short Sale initiation through Equator, it was kicked out because the file was classified as a HAFA file.
Even though the Offer Accepted page had been transmitted, the file was later rejected. Some one at BOA, this includes the outsourced location, had manipulated the recorded dates of submittal so that it appeared I’d made more than the permitted 3 offers in a 7 day period. I made 3 offers, two of which were rejected and the last accepted, all on the Same Day. (When I called to complain about this the rep, who was very helpful, told me I’d submitted offers on two or three days earlier than the date I’d actually submitted on.)
Nonetheless, I had to begin again. Fortunately, this new surreptitious policy maneuver was caught at the beginning of the transaction, rather than further down the line.
Same advice given for Chase applies to BOA Short Sale transactions. Have home owner contact toll free number for the HAFA Team, aka Loan Resolution Corporation, 888-387-0523 830A to 830P Eastern time say, “I wish to pursue a Regular Short Sale.”
I added a note when I re-submitted the 3rd Party Authorization stating the date home owner had been in contact with the HAFA Team/LRC to say he wishes to pursue a regular short sale.
After the call is received by the HAFA Team/LRC it takes about ten minutes for the records to be updated and short sale can be initiated.
BTW I have already begun taking snaps of the pages as they appear after each task/transaction on Equator.
Fool me once….;=D