loss mitigation: WAMU locks single mother out of her own home! - 07/30/08 04:05 PM
WAMU locks single mother out of her own home!
Yeah, it’s a sensational headline that’ll get washed away with all the other stuff happening. Here’s the thing.
In the State of CA, until there is a Trustee Sale, the homeowner has the rights to the property. After the foreclosure … (10 comments)
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loss mitigation: Countrywide Short Sales (updated) - 04/24/08 05:50 PM
Here’s the latest information on what Countrywide will do and what they won’t do.
I reported that there were various rumors going around that involved countrywide and short sale negotiations.
Some of those were true - others were not. ( here and here )
Then again, the rules are changing … (7 comments)
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loss mitigation: Conspiracy Theory #17 - 04/17/08 09:19 AM
We've all heard of PMI. It's Mortgage Insurance. It reduces the risk of loss to the lender in the case of default.
In the case of default instead of the lender taking the entire loss, the purchased Mortgage Insurance steps in and covers a portion of the loss.
… (34 comments)
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loss mitigation: Momma don’t let your Countrywide Houses go vacant - 04/10/08 07:49 AM
This is a follow up to yesterday’s story.
According to my source at Countrywide,
Countrywide is indeed NOT negotiating short sales on Vacant Homes.
She said…
“No Investment Property, No Rentals, No Vacant Homes“
If your short sale was already approved - you may have a case to continue on. … (10 comments)
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loss mitigation: Is Ocwen Playing Stratego? - 03/13/08 07:21 PM
Ever give up your 3 to sucker in a 2 to a bomb?
I just got off the phone with Loss Mitigation at Ocwen. Correction, make that what used to be Loss Mitigation. As of noon-ish today, Ocwen has left the Short Sale playing field.
According to my … (13 comments)
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loss mitigation: You can't fix UGLY - 02/28/08 09:16 AM
… (8 comments)
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loss mitigation: Why Your Favorite Agent Won't List Your Short Sale - 02/11/08 09:59 AM
Why Your Favorite Agent Won't List Your Short Sale
So you've bought and sold ten houses in the last couple of decades. Every buy, every sale they were always there for you. They knew exactly what you liked and what you didn't like. They always returned your phone calls. … (2 comments)
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loss mitigation: Definition: Forbearance - 01/24/08 02:31 PM
One of the options you might have in avoiding foreclosure is sometimes called Forbearance. It's often spelled with an e (Forebearance) probably because of it's relation to Foreclosure. Forbearance or more accurately, a Forbearance Agreement is exactly that. It's an agreement between you and the lender. It generally allows you to … (12 comments)
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loss mitigation: Will Agents Replace Mortgage Brokers? - 12/05/07 09:30 AM
Will the Lenders soon change their business model, dumping Mortgage Brokers for Real Estate Agents in the name of profitability? I posted the question over at Lenderama earlier this week.
In simple terms, a company's bottom line (profitability) is determined by how much they brought in minus what they spent to do … (9 comments)
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loss mitigation: Deal or No Deal? Part One - 11/26/07 10:33 AM
You probably have heard the good news.
California is set to be hit hard by foreclosures. It already is being hit hard. That's not the good news (unless you are a Repo Man).
Last week, Gov. Arnold Schwarzenegger announced he had struck a deal with four subprime lenders. While you've heard … (8 comments)
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loss mitigation: Why the Calvary isn't going to come - 11/02/07 11:18 AM
In my post, Don't count on it, I explained that I thought the recent announcement of a $16 Billion Countrywide loan modification plan was a bunch of Hooey.
Feedback I got some feedback. Some good and some not so good. It's the not so good that I would like to … (9 comments)
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loss mitigation: Tale of Two Cities - 09/26/07 11:56 AM
We've all heard the cliche, "Location, Location, Location".
My Uncle Sal, the one who has never owned a thing in his life, would say "It's all about Location". Every buyer knows the phrase. I even know of a real estate agent who has a discreet tattoo proclaiming those three words. How … (2 comments)
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loss mitigation: Mitigate - My Daily PowerWord for today - 08/09/07 12:46 PM
No really, here's the page: http://www.success.com/newsletters/11499
Mitigate is a verb that means "to lessen a bad effect". We hear this word used most often in reference to a lender's Loss Mitigation Department. You can easily guess what they do. They are there to lessen the bad effect of foreclosure.
That is a … (7 comments)
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