National Wells Fargo Short Sale Update - 09/24/10 11:13 AM
Today I had the privilege of attending a local Wells Fargo short sale seminar in my area (Rancho Cucamonga, CA). The presenter was Abel Fregoso, who is the Regional Vice President of REO and Short Sales for Wells Fargo. He has 25+ years in the mortgage industry and is a pleasure to listen to. I will post my actual notes, and then I'll expound towards the end of the post. My notes:Wells Fargo short sale meeting 9/23/10 Wells Fargo services 9 million loan customers (2nd to BofA) 22% are portfolio assets including Wachovia loans (or owned by Wells Fargo) Therefore, 78% … (5 comments)

Bank of America's New and Improved Short Sale Approval Letter - 09/13/10 11:15 AM
Can it be? Bank of America has a new approval letter? Actually, it is only a change in verbiage. But, this change is monumental and noteworthy. In the past, BofA reserved their right to pursue the borrower/s for the deficiency when applicable. That language scared off many homeowners and real estate professionals. BofA's stance was that they needed to reserve the right to collect on the deficiency in the event of fraud, false information, or misrepresentation. Fair enough. But is that the best way to convey that message in a sue-happy society where everyone is watching their backs? Homeowners feared being … (4 comments)

Old Republic Mortgage Insurance not Participating in HAFA - 09/07/10 12:18 PM
Let the games begin! The HAFA rejection monster has reared his ugly head. In this email thread, one of our PSC's has shared an email thread where a second mortgage serviced by BofA with MI has rejected the HAFA short sale requirements and sited that they are not participating in general with HAFA. Se thread below: Subject: Equator - Message Alert: HAFALRC Removed; MI (Old Republic) NON-PARTICIPATION Message Inserted (08/31/2010 10:14 AM) On: 3167 CHATWIN AVE, LONG BEACH CA. ORICS does not participate in the short portion of HAFA. I will just decline this as 6% or $6k will not be … (0 comments)