Archive for Loss Mitigation

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Loan Modification Myths and Facts

There are a lot of myths surrounding lenders and servicers as to what they will and will not do during the loan modification process. 
The confusion and inaccurate data that is propagating the internet and the news is based on ill-informed bloggers or journalists who really have no idea what is going on in the loss mitigation arena. This [...]

Popularity: 21% [?]

Lenders Pledge to Increase Their Anti-Foreclosure & Loan Modification Efforts - LOL

More lender propaganda, more media lip service, and as Jerry Seinfeld would say, “Yada, yada, yada.”
How can these guys do anything without the proper staffing? How can they truly handle all the loan workouts, and loan modifications that are needed to really increase their anti-foreclosure efforts?
The fact is, they CAN’T!
Think about this ladies and gentleman, please??!!!!!!!!!
Over the last few [...]

Popularity: 3% [?]

Foreclosure Prevention Efforts Falling Short of Need, Miller Says

Industry measures to keep homeowners out of foreclosure are barely keeping pace with the rising rate of homeowners in trouble, according to Iowa Attorney General Tom Miller and other state officials. “The number of borrowers in loss mitigation has increased,” Miller said, “but the gains have been matched by an increasing level of delinquent loans.”
The [...]

Popularity: 1% [?]

Lender & Servicer Loss Mitigation 2.0 - The Homeowner is Now in Control

Let’s face reality America. Almost every home in America is sitting in quicksand.
Slowly, but surely your home is sinking down, further and further and it looks like main street America is getting hip to the fact that lenders, servicers, Hope Now and our mighty government isn’t going to help them.
A new study, compiled by the [...]

Popularity: 1% [?]

Brokers & Real Estate Agents are Now Scamming Homeowners in Foreclosure

First your wonderful real estate agent sold you a home you cannot afford and then her mortgage broker buddy placed you in a fraudulently, toxic loan that has literally eaten you alive. Now, these same snakes want to help you “cure” your woes with their special foreclosure anti-venom knows as “loss mitigation” or “foreclosure prevention”.
Welcome to the [...]

Popularity: 4% [?]

Chase underwriter says, “We are approving 98% of the loan modifications.”

I received a call last night from a nice gentleman who works as an underwriter in Chase’s loss mitigation department in San Diego, California.This unit of Chase is also known as the “ARM Unit”. 
In the course of the conversation he told me that the main function of this department is to modify as many adjustable rate mortgages as [...]

Popularity: 24% [?]

Downey Savings Says They are Modifying Mortgages

NEWPORT BEACH, Calif., Jan. 14 /PRNewswire-FirstCall/ — Downey Financial Corp. announced today changes to previously reported levels of non-performing assets. These changes pertain to non-performing asset levels since June 30, 2007.
Rick McGill, President, commented, “As previously reported, we implemented at the beginning of the third quarter of 2007 a borrower retention program to provide qualified [...]

Popularity: 6% [?]

Goldman Sachs to Cash in Big Time With the Litton Loan Servicing Purchase

This is a very interesting purchase by Goldman Sachs. The question that many people will ask is “why the hell would anyone want to buy a company that services a tremendous amount of  adjustable rate mortgages; AKA, suprime slime?”
Because servicing subprime mortgages is a very profitable business, that’s why!
Take this quote for Bloomberg;
Subprime loans are made to [...]

Popularity: 25% [?]

Is Chase the True Leader of Loan Modifications and Loss Mitigation for Homeowners?

By Moe 
I have to say that I have been quite impressed with Chase and their advancements they have made without having to agree to any political persuasion. It appears that they are doing things their way and they are not waiting for any Hope Now agreements or political persuasion.
In fact I believe that they should [...]

Popularity: 1% [?]

FDIC’s Sheila Bair, Diana Olick & Moe’s Response to Their Views on Loan Modifications

By Moe
Loan modifications are the new buzz term in the media and with our government. It looks like they have all have finally jumped on the Moe band wagon.
On Monday, Diana Olick of CNBC posted on her blog, what she said, “  I ranted quite a bit yesterday on loan modifications,” where she had made [...]

Popularity: 6% [?]

Loss Mitigation Phone Numbers

This is the most complete list of lender loss mitigation contact information on the internet. It is sorted in alphabetical order. If you have some information on your lender or different contact info that I am not privy too or I have a wrong number or web address then please let me know so we [...]

Popularity: 57% [?]

Safe Loan Modification Service

888-432-6634

M-F 8am-7pm PST

Open Saturdays 9am-3pm

Law Office of Gregory A. Paiva & Associates

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    • I can relate with this couple. I contacted WaMu in a proactive effort to get assistance during a hardship ...
      disillusionedVeteran | 3Sep08 | More
    • Did they change the terms of your loan to an arm? This is too risky
      catan785 | 13Aug08 | More
    • I am in limbo myself. Countrywide offered me a modification however the interest rate would adjust in five years. ...
      catan785 | 13Aug08 | More