Any real estate professional, who engages in short sale negotiations, is fully aware of just how frustrating the process can be or even downright impossible. There are financial incentives for mortgage servicers to drag out the process as long as possible. It takes weeks, sometimes months, to get a response from the banks, who often…
I blogged last week about FHA's new plan to allow prospective purchasers to monetize the first time Home Buyer's $8,000 tax credit and use it as a down payment on the purchase of a home. The Secretary of HUD made statements at a NARS meeting about the revolutionary plan and HUD drafted a Mortgagee Letter…
Carrie Bay 12/02/08 Investors of securities backed by Countrywide mortgages filed a lawsuit against the lender on Monday, alleging that Countrywide has no right to modify under-performing loans that were packaged and sold as securities. In early October, Countrywide’s parent company, Bank of America, reached an agreement with 15 state attorneys general to settle claims…
These agencies issued a joint statement to put the pressure on banks to resume Lending again. “The statement calls on banks to step up and ensure that the needs of credit-worthy borrowers are met and to continue raising capital to support the nation’s financial system. It also calls on financial institutions to take on aggressive…
