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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.…

The Federal Housing Finance Agency has released its report on May foreclosures, short sales and loss mitigation efforts. Completed short sales were at their highest reported level yet for Freddie Mac and Fannie Mae. Freddie completed 3,000 and this was on par with the previous month. Fannie Mae had 7,000 short sales, a 1,000 short sale increase over April.

According to the report, foreclosure prevention and loss mitigation efforts at…

RISMEDIA, August 2, 2010—The lending landscape has changed quite drastically over the past several years. Practices, approvals and standards that were once widely accepted have either vanished or transformed beyond the point of recognition. Many banks, which were once extremely careless with their loan underwriting techniques and approvals, have dug themselves into a significant hole that will take many years to climb out of. Promotions such as “100% Financing”…

RISMEDIA, May 1, 2010—(MCT)—As a consumer with good credit and a 10-year history of paying his mortgage on time, Ed McLaughlin expected that his record would put him in good stead with his bank.

But when he approached his lender, Charlotte, N.C.-based Bank of America, about refinancing his existing mortgage or qualifying for a new loan, McLaughlin felt like a brand-new customer just off the street.

“They said…

Called on a short sale file lately to be told that the seller qualifies under the HAMP program and that they have been sent a trial loan modification?

We called on a Bank of America file yesterday and had a rep spend 15 minutes touting the “amazing” savings that had been offered to the seller via a trial loan mod. She asked, “why do they want to do a short…

The billion dollar Making Home Affordable plan is being pointed at by bond investors and officials within the Treasury Department as eternally flawed. A consensus seems to be forming that there must be forced handling of second mortgage debt and lowering of loan balances for non-equity borrowers.
In an article read recently on Bloomberg.com, investors agreed that without principal balance reductions versus simple payment reductions and wipe-outs of second…