Comment

Comment by Darren Jenkins on August 29, 2011 at 6:44am

I had an approval from chase on a first then had the buyer back out.  I have submitted a new and superior offer.  I was told that the investor, Freddie Mac, has transferred the servicing of this loan to a different department in Chase and that they want me to resend a small amount of the package to make sure they have current info.  To my concern, the also want me to complete and send a Freddie Mac form 1125 which is an "application for partial release or easement".  Has anyone ever completed one of these forms before?  Should I be concerned?

Comment by Pat Chadwell on August 22, 2011 at 12:11pm

You are probably correct Wendy.  We got a processor assigned to us right away. To talking to anyone else was USELESS.  It took us 60 days for approval for HAFA but the price they wanted us to list at was perfect so it was well worth the wait.  .

Comment by Wendy Rulnick on August 22, 2011 at 12:10pm

We are sending in our paperwork.  Seems like we got an unhelpful party on the phone, waiting to get to the next call. Thank you, Tara!

Comment by Tara Polley on August 22, 2011 at 12:06pm

Chase does pre-approve with HAFA. That's the main purpose of HAFA.

Comment by Wendy Rulnick on August 22, 2011 at 12:06pm

Pat - Just Chase. Of course, we could have gotten a clerk on the phone who doesn't really know about the HAFA program.

Comment by Pat Chadwell on August 22, 2011 at 12:01pm

Chase is doing one for my clients right now.  We only have 1 loan and Chase is the lender so there is no investor.  Is there any other loan?  Is this a 1st or 2nd loan? 

Comment by Wendy Rulnick on August 22, 2011 at 11:54am

Chase tells us they won't pre-approve sellers for HAFA. What's your experience?

Comment by Tara Polley on August 15, 2011 at 5:57am

By the way, Chase is no longer the servicer, your loan would have been transferred to IBM LBPS and Seterus is the new "brand" they are using- they are not a collection agency, and your loan would not have been charged off. Here is more information:

 

International Business Machines (IBM: 175.29 -0.68%) will rebrand its mortgage servicing division as Seterus on July 9, according to a notice sent to affiliates.

IBM Lender Business Process Services, as it is known now, is a specialty servicer based in Beaverton, Ore.

In January 2010, IBM began negotiating with Bank of America (BAC: 10.395 -2.85%) to acquire Wilshire Credit Corp. The following March, IBM closed on the deal. BofA kept the servicing rights to the portfolio. IBM was able to build out its servicing capabilities with the Wilshire operating platform and the 900 employees who worked there.

It participates in the Home Affordable Modification Program and offers private workout options to distressed borrowers as well, including short sales.

"Over the last year, as a new member of the IBM family, we have seen this organization find itself and create its own character as a proud member of IBM. You have worked hard to improve the customer experience; you have done amazing things to help homeowners," according to the notice.

IBM will begin a campaign to push the new Seterus brand over the next few weeks, the notice said.

Comment by Tara Polley on August 15, 2011 at 4:57am

Hi Barbara,

I recommend staying away from third party companies that claim they can modifiy your loan. Also, there is no law that says lenders have to modify, so suing usually won't get you anywhere, and the attorney knows it but is happy to collect your retainer fee.

 

If you need assistance, SVP is right, HUD.gov is a better place to check, or go through a housing counseling session at 888-995-HOPE (4673) to get a housing counselor to do a session and place a conference call to Seterus. HOPE will be able to let you know if you are a good candidate to receive assistance and can help you get better clarification from Seterus.

 

Good Luck!

Comment by Steele V. Propp on August 15, 2011 at 4:32am

Most of these groups have proven to be little more than scams to take your money.  Do your homework on anyone you are considering.  Get a track record and time in business.  Don't rely on big promises.

Here in Minnesota our Attorney General just shut down several such organizations for upfront charges and then doing little or nothing.  Right now we are very leery about these "save my home" groups.

One thing that you might want to do is to contact the local non-profits that assist in foreclosures.  They are located in most areas of the country.  You can even go to the HUD site to see who is in your area.

 

www.HUD.gov

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