Edwin Baloloy
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Edwin Baloloy's Discussions

Is a homeowner still eligible for a Dept of Justice loan modification if servicing transfers?

Started this discussion. Last reply by Ron Scribner Feb 5, 2013. 7 Replies

Just when I thought a client of mine was going to be granted a principle reduction through the DOJ $27B settlement, the rug got pulled from under them.They were initially told they were awarded the…Continue

What % of your Short Sale listings came from homeowners who were APPROVED for a mod???

Started Sep 25, 2012 0 Replies

I keep hearing several agents saying, "this is the END of short sales..." after the (2) big game changers: 1.) Robosigning settlement and 2.) Homeowners Bill of Rights.Here's my take: until the…Continue

Tags: Bank, Fargo, Wells, America, Big

Any strategies dealing with Bank of America's 3rd party LRC "Loan Resolution Company"?

Started this discussion. Last reply by Edwin Baloloy Sep 6, 2012. 10 Replies

In a separate thread, I mentioned that Bank of America thought that LRC was doing such a lousy job, they decided to give them MORE short sales! *sarcasm…Continue

Is it true? Bank of America moving ALL short sales to 3rd parties?

Started this discussion. Last reply by Brett Goldsmith Sep 16, 2012. 10 Replies

Just had a HAFA and traditional sale assigned to LRC (Loan Resolution Corporation). In the past, only Co-op and HAFA short sales would get assigned to third parties. Companies such as LRC, UTLS, etc…Continue

 

Edwin Baloloy's Page

Latest Activity

Edwin Baloloy replied to Karen Summers's discussion Sellers threaten to cancel short sale
"While I agree with most here that you should try to work it out with the sellers, here's where MY worry would lie if I was the buyer's agent in the transaction: 1. Is it really 2 weeks? Or will the "2 weeks" result in asking for…"
Mar 12, 2013
Edwin Baloloy replied to Juan Zane Crawford's discussion Investor not participating in HAFA
"There are servicer-specific incentives, like BofA's cooperative through DTS. I'm not 100% sure on the Chase program, but believe they're on a solicited basis only on certain portfolio loans originated between 2004-06. Someone correct…"
Mar 4, 2013
Edwin Baloloy replied to Juan Zane Crawford's discussion Investor not participating in HAFA
"Likely Fannie Mae or Freddie Mac. They announced their withdrawl from the program back in Dec 2012."
Mar 4, 2013
Edwin Baloloy replied to Tracie Norman's discussion Service release four days before foreclosure. . .blessing or curse?
"That depend on who the loan went to.  While there are mixed reviews here about Nationstar, I've had good experiences with them. "
Feb 6, 2013
Edwin Baloloy replied to Ken Ryan's discussion Fannie Mae Valuation - Call update
"I like the following paragraph in the NAR article: "At the conclusion of the meeting, FHFA GSE examination staff requested that NAR provide specific short sale cases sent by REALTORS® for review and agreed to meet in the coming weeks to…"
Feb 6, 2013
Edwin Baloloy replied to Edwin Baloloy's discussion Is a homeowner still eligible for a Dept of Justice loan modification if servicing transfers?
"Thanks for the clarification. What years were the GMAC loans originated that you've seen?"
Feb 5, 2013
Edwin Baloloy replied to Edwin Baloloy's discussion Is a homeowner still eligible for a Dept of Justice loan modification if servicing transfers?
"From what I've seen, the loans getting the DOJ principal reduction are NOT owned by an investor. Just about all of them that I've witnessed first-hand are portfolio loans from CW or WAMU originated between 2004-06.  I recently listed…"
Feb 5, 2013
Edwin Baloloy replied to Edwin Baloloy's discussion Is a homeowner still eligible for a Dept of Justice loan modification if servicing transfers?
"That's what I figured. Of course, when the loans are sold, they don't go to one of the big 5 servicers! Seems like a loophole, doesn't it?"
Feb 5, 2013
Edwin Baloloy posted a discussion

Is a homeowner still eligible for a Dept of Justice loan modification if servicing transfers?

Just when I thought a client of mine was going to be granted a principle reduction through the DOJ $27B settlement, the rug got pulled from under them.They were initially told they were awarded the DOJ principle reduction a few weeks ago. Shortly after, they received a servicing transfer notice and the homeowner was told that anything in process was voided.They have a former Countrywide loan that was originated in 2006. The 2004-06 CW loans seem to be the borrowers that have received the…See More
Feb 4, 2013
Edwin Baloloy replied to Marge Pawlak's discussion HAFA short sale> both 1st and 2nd/HELOC state the other MUST approve first
"Who are the servicers?"
Feb 4, 2013
Edwin Baloloy replied to Ken Ryan's discussion Fannie Mae Valuation - Call update
"Probably best to have a separate thread on this? Like many programs out there, it sounds good on paper, but will unlikely make a sizable dent. There's still the issue of the 2nd liens and servicer documentation. Since the homeowner is not in…"
Jan 30, 2013
Edwin Baloloy commented on Mike Linkenauger's blog post Is Fannie Mae Attempting to Control Real Estate Prices Nationally?
"Mike Linkenauger: "Fannie Mae & Freddie Mac back over 60% of US residential home loans..." Ok -- thanks. You'll have to excuse me -- I'm in Southern California (Orange County) and many of our loan amounts go well above…"
Jan 20, 2013
Edwin Baloloy commented on Mike Linkenauger's blog post Is Fannie Mae Attempting to Control Real Estate Prices Nationally?
"Just to be clear, I'm not disagreeing or agreeing with the notion that FNMA wants to control market prices by listing homes 110% - 1120% of FMV. The disagreement comes from the METHOD that they want to accomplish higher prices in markets. As…"
Jan 20, 2013
Edwin Baloloy commented on Mike Linkenauger's blog post Is Fannie Mae Attempting to Control Real Estate Prices Nationally?
"What % of the total RMBS does Fannie/Freddie own? I thought it was something like 30% or close to 1 in 3. The rest are held by institutions, privately held trusts and private investors.  In many markets, Fannie/Freddie short sales & REO…"
Jan 17, 2013
Edwin Baloloy replied to Ken Ryan's discussion Fannie Mae Valuation - Call update
"In many ways, the latest behavior from Fannie Mae isn't shocking.   Let see some of their recent decisions and tell me if there's an underlying message to their position on the whole housing mess: 1. Part of the $25B settlement is to…"
Jan 16, 2013
Edwin Baloloy replied to Ken Ryan's discussion Fannie Mae Valuation - Call update
"RE: "great benefits the lenders are realizing" You have to wonder if the higher powers at FNMA are finally responding to all the recent gambits a homeowner can use to increase their "rent free" time. You have to admit that tons…"
Jan 16, 2013

Profile Information

First Name
Edwin
Last Name
Baloloy
Are you a...
Agent
State
CA
City
Anaheim

Edwin Baloloy's Blog

When is it better to Simply "Walk" (Foreclose) and not seek a Short Sale?

Posted on September 3, 2012 at 4:30pm 2 Comments

If you’ve found this blog just by searching on the internet, there’s a good chance you’ve read the advantages a Short Sale can have over simply “walking” from the property and letting your lender foreclose.

In case you haven’t heard the reasons, let’s list some of them:

1. No Deficiency – if you have a “recourse” loan in California, you can be subject to further collections and a deficiency judgment after foreclosure. On the other hand, California Civil Code…

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