Comment

Comment by Kelly Magreevy on October 10, 2013 at 7:04am

anyone had a call from Desousa or Desouza Asset Management working for Bank of America? Got a call saying they had to secure the property but the property wasn't in foreclosure, it was last year but Release of Lis was filed last October..anyone provide any insight?

Comment by Dean E Eshelman, CPA, CDPE, IRES on September 20, 2013 at 4:58am

It depends on the modification terms. Some are pretty lame in that they change the payment $20 or something rediculous. They should reconsider there actions here put their disgust aside and look at the offer. The question is do they like their home? Not knowing the current circumstances financially, (medical, unemployed, re-employed etc) They may have had a chance to get back on their feet without the house payments. I had a couple that just did a mod with B of A - a mod decline, a mod refusal to accept payments by B of A and we were able to work thru it and get the mod re-instated. The USDA loan program is a great program. 

Comment by Gregory J Bermes on September 20, 2013 at 3:25am

I guess I cannot see the "big picture". 39 months past due = 39 months living for free. And they STILL want to short sale? No wonder the mods were denied.

Comment by Jon Batten on September 20, 2013 at 3:17am

My clients have a Countrywide, USDA loan with BofA as the servicer. They are 39 months past do and have applied 6 times for a modification and have been turned down 5 times. They mover out of the house in frustration and called me to SS. They are now being told that the 6 modification has been approved by BofA and is pending approval from USDA. If it is approved they will not qualify for a SS. These folks have been through the wringer with BofA and have no plans to move back in. They CRM says that the only alternative at this point is foreclosure. Does anyone know of a way to get to SS from here? 

Comment by Thom Colby CA Brkr 888-391-5245 on September 11, 2013 at 11:25am

Zac - Did the borrower receive a "Goodbye" letter from BofA and a "Hello" letter from Sovereign Bank?  If the loan was sold / transferred then the borrower MUST be notified by the existing and new lenders.  If the borrower received nothing from BofA, it is likely the loan was sent to collections - nothing would need to be recorded and no Goodbye / Hello letter is needed.  I suspect a collector will "pop-up" sometime over the next few months. 

Comment by Zac Storey, GRI, CDPE, CRS, SFR on September 11, 2013 at 11:12am

We were hoping, unfortunately, title came up as expected.  There are not any reconv's recorded.  :-P

Comment by Thom Colby CA Brkr 888-391-5245 on September 11, 2013 at 10:59am

Has anyone done a Title Search to see if anything has been recorded as Elizabeth suggests?

Comment by ElizabethWeintraub00697006LyonRE on September 11, 2013 at 10:47am

Even if the bank has dismissed the loan or marked it paid in full, it still needs to have a reconveyance recorded to remove it from the public records.

Comment by Jan Sanderlin on September 11, 2013 at 9:59am

BofA wrote off a lot of their 2nds...Literally, wrote them as paid in full...If there is no record of the 2nd, then maybe this is what happened and the disposition of the loan is noted incorrectly in their system.

Comment by Zac Storey, GRI, CDPE, CRS, SFR on September 11, 2013 at 9:29am

We are working a 1st and 2nd with BofA and the second was supposedly sold back in April to Sovereign.  BofA reported the transfer in their system the last week of August but Sovereign has no record of the loan #, address, SS#, anything...  BofA ran a trace on the loan and came up with nothing.  The sellers' credit reports are still getting late updates from BofA even though the loan status reports as transferred.  This 2nd has simply evaporated.  We even had the seller call both banks to tell them that they would like to pay the 2nd off to see if the tone would change, to no avail.  Has anyone else had this happen and have you had any success is tracking down the new loan?

• ‹ Previous
• 1
• …
• 10
• 11
• 12
• 13
• 14
• …
• 353
• Next ›
• Page