Replies to This Discussion

Permalink Reply by Wendy Rulnick on December 1, 2009 at 4:06pm

Alisa - I wonder how the government would "bribe" the lenders to do these deals. First, the lenders are "servicers" for the secondary market investors. For example, Merrill Lynch, Bank of New York, etc. Then, poor Uncle Isaac is the REAL investor when his retirement account has just been forced to tell a borrower on the mortgage security he invested in that they never have to make good on the contract.... There has got to be some bribery involved.

Permalink Reply by alisa hagner on December 1, 2009 at 4:18pm

Here are the Treasury Guidelines. April 5th, 2010 deadline.

Attachments:

• Treasury SS Guidelines.pdf, 624 KB

Permalink Reply by Wendy Rulnick on December 1, 2009 at 4:20pm

Alisa, This would be great in the Making Home Affordable group, too! Thank you for posting.

Permalink Reply by alisa hagner on December 1, 2009 at 4:32pm

Thanks Wendy for the encouragement.

Permalink Reply by Jeff Payne on December 2, 2009 at 4:45am

Here is my 2 cents worth..
This is just more BS from Washington to try to make it look like they are doing something. $1000 to the servicer? They will make more than that servicing the bad debt. As long as the servicer is getting paid to service the loan, why do they really care? $1000 to the investors? That does nothing to get them to move faster. What needs to happen is the Government needs to follow Indiana's short sale laws and force these lenders to look at the files and communicate with the people involved. As long as their is no accountability on the lenders part, this mess will not get fixed.
Indiana House Bill 1359
Requires a creditor, a mortgage servicer, or an agent of a creditor to acknowledge a written offer made in connection with a proposed short sale of property that is subject to a mortgage transaction that is at least 60 days delinquent. Provides that the acknowledgment must be provided not later than 10 business days after the date of the offer. Requires the creditor, servicer, or agent to accept or reject the short sale offer not later than 30 business days after receipt of the offer."

Permalink Reply by alisa hagner on December 2, 2009 at 4:56am

What happens when they don't?

Permalink Reply by Wendy Rulnick on December 2, 2009 at 6:51am

Jeff- Then that is easy, they will "reject" in 30 business days after receipt, because they won't have time to "accept"... Thanks for posting more details.

Jeff Payne said:

Here is my 2 cents worth..
This is just more BS from Washington to try to make it look like they are doing something. $1000 to the servicer? They will make more than that servicing the bad debt. As long as the servicer is getting paid to service the loan, why do they really care? $1000 to the investors? That does nothing to get them to move faster. What needs to happen is the Government needs to follow Indiana's short sale laws and force these lenders to look at the files and communicate with the people involved. As long as their is no accountability on the lenders part, this mess will not get fixed.
Indiana House Bill 1359
Requires a creditor, a mortgage servicer, or an agent of a creditor to acknowledge a written offer made in connection with a proposed short sale of property that is subject to a mortgage transaction that is at least 60 days delinquent. Provides that the acknowledgment must be provided not later than 10 business days after the date of the offer. Requires the creditor, servicer, or agent to accept or reject the short sale offer not later than 30 business days after receipt of the offer."