Comment

Comment by SE Davis on November 10, 2011 at 7:26am

Joe Beauchamp;

That is not exactly accurate.

I've acquired dozens of HAMP modifications when the bank does not own the note. If the investor who purportedly owns the note is participating in HAMP then both modifications and short sales can be approved.

The HAFA issue is entirely different when issuing short sale approvals. A Non-HAFA approval allows for them to lose less money than the HAFA and the servicer and investor do not have to write a check to the defaulted seller homeowner among other issues. They hate that concept.

Challenging illegal recorded assignments is the new holy grail. It is much faster and much easier to dispute and cause indefinite suspensions of foreclosure sale dates during the short sale process. Any recorded document with MERS on it can be your clients HOME RUN DERBY!

Forensic loan audits can be effective however they are expensive, incredibly time consuming and leads you to arguing a legal case outside of court through lender servicing channels. In some states this exposes a third party to being accused of practicing law without a license. Be careful how you deploy this method.

RESPA-QWRs can be a tool. However asking for the docs in a RESPA-QWR accomplishes very little and can take 20 to 90 days and still be legal for the lender. The documents conditions and the documents that are missing from the lender compliance package are the winning rebuttal argument and that requires lazer focus on phantom docs.

Comment by Wendy Smith on November 10, 2011 at 6:45am

@joe - very interesting re HAMP mandate [banks owning the note].  I think audits are going to become more commonplace as short sales continue to drag on and investors/servicers/MI demand cash controbutions from borrowers. 

Do you mind sharing who you use for audits?

Comment by joe beauchamp on November 10, 2011 at 5:58am

I was going through some forensic audit stuff last night and found a reason banks are killing HAFA.  A HAMP mandate is that the bank owns the note - they don't.  BTW, since they don't, they cannot foreclose, etc.  So, to avoid the issue, they avoid HAMP as much as possible.  And, yes, I do plan to be using audits to put the bank in the ...uh.. right frame of mind for negotiations for my clients.

Comment by SE Davis on November 10, 2011 at 5:50am

Non-HAFA

My recent clients are opting out of HAFA from day one with a written letter to their first mortgage servicer.

Saves 30-60 days of short sale process time.

With HAFA denials being somewhere in the 95 percent range this makes sense.

 

Comment by Kevin - Greenville, SC on November 10, 2011 at 5:41am

@Joe, You are correct and that has been reported before.  All the Servicer(s) are in the Foreclosure biz...

 

http://mattweidnerlaw.com/blog/2011/06/chase-employee-were-in-the-f...

Comment by Kathy Scruton on November 10, 2011 at 5:39am

Yes I heard that too but it sure seems like it depends on who you get for a Negotiator, don't you think?  I'm all in on this one working out!  Non-HAFA is awesome!

Comment by joe beauchamp on November 10, 2011 at 5:25am

Ha, Kathy, isn't that how they keep you at the tables in Vegas?  Last night I came across a deposition of a Chase employee stating that they are in the business of foreclosure, so I hope you are right, but I ain't betting on it.. ;-)

Comment by Kathy Scruton on November 10, 2011 at 4:03am

Wow, I just got SS approval in 2 weeks from Chase on a non-Hafa, non-owner occupied property! I am in shock after years of fighting tooth and nail on all my other short sale transactions. Lets hope a new trend is starting up!

Comment by cat gellatly on November 10, 2011 at 3:50am

Thank you!

Comment by Sandy Frost on November 10, 2011 at 3:13am

You can identify the investor at mers-servicerid.org or google Fannie and/or Freddie look up sites.

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