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FLORIDA, FHA loan 30 yr fixed 6.0% I have been waiting on the modification process for 10-11 months. My father who was a co-signer Filed Bankruptcy because he lost his job. He also put my house in it, so he could get his name off. I had a loss in income. I applied for a modificatiom. The bank said i...
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Mr. Johnson: This is a very common story, especially with Bank of America. What State do you live in? Do you know if your loan is a Fannie Mae, Frddie, FHA or private investors? What is the loan amount and how far behind were you? These are all important questions for me to know as it will determine...
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The headline says it all. If you're looking for confirmation. HERE is the BoA presser. Below is the text of the release. -------------------------------------------------------------------------- Strategic Move Will Build Upon Leadership Positions in Retail, Correspondent and Warehouse Lending Bank of...
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The interesting thing about "mortgage banking" is that it is not a discipline taught in school to youth. It is not like chemistry or psychology, or animal science, etc., that one can major in. It includes aspects of many different things, like finance, sales, marketing, psychology, accounting...
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Using the FNMA Refi Plus, I can go to 105 LTV and 110 CLTV (I think those limits are from our investor). Is there anyone out there that has tried a subordination at 110% CLTV or even above 100%. Bank of America's new subordination form gives no guidance as to their max cltv (like it used to). Hate...
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Does anyone know if a wholesale lender is bound to the 2010 GFE that they disclose to a borrower just like a broker is? Here's the situation. Lender allows a VA IRRRL to be priced out and locked through their systems with YSP. The lock department even goes in a second time to make an adjustment because...
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Several of the bankers testifying before the House Financial Services Committee on Tuesday drew a close connection between principal reduction and the impediment to loan modifications posed by the existence of second mortgages. As was covered in our earlier report , David Lowman, CEO for Home Lending...
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Yesterday Bank of America announced they "will make principal forgiveness– ahead of an interest rate reduction – the initial consideration toward modifying certain subprime, Pay-Option and prime two-year hybrid mortgages qualifying for its National Homeownership Retention Program (NHRP...
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Yesterday I mentioned the question about whether or not modified loans could still be forced back to the seller for buybacks . Freddie Mac does indeed say that the seller would still need to buy it back after a modification. At the current time, however, there is the belief that sellers continue to be...
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Home Today's Headlines ATW Forums Q&A Mortgage Rates Top Stories Bank of America to Offer Principal Reduction to Underwater Borrowers Bank of America has announced a new program that will assist delinquent borrowers by reducing principal balances in a two step process. Eligible borrowers... - MND...