mod offer

Michael Naz

Michael Naz
Jan 9, 2011
2,965
38
48
Southern California
Hi Charlie
I have a question for you about the new PSA tool. Is this a tool that will find the investor of the borrower's loan when contained in a RMBS or other security? Many forum members have asked their loan servicers for the investor info to include the security ID, the trustee, etc. The loan servicers often refuse to divulge the specific info, often stating just that the loan is held in a "private label" security, i.e. not a GSE (Freddie or Fannie or VA). But then not providing more specific info. If the tool does that, it could be a valuable addition to the Rest Report. Thanks!
Yes as long as it securitized, and the SCC knows its securitized we can pull the info with report now. We are generally able to get investor file ID numbers and investor info on 3 way calls, but this is just another great addition indeed to the already very valuable rest report. I still am trying to post this mod, we got yesterday but i need to go remove personal info, and am waiting on the borrowers original mortgage statement.

Tomeason did you see the returned checks? I posted soon as i got in.
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
Yes as long as it securitized, and the SCC knows its securitized we can pull the info with report now. We are generally able to get investor file ID numbers and investor info on 3 way calls, but this is just another great addition indeed to the already very valuable rest report. I still am trying to post this mod, we got yesterday but i need to go remove personal info, and am waiting on the borrowers original mortgage statement.

Tomeason did you see the returned checks? I posted soon as i got in.
Yes, Charlie. I read all the recent posts on that thread. To include the conclusion that both our positions may be partially correct. However, I remain firm in my conviction that it's much easier to not make extra payments than it would be to make the payments and then try to get them back!
And thanks for answering my question about the new PSA tool, a good addition indeed.
BTW, I'm looking forward to seeing the great Chase mod you're going to post.
 

Michael Naz

Michael Naz
Jan 9, 2011
2,965
38
48
Southern California
IM waiting for her to send the old mortgage statement, i Have the REST REPORT that shows new payment, and the MOD that was given as a result... i guess I could just post that now.. but i wanted everything at once, its Really crazy 3 million dollar home 21,354 mortgage down to 8195 which is what the report said spot on, and its jumbo FLEX mod... at 35 years at 5% being the highest which is 10,900 dollars from their 9.875 previous interest rate and 2 denials.... after rest report 2 weeks, PERM mod.. DONE!
 

Hopeful In Hawaii

LoanSafe Member
Apr 10, 2010
595
2
0
I don't want to "steal " this thread from Sandi, and go off topic.
I do want to say more about the PSA tool, so I think I will do so on the REST REPORT thread.
I will tell you some interesting things I found out!!!!
 

Hopeful In Hawaii

LoanSafe Member
Apr 10, 2010
595
2
0
that sounds about right to me so if that is the case what are my options
do i accept the mod turn it down ask for more or walk away
im worried if im going to walk away i should do it now while its still ok
before they change the rules again and come after me for the difference right?
or stay here while i clean up my credit for a few years buy another house then walk
i appreciate all your input thank you
also my morg payment was 4600 a month under this plan it is 1900
which is cheaper than i could rent a house and shop
cause i run my business out of this house
They really have cut your payments down!
If I got that offer and rent was more expensive I might take it to buy time!

BTW, Bank of America never stated how much my balloon would actually be, I figured that out for myself.
Looks like HAMP makes the bank tell you how much the balloon will be.
I thought it was very deceptive of BofA not to state the balloon amount of their "in-House" offer!