From the presentation…
Selecting the Foreclosure Counsel or Trustee
- Designated Counsel/Trustee
- Non-designated Counsel/Trustee
Benefits of Using Designated Counsel
- Loans in the Designated Counsel program receive foreclosure timeline benefits in the Servicer Performance Profile
- Foreclosure and bankruptcy fees and costs are managed directly between Freddie Mac and Designated Counsel
- Counsel will order the BPO (Broker’s Price Opinion), and prepare the bidding instructions for the foreclosure sale
- Form 104DC (hard copy or online) is the only documentation required for reimbursement of foreclosure and bankruptcy costs
Documentation -Best Practices
- When acquiring new servicing portfolios address missing mortgage assignment problems and other loan documentation deficiencies through due diligence reviews
- Maintain a database of information. Include contact names and telephone numbers to help you locate representatives of prior Servicers who may need to sign missing assignments
- Provide all reinstatement and payoff figures within 24 hours after you receive the request
Manage the Foreclosure, cont’d
- Process the foreclosure in your institution’s name name, or MERS (Mortgage Electronic Registration System), if applicable
- Refer to section 66.17 of the Guide
Conducting the Foreclosure Sale
Bidding Instructions for Conventional Mortgages
Some pretty interesting stuff…
Anyone want to guess who the Freddie’s designated counsel is in Florida?
Yep you got it…
Check out the full presentation below…
4closureFraud
Freddie Mac Foreclosure Fraud Timeline Management
Great post…. same S@*T posted on Fannie Mae’s web site… what I have found is that these “braggarts” eventually will hang themselves by their own petard…
However the real question here is that the-Taxpayer bailed out FM & FM…. so why are the foreclosure mill’s provided detailed instructions on how to close quickly… so in effect the taxpayer is paying for their own executioner…
there is something very wrong here… it is time for a March on DC by the American taxpayer to demand full access and disclosure of the GSE’s.
It would be interesting to see what “financial contributions” these law firms and their members have made to elected officials in DC…. looking to cover up and keep the lid on FM & FM.
This is to Freddie Mac & Fannie Mae how can you come to Merced, Ca and work with Dennis Cardoza
in supposely to help homeowner with there loan and provide them with better interest & payments. If you
have not made it right with Simon Martinez of Merced, CA. Freddie Mac & Fannie Mae and EMC, QUALITY LOAN, TANTUNIUM, PRO30, FINANCIAL TITLE COMPANY AND HOW MANY MORE!! Took Mr. Martinez home and sold it due that he was in default! Not realizing that Mr. Martinez has been paying all this time and I have valid receipts and more proof and evidence to show the public . But just remember all of this started with COUNTRYWIDE /BANK OF AMERICA that sold millions of homeowners informatio to a third party that as of today COUNTRYWIDE IS BEING SUED AND FOR MORE INFO http://WWW.DATA.CLAIMS
FREDDIE MAC & FANNIE MAE MAKE IT RIGHT AND RETURN THE PEOPLE’S THERE FOUNDATIONS!!
Another great use of our taxpayer money. Amazing to see bureaucrats whose paychecks come from corporate welfare pushing to accelerate foreclosures. Also funny to see approval required on properties with buried tanks; wonder why they’re slower to foreclose if they think there may be some liability.
This really is over the top; great work to whoever got it.
Interesting that they reference the Law Offices of David Stern when public company DJSP seems to do all the work there. Since DJSP (financed by another corporate welfare basket case, AIG) appears to be recording the lions share of the income — even the money held in client trust accounts for filing fees and money recovered is DJSP “revenue” according to their latest filing — you’d think they’d just hire DJSP directly. Oh wait; only a law firm can process lawsuits. And any lawyer, like the idiot who wrote this, that knows that rule is being violated has a duty to report them. Instead they’re sending even more business.
It’d be an understatement to say that we’ve had enough. Sitting in their taxpayer financed buildings, cashing their taxpayer funded paychecks, “servicing” their taxpayer funded “portfolio” and writing drivel like this about how to push homeowners to the street ASAP. What a bunch of pious hypocrites.