possession order on my house

[Guest TaffR]

SMS

 

Definitely see signs that pre-payments are being affected, and expect this to continue

[Guest TaffR]

Capstone

 

Re-finance is getting harder and is beginning to filter through

[Guest TaffR]

All This By The Way, Should Provide 'some' Defence In Court!

[Guest TaffR]

Do you see greater

differences in

realisation value on

foreclosure

compared with the

indexed value of a

property?

[Guest TaffR]

HML

 

No significant difference to what was seen previously, still reasonable returns but the overall process is taking longer

[Guest TaffR]

SMS

Definitely seeing differences, primarily in increased segregation between different characteristics.

New-build flats more affected than houses

Cities more affected than rural areas

[Guest TaffR]

Capstone

 

Prices are holding up but need to compared with reasonable market values and need to be clear what is causing the difference, actual house price differences or

accrued interest

[Guest TaffR]

Now Here Are Some Really Good Bits.....astounding!!!

 

Get On To Experian!

[Guest TaffR]

Have you

undertaken any

special processes or

actions to combat

increasing arrears

or the prospect of

increasing arrears?

[Guest TaffR]

HML

Around September last year, as the credit crunch was beginning to take significant effect, we noticed how the UK mortgage market could face problems. We contacted

our clients to ask them to consider instructing HML to review those mortgage accounts where teaser / fixed rates were due to expire. While not every lender required

this, we identified just under 8,000 accounts that looked likely to be affected, with various lenders asking us to undertake a variety of tasks such as telephone contact

and letters to make customers aware of the impending rate change/discount/fixed-rate removal.

We installed an auto dialler over 12 months ago, which has been particularly helpful at this time, as it has allowed us to increase outbound call volumes by 115%, with a

168% increase in “Right Party Contacts” and a 150% increase in arrangements to pay.

[Guest TaffR]

SMS

 

Not so much as different process, or actions, but using the tools available more intensely

[Guest TaffR]

Capstone

 

Invested a significant amount of time and resources in improving technology, have increased headcount in special servicing by more than 70% in the past six months,

introduced a power dialler in January 2008 and introduced a programme for more defined loan modifications

[Guest TaffR]

Ever Felt Bullied/harrassed?

[Guest TaffR]

Loan modifications

Loan modifications, while available for lenders to use as a tool to help borrowers, have

increasingly come under the spot light following President Bush’s announcements to

Congress regarding providing help to alleviate problems for sub-prime borrowers in the

US. These efforts have focused on lenders trying to help borrowers to keep their homes

by allowing servicers to modify loan conditions to restrict the risk of default. This

strategy has been underpinned by servicers accepting

[Guest TaffR]

January 2008 saw

Capstone announce

a new servicing

initiative including a

suite of potential

loan modifications

[Guest TaffR]

In January 2008, Capstone (a wholly-owned subsidiary of Lehman Brothers) – currently

carrying out servicing for Southern Pacific Mortgage Loans (SPML) and Preferred

Mortgage Loans (PML) – announced a new servicing initiative, including a suite of loan

modifications, which would be applied on a case-by-case basis to minimise borrower

arrears and losses if foreclosure was expected. The servicing strategy has been

developed by expertise gained from Capstone’s and Lehman’s recent US involvement

and targets specifically those borrowers that may suffer difficulties with upcoming rate

resets. Capstone believes that this special servicing strategy is in the best interests of

the borrower and therefore, should ensure performance for securitised transactions.

[Guest TaffR]

Here It Comes.....

[Guest TaffR]

The strategy has been discussed with each of the rating agencies. Fitch issued a press

release on 14 January 2008 stating “Fitch Ratings today says it takes a positive view of

the approach taken by Lehman Brothers to develop a loan-modification programme for

its residential mortgage-backed securities (RMBS) programmes. It adds that the

modification scheme will have no immediate impact on the ratings of the notes issued by

Lehman's UK RMBS programmes, or on the servicer ratings of Capstone Mortgage

Services Limited”.

[Guest TaffR]

Now This IS Allowable In The Usa. Not In The Uk Though...illegal

 

I Have To Ask Are They Getting This Information Via Their Us Parent Company Or Direct From Uk Experian....see Below:-

Edited May 13, 2008 by TaffR

[Guest TaffR]

Each loan modification

is dependent on a

full re-assessment

of the borrower

Each loan modification is dependent on a full re-assessment of the borrower,

including his/her propensity to pay following modification, a revaluation of the

property, and a full adherence to the FSA mortgage guidelines including a new Key

Features document presented to the borrower.

 

The monthly information from Experian will provide a valuable source of information,

help to build a picture of how borrowers are performing and allow Capstone to preempt

any potential difficulties for borrowers. HML carried out a similar initiative when

it contacted borrowers in Q3 last year, forewarning them of upcoming rate re-sets.

 

Capstone, by using credit bureau data, can build a wider picture of a borrower,

encompassing all his/her debts, not just mortgage-related, allowing it to see if

borrowers are struggling on other payments, a natural pre-requisite to mortgage

difficulties. Using this system would give borrowers a heads-up that their home could

be at risk, if their financial situation were to continue deteriorating.

[Guest TaffR]

I am going home now before I get sacked.

 

TaffR

[Guest TaffR]

remember these are just 'comments' for the future! That will never happen as you can sense and see the resistence and thinking of conditions to any form of change going forward.

[vickson]

I too have been checkng this thread every 5 minutes at work, very interesting reading

[Guest Legallychallenged]

http://www.abanet.org/buslaw/committees/CL130000pub/newsletter/200708/nelson.pdf

 

Read this link! Case in there of misselling USA though but will be here before log we hope!!!

[Bona]

Ok you havnt actally asnwered by post 73 and every thing you have said may be relevant but tell me who can it help someone who is being repossedsed next week I would like to know more about who you are and where you come from would tour information help a vunerable person to think that they may have a way out from being repossessed