Jumping on The Short Sale Bandwagon
As short sales become the next best thing compared to loan modifications, more and more vendors are helping servicers automate this process. For example, Lenders Asset Management Corp., a full-service, nationwide default asset management company offering REO services, has said that it will to help mortgage servicers fully comply with the federal government's Home Affordable Foreclosure Alternatives (HAFA) program.
In efforts to respond in a timely fashion to the inevitable influx of short sale requests throughout 2010 and beyond, LAMCO has prepared itself to execute accelerated short sale transactions through the governed efforts of its quality management system. This involves the company using specialized teams of experts who handle specific activities associated with the short sale and liquidation process by marketing and selling distressed and bank-owned properties quickly and efficiently. The team of experts also facilitates governmental compliance by fulfilling all of HAFA's specified audit requirements.
LAMCO streamlines the short sale process through its established LAMCO network, which connects lenders and servicers with real estate agents, lawyers, brokers, contractors and other vendors in a one-stop, intelligent database. LAMCO's approach towards preparing for the increase in short sales enables the company to manage its staff and vendor value chain in order to achieve maximum levels of performance and collectively leverage skill sets to cost-effectively ensure data security, timely completion of each short sale, provide homeowners the guidance and service they need and achieve full compliance with HAFA's guidelines slated to take effect on April 5. "In preparation for HAFA, LAMCO has prepared its team of experts as well as its network of established vendors to further enhance the coordination among all parties involved in the short sale process," said Brandon J. Hawkes, CEO of LAMCO.
HAFA is intended for homeowners who were declined under the Home Affordable Modification Program, enabling homeowners to satisfy their mortgage obligation by completing a short sale or deed-in-lieu on their property.