Foreclosure app now handles short sales
DepotPoint expands TrackPoint's capabilities
By Inman News, Wednesday, October 15, 2008.DepotPoint Inc. has added a short-sale module to its TrackPoint suite of default and foreclosure applications that's intended to help mortgage lenders, servicers and property managers track and collect documents and improve communications during negotiations between homeowners, buyers and mortgage companies.
The short-sale module can be used on a standalone basis or in conjunction with the company's REO TrackPoint or Default TrackPoint applications, the company said.
TrackPoint allows asset managers, mortgage servicers and others to manage properties through the entire foreclosure process online, from initial default through short sales, auctions and real estate-owned (REO) dispositions, DepotPoint said.
DepotPoint last month announced a partnership with Alpha Closing Inc. to form a network of real estate agents to assist asset managers, loan servicers and banks in selling off inventories of foreclosed properties. The Alpha Agent Network provides agents who pay annual subscription fees with access to the REO Trackpoint system, and allows them communicate with asset managers to list and sell REO properties.
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Submitted by Maurice Stewart on October 16, 2008 - 4:38am.
Hello Matt,
Your exposure of software systems that target the foreclosure crisis is very timely, given the environment.
We have a program that all counselors need to take a look at: Lossmitigationexpress.com
It will diagnose, processes and submits the entire foreclosure file to the lender within one hour from interview to dispatch. Because the program is web-based, it can be viewed and worked by multiple users from anywhere in the world, 24/7. As it embraces the Green initiative, all client's documents like Tax Returns, Pay Stubs etc can be uploaded to the individual's file so that the need to submit a hard file is obviated (providing that the individual lender will go on line to view the file)
The system takes a multi-focal viewpoint in that looks at all the reasons for default and puts together recommendations that is in sync with the Action Plan as produced by the
built-in Intelligent Engine. There are Grants, Forbearance, Loan Modification, Short-sales,Deed in Lieu and even predatory Lending detection.
Some of our subscribers are the City of West Palm Beach (Foreclosure Assistance Center, The Urban League, The Community Partnership Group and other non-profit and for-profit counseling outfits in the South Florida and California area where foreclosure has engulfed those states.
As the need for speed is never more urgent, this tool is the only one in the country that has the ability to process files at the rate necessary to stem the current wave of foreclosures. In November Loss Mitigation Express is launching a partnering with the City of Ft.Lauderdale, BankAtlantic and The Urban League of Broward County to start servicing residents in certain Zip Codes and where necessary and possible, to award grants of up to $10,000 to recover the property from foreclosure and keep the owners in place.
Anyone needing more information should contact Maurice Stewart at ccna@mindspring.com
(561) 202-7939
Submitted by Glenn Ginsburg on October 16, 2008 - 10:45am.
Agree that something is needed to facilitate communication between all parties involved in either a potential short sale or foreclosed property, especially after hearing today from a Bank of America employee that 1,000's of files received by their loss mitigation department in Buffalo which were submitted during April and May were lost either before or during the transfer of the files to the Brea, CA offices.
One has to wonder how many millions of dollars are being lost by Bank of America on these mortgages since it has been about 5 months since the packages were submitted.
I can now understand why so many people are upset over the rescue (aka bailout) plan, as it does appear we are paying for Bank of America's inefficiencies.
Glenn Ginsburg
A Delta Realty
Bonita Springs Florida