October 22, 2008
Default Mitigation Management
Here is some more information on the portal which hopefully will get debtors speaking directly to someone who can do something about their loan situation. I signed up for the service yesterday and received this email from Joe Smith.
Hello All and thank you for signing on to the Debtor's Counsel Loss Mit Web Portal. We introduced the central region of California over the week end and we now have over 50 debtor's counsels signed on for Central and Western region of Tennessee and Central region of California. We were very fortunate to have several trustees and two judges present on Saturday (Judge Maureen Tighe (San Fernando Valley Division) and Robert Kwan (Santa Ana Division). Their feedback was very positive and encouraging.
I know some of you have been sending in borrowers already and that is great. Our status with the lenders signing up is as follows:
1. New South Federal is on the Portal
2. Litton is signed up and we are finishing the set up for their two outsource providers, it should be today or tomorrow. We are already forwarding accounts to them to be worked.
3. Countrywide (and Bof A) are in process of their approvals. They very much want to be in the pilot. We are forwarding all of the notifications to them and are being told they are being worked.
4. Wells Fargo is also in the process of getting their approvals completed and is accepting accounts and has assured me they will be worked.
5. Resurgent is getting set up at this time and should be on soon.
Other servicers are in the process and will be coming on soon. I just did another demo with SunTrust this morning and they were very excited to get going.
Please do use the website and submit the borrowers. Please be sure to add financial information as to make the case for the servicer. On the attorney portal page you will see the status change to "Open" when we e-mail it to the servicer. We have contact with most of the servicers and none have refused a package. They will not be able to respond through the system unless they have been set up, they will also not have to meet the 7 days at this point and we have had a couple say they will work them but it maybe two weeks before they get to them. When we get messages like that we send them to the attorney. Please update the status as you do have contact with the loan servicer. If they have called or e-mailed you, please change the status on that account.
For those servicers listed above, if you have not received a contact in 7 days, then please let us know.
For other servicers if you do not receive a response in 10 days let us know and we will re-contact them to follow up.
Please let me know if you have any questions or concerns. There have been just a couple of issues reported with submissions and we have followed up on those with the attorney to make sure the issue is addressed. Most appear to be when someone has registered and submitted info on multiple accounts before they have been approved.
Again, thank you for your effort and trust in us and please do submit those accounts even if the servicer is not listed. We are forwarding them and creating the records demonstrating the strength of the process and the commitment of the debtor's counsels to trying to get workouts done. We are at our beginning stages and we do have a lot of momentum building and need to keep the pressure on.
Joseph (Joe) C. Smith II
President & CEO
Default Mitigation Management LLC
631 Washington Ave, #1
Newport, KY 41071
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