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Home | Tag Archives: Equi-Trax

Tag Archives: Equi-Trax

Proposed Bill to Speed Up Short Sale Process and Prevent Foreclosure

Proposed Bill to Speed Up Short Sale Process and Prevent Foreclosure

To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process. Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill addressing the issue of short sales time lines on February 17. The legislation, also known as the Prompt Notification of Short Sales Act, will require a written response from a bank no later than 75 days after receipt of the written request from the buyer.

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Equi-Trax Sees Success in ‘Right Party Contact’ Services

Equi-Trax Asset Solutions LP says it has surpassed industry expectations with the high percentage of right party contacts (RPCs) it achieves during its first visit to a borrowers home. An RPC is a successful effort by a loan servicer to speak with a borrower about resolution of a delinquency. The company says its success hinges on hiring qualified and skilled people to work as field agents who also have knowledge of the mortgage business.

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Most Short Sale Transactions Taking Four or More Months to Complete

Most Short Sale Transactions Taking Four or More Months to Complete

Despite new rules for short sales under the government's Home Affordable Foreclosure Alternatives (HAFA) program which went into effect on February 1, real estate agents responding to a survey said short sale transactions are still taking too long.A survey published recently by property valuations company Equi-Trax reveals the majority of short sales are taking four to nine months to complete, and Realtors say lenders are to blame, although some concede that borrowers need to be better educated about short sales.

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