Fannie and Freddie to join HAFA Program
August 1 is the start of a new government program for what looks like all conforming loans. Until now the HAFA program was limited to only nonconforming primary residence loans. Now the conforming loan segment has entered the HAFA arena. It is supposed to be similiar to the original HAFA program, with a few minor [...]
HOA dues and Short Sales….oil and water
Recently I had the opportunity to negoiate a short sale that had past due HOA payments. The payments were over a year behind and the association had put liens on the property. Two weeks before closing the homeowner received a foreclosure letter stating the HOA was foreclosing next month. I was never so frustrated that [...]
Obama’s new Foreclosure Alternatives Program coming soon!
On May 14, 2009, the Obama Administration announced its upcoming Foreclosure Alternatives Program. Among other things, the new program: Establishes financial incentives for servicers, sellers, and second lien holders to encourage the completion of short-sale transactions. Requires that a timeline, of no fewer than 90 days, be set to allow a homeowner to sell a home, [...]
