All Entries in the "Government programs" Category
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 [...]
Fannie Adds Incentive to Avoid Foreclosure for future Texas buyers
Beginning in July, Fannie Mae will allow financially troubled home owners to complete a “deed in lieu of foreclosure” or a short sale and be eligible to apply for a new Fannie-backed mortgage in two years. Currently, borrowers who have completed a deed-in-lieu must wait four years to apply for a loan that Fannie will [...]
Updated HAFA guidelines for Dallas Short Sales
Here are updated guidelines as of March 2010. I’m sure this s not the last of changes or updates going forward. Servicers who wish to participate must complete their applications by 10/03/2010 (was 12/31/2009) Latest “Supplemental Directive” was issued 03/26/2010 (was 11/30/2009) Added evaluation criteria: Property may be vacant 90 days prior [...]
New HAFA Short Sale Regulations affect Dallas preforeclosures
What do these new short sale guidelines mean to you? The new federal push provides lenders with financial incentives to accelerate the short sale process — $1,500 for servicers to cover administrative costs and up to $2,000 for investors, according to the National Association of Realtors. Still the guidelines are voluntary, and to be eligible [...]
Streamlined Short Sales
There has been allot of rumors out there the treasury will step in to either take over or mandate a response time for servicing companies to respond to short sale offers. There is talk that there will be a required 21 day response time either by acceptance, rejection or counter to the seller. Supposedly there [...]
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, [...]
