Obama’s new Foreclosure Alternatives Program coming soon!
admin | Jul 14, 2009 | Comments 9
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, without threat of foreclosure action.
- Requires the short sale agreement to specify reasonable and customary real estate commissions and costs to be deducted from the sales prices. (The servicer must agree not to negotiate a lower commission after receiving an offer.)
- Will provide standardized documents, including short-sale agreements and offer acceptance letters.
The Foreclosure Alternatives Program is anticipated to launch in late July.
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Have a nice day
Charlie
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home loan modification…
A foreclosure is a loss to the bank as well as the borrower. While the borrower loses his/ her home, the bank incurs heavy expenses to conduct the auction and yet do not get the full amount of mortgage. The loss mitigators try their level best to avoid…
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