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Posts Tagged ‘Foreclosure Information’

Avoiding Foreclosure

The Treasury Department has released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA), which will help homeowners who are unable to retain their home under the Home Affordable Modification Program (HAMP). Under the new HAFA program, a borrower (the current owner) may be able to avoid foreclosure by completing a short sale or a deed-in-lieu of foreclosure (DIL).

The new HAMP program provides some new very important guidelines to assist Borrowers avoid the devastating consequences of a Foreclosure. Some of the important aspects of the program are noted below.

• Use borrower financial and hardship information already collected in connection with consideration of a loan modification under HAMP. Use standard processes, documents, and timeframes/deadlines. This will dramatically decrease the amount of time it currently takes to Approve a Short Sale                                                                           
• Allow borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).

• Require borrowers to be fully released from future liability for the first mortgage debt and if the subordinate lien holder receives an incentive under HAFA, that debt as well (no cash contribution, promissory note, or deficiency judgment is allowed). Being fully released from future Liability from the mortgage debt is Huge.
• Provide financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 match for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis; up to 3% of the unpaid principal balance of each subordinate loan).

Click Here  to read the complete article written by Jeff Lischer for RISMedia.

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US Treasury encourages Short SalesUnder the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale. Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgage can collect up to $1,000 from the government for allowing the payments.

Borrowers who complete a short sale under the program must be “fully released” from future liability for the debt, according to the guidelines.  The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements.

Click Here to read more on the article from Realtor.org

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Is your family facing possible foreclosure

We can help families that are facing possible foreclosure

The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed “short sales” of homes and other loan modification. It also sets forth financial incentives for Banks. Click here to read more about it in this article from Reuters.

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Mortgage Modification
Is your dream of Home Ownership fading away?

Is your dream fading away to the possibility of Foreclosure? This is a great article by Rismedia  about the process of Mortgage Modification and the many pitfalls and misinformation that is out there. Click Here to find out more about the process and what you need to do to get started on the road to dicovery. The most important thing to take away from the article is you need to have a plan of action and gathering the right information is the first step.

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Prime fixed-rate mortgages continue to be the driving force for foreclosures and represent 33% of the foreclosures started in the third quarter. Read more about it in this Article from the Mortgage Bankers Association. Click Here!

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Foreclosure Home

In this article published by Kimberly Miller of the Palm Beach Post, Florida is leading the Nation in Foreclosures with Banks taking back 12.74 % of the states mortgages. That is more that 1 in every 10 homeowners that are in default and the number is rising. To read more of this article, click here.

” If you continue doing the same thing, you will continue getting the same results ”

You are not alone and there is help available to you. Call us at 305-408-9200 for a discrete consultation to discuss your situation.

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