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Posts Tagged ‘Stop foreclosure’

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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Foreclosures in Florida

An article by Duane Marstellar of Bradenton.com revealed that Florida will be creating a state-wide managed mediation program designed to help more homeowners avoid foreclosure. The Florida Supreme Court has directed judges to refer all new foreclosure cases involving primary residences to mediation, in hopes of easing a glut of foreclosures that is clogging the court system. More than 456,000 foreclosure cases currently are pending in Florida, which has the nation’s highest foreclosure rate. Read more of this article to find out the guidelines for this new program.

 
Click Here  to read more of this article.

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According to the SunSentinal, 35,000 South Florida homeowners have gotten a mortgage loan modification under an

No money to pay the Mortgage

Obama administration program designed to reduce foreclosures. But that is less than 5 percent of the borrowers who qualify for them.

Click Here to read more about it in this SunSentinal article.

If you or someone you know is having difficulties making their mortgage payment, or facing possible Foreclosure, please call us at 305-408-9200 for a free no Obligation consultation to discuss your Options.

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Weighing Your Options

Weighing Your Options

 

The Making Home Affordable has two key components, lowering interest rates on an existing mortgage and refinancing with a new mortgage. A key point is that the program does not lower the principal, only the interest rates. This article from RisMedia outlines some Guidelines on who may be eligible. Click Here here for more information about the Making Home Affordable program. Those who are truly desperate, such as those who are laid off and have no savings, do not qualify. 

If you or someone you know is facing financial difficulties and possible foreclosure, please call us at 305-408-9200 for a free, no obligation consultation. You don’t have to face your hardship alone!

   

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The Making Home Affordable Program is moving forward slowly. A recent report reveals that only 4% of applicants receive a permanet modification. The government is keeping the pressure up to convert more mortgages. Click Here to read the entire article from 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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