homeowner affordability and stability plan: Will Treasury Department Short Sale News Help? - 03/04/09 03:00 PM
The Treasury Department has just announced the incentives for lenders to accept short sales. Here is the excerpt from the updated Making Home Affordable plan:
Limiting the Impact of Foreclosure When Modification Doesn't Work:
Servicers will receive incentives to take alternatives to foreclosures, like short sales or taking of deeds in lieu of foreclosure. For those borrowers unable to maintain homeownership, even under the affordable terms offered, the plan will provide incentives to encourage families and servicers to avoid the costly foreclosure process and minimize the damage that foreclosure imposes on financial institutions, borrowers and communities alike. … (17 comments)
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homeowner affordability and stability plan: Homeowner Affordability and Stability Plan - How Will It Affect Short Sales? - 02/23/09 08:57 PM
Most of us have read the Treasury Department's new Homeowner Affordability and Stability Plan
After reading the plan, with details to be unveiled on March 4, I want to know- "How will the plan affect Short Sales? " Most of the plan is focused on aiding homeowners whose primary residence is at risk of foreclosure. Not everyone will be helped by this plan. Some of those who won't may include homeowners with loans not guaranteed by Fannie Mae or Freddie Mac. Many have lost jobs or have lost so much income they would not qualify. Other owners may have rental properties that cannot be … (11 comments)
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