Each and every week, there are things going on that impact the short sale business. Sometimes there are big changes to federal and state policies that impact short sale processing and the distressed property world. Other weeks, there is news about government programs for distressed borrowers.
Read below to learn about some of the interesting stuff that went on this past week in the distressed property arena:
One Million HAMP Modifications Wildly ironic but not unexpected, there are about 1,000,000 failed loan modifications and about 1,000,000 that made it through the trial period. And, of those that made it through the trial, only about 825k are still active. Read more of the stats in this article.
Surprise Refis from Chase – Lucky Ducks Lucky owners of Chase mortgages may receive a surprise in the mail—an offer to refinance the home at a lower interest rate. Read more about it and rub Buddha’s belly. Maybe you will get a letter, too.
Another Stimulus Plan Here’s another stimulus plan that may or may not get our economy on the mend. However, with the increase in market values and the real estate market being heavy with buyers, I’d say that the economy might be beginning to recover without another plan.
There’s lots going on in the distressed property arena. And, if you are actively working with ‘distressed’ borrowers, it’s important to keep up with all of the changes in the industry. Sometimes that’s hard, which is why I’ve provided you with a weekly recap right here.