As it is well known, the housing market is uniquely bound to the U.S. Treasury. This is never more apparent than a policy found within the Treasury Department’s Office of Home Ownership. Laurie Maggiano is the architect of a plethora of the government-backed Making Home Affordable program, uniform guidelines for loan modifications, Home Affordable Foreclosure Alternatives short sales, and foreclosure prevention.
“Her work at Treasury has not only helped servicers and investors adopt HAFA short sales, but also led to new guidelines that include making deficiency releases and relocation money standard when it comes to these transactions. Maggiano and her team were also responsible for programs that have helped so many people across the country avoid foreclosure.”
The changes Maggiano will affect the tools provided to agents and consumers if they get bogged down in the midst of their short-sale process by:
- adjusting short-sale timeline
- change occupancy restrictions in addition to
- an increase in payments to second mortgages and relation assistance to sellers.