hamp: Short Sale Transactions to get easier April 5th
- 03/23/10 05:44 AM
HAMP(also known as HAFA) stands for Home Affordable Modification Program. HAMP has addressed new rules for short sale transactions that are owned by banks(not Fannie Mae and Freddie Mac). Keep in mind HAMP has been a failure for helping home owners modify their current mortgage, so far. Lets hope this program makes short sale transactions easier. Here are the new rules(guidelines): Uses borrower financial and hardship information already collected in connection with consideration of a loan modification. Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds). This should make life much easier! … (5 comments)
HAMP(also known as HAFA) stands for Home Affordable Modification Program. HAMP has addressed new rules for short sale transactions that are owned by banks(not Fannie Mae and Freddie Mac). Keep in mind HAMP has been a failure for helping home owners modify their current mortgage, so far. Lets hope this program makes short sale transactions easier. Here are the new rules(guidelines):
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