upland: IS HAFA’S PROGRAM A BREACH OF HUD’S FAIR HOUSING ACT??
- 02/27/10 08:59 AM
According to HAFA (Home Affordable Foreclosure Alternatives) program slated to take effect April 5, 2010, lenders MUST first evaluate/advise homeowners on HAMP (Home Affordable Modification Program) loan modification programs prior to any consideration of eligibility of the HAFA short sale option. One of the goals of the new HAFA program is to simplify and streamline the use of the short sale option by incorporating the following unique features: Uses borrower financial and hardship information already collected in connection with consideration of loan modification. Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds). … (22 comments)
upland: PROMISSORY NOTE ON SHORT SALE - SIGN OR NOT?
- 02/05/10 11:58 AM
Here is a true copy of a promissory note I received from Aurora Home Loans in exchange for a short sale approval for my client. She did not sign it and that negotiation fell through. We are up for another approval any day and Aurora has sent the file to the MI company again for final approval. I'm afraid I will receive another promissory note although her hardship is MUCH greater than it was last summer. Can you give your thoughts on the verbiage of this note. I found it very odd and a bit ambiguous. Are other agents receiving these … (10 comments)
upland: BANK OF AMERICA TRIAL PERIOD LOAN MODIFICATIONS - Long Term Solution?
- 10/22/09 03:14 AM
I'm interested in what your opinion is on the recent "trial period loan modifications" that were sent out to homeowners beginning in June of this year. If you received a "trial period loan modification" from your lender this summer, I'm interested in what action you took, if any and if you chose to accept the terms, were you approved for a long term solution as well? It was my speculation that President Obama's Homeowner Affordability and Stability Plan may have been a hollow attempt to achieve its main objective - enable homeowners to afford and remain in their homes. … (1 comments)
upland: BANK OF AMERICA REVEALS WHAT LIES AHEAD FOR HOUSING INVENTORY
- 10/21/09 06:50 PM
This story may be of no real surprise for those you study the reasons for the restrictive hold the banks appear to have on the evident lack of inventory of homes for sale in the current market place. But I wanted to share a recent discussion I had with a Bank of America representative yesterday with you anyway. I'm interested in what your opinion is on the recent "trial period loan modifications" that were sent out to homeowners beginning in June of this year. For those homeowners who received such an offer seemingly "out of the blue" what did you … (4 comments)
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