On August 1, 2010, all Freddie Mac and Fannie Mae loans were mandated to adhere to the guidelines addressed in the Home Affordable Foreclosure Alternatives Program (HAFA). This initiative offers eligible borrowers who did not qualify for or complete a permanent modification under the Home Affordable Modification Program (HAMP) to avoid foreclosure, financial incentives to servicers and borrowers who utilize a short sale or deed-in-lieu of foreclosure, and the opportunity to preserve the condition and value of the property. Common Questions About HAFA 1. How do I know who qualifies … (0 comments)
foreclosure: 8 Tips to Getting Your Home Loan Modification Application Reviewed
- 07/28/10 04:27 AM
8 Tips to Getting Your Loan Modification Application Reviewed Many homeowners seeking a loan modification to lower their monthly mortgage payments and avoid foreclosure continue to find the application process a complex web, often causing them to give up before their application is ever reviewed by their mortgage company. Certified housing counselors for Credibility, a national nonprofit credit counseling and education agency, speak daily with hundreds of homeowners seeking a loan modification or other solutions to keep their homes. The organization has several tips for people that will help them increase the chances that their application is reviewed as quickly … (3 comments)
RISMEDIA, December 18, 2009—Despite significantly lower traffic and sales this month, Southern California retained pricing strength and the majority of surveyed builders expect revenues to increase in 2010, according to John Burns Real Estate Consulting’s December survey of home builders. “At this point, it’s clear that the extension and expansion of the tax credit weren’t enough to drive demand through the seasonally slow time of the year,” said Jody Kahn, a vice president with the firm. “This month’s survey results, backed by numerous … (0 comments)
foreclosure: Foreclosure Home Activity Slows for Third Straight Month RealtyTrac
- 11/12/09 12:18 PM
Foreclosure Activity Slows for Third Straight Month RISMEDIA, November 12, 2009—RealtyTrac one of the leading online marketplaces for foreclosure properties, released its October 2009 U.S. Foreclosure Market Report, which shows foreclosure filings—default notices, scheduled foreclosure auctions and bank repossessions—were reported on 332,292 U.S. properties during the month, a decrease of 3% from the previous month but still up nearly 19% from October 2008. The report also shows one in every 385 U.S. housing units received a foreclosure filing in October. “Three consecutive monthly declines is unprecedented for our report, and on first blush an indication that the foreclosure tide may be … (2 comments)
foreclosure: Overcoming Fear of Foreclosure Critical for Many People to Keep Their Homes
- 10/10/09 04:27 AM
Overcoming Fear of Foreclosure Critical for Many People to Keep Their Homes RISMEDIA, October 10, 2009—Foreclosure numbers continue to rise and many homeowners are at an increased risk of losing their home. While foreclosure can be prevented, many homeowners remain confused or afraid to confront their mortgage problems and take action to help save their home. “Fear often prevents many consumers from seeking help,” said Michelle Jones, senior vice president of counseling for Consumer Credit Counseling Service (CCCS) of Greater Atlanta, Inc. “Overcoming these fears can mean the difference between staying in your home and losing it.”
New Short Sale Rules In Effect Since August 1, 2010
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