short sale: Lenders not particularly rushing to embrace the newly revised Hope for Homeowners (H4H) program.
- 12/07/08 12:12 AM
I recently posted a blog where I encouraged homeowners who owe more on their home than the home is worth to take a new hard look at the newly revised Hope for Homeowners program before considering a short sale or foreclosure. I have received several emails from homeowners who allege that lenders are not honoring or even acknowledging the program. Some write that certain lenders will offer alternatives like refinance referral, rate reduction, changing loan terms, etc. in lieu of the Hope for Homeowners program, especially if the homeowner has not been late on their mortgage payments. I would think that … (2 comments)
short sale: Buying a new home after Short-Sale
- 11/29/08 12:13 PM
I believe the seasoning requirements for borrowers after short sale is 2 years and I also believe the lenders are required to report the transaction on the credit report of the borrower as short sale. Assuming the borrowers had no mortgage lates prior to the short sale, I wonder if the borrowers can buy a new home sooner than the 2 years if they can document extenuating circumstance that led them to short sale their house? Any takers on this? … (8 comments)
I recently posted a blog where I encouraged homeowners who owe more on their home than the home is worth to take a new hard look at the newly revised Hope for Homeowners program before considering a short sale or foreclosure. I have received several emails from homeowners who allege that lenders are not honoring or even acknowledging the program. Some write that certain lenders will offer alternatives like refinance referral, rate reduction, changing loan terms, etc. in lieu of the Hope for Homeowners program, especially if the homeowner has not been late on their mortgage payments. I would think that … (2 comments)
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