hafa: House Bill Would Force Lenders to Decide on Short Sales in 45 Days
- 09/20/10 01:32 PM
Distressed homeowners looking for a way out of their mortgage that doesn't involve foreclosure may find relief is on the way from a new bill introduced in the U.S. House. The legislation would impose a deadline on lenders to respond to short sale requests, requiring them to return an answer to the borrower within 45 days. The bipartisan bill, Prompt Decision for Qualification of Short Sale Act of 2010 (H.R. 6133), is sponsored by Reps. Robert Andrews (D-New Jersey) and Tom Rooney (R-Florida). Lenders have taken a lot of heat for the elongated timelines it takes to get an approval on … (0 comments)
hafa: HAMP remains incapable of filling the imminent default gap
- 09/02/10 12:35 PM
Wednesday, September 1st, 2010, 4:04 pm It comes as no surprise today to find that there were 120,351 permanent mortgage modifications done through private-sector (Hope Now) proprietary programs in July, compared to the 36,695 through the Home Affordable Modification Program (HAMP). What is more interesting is the rate at which these modifications are being converted. In June, Hope Now was modifying twice as many mortgages as HAMP. Today's numbers show that this ratio has now increased from two-to-one to three-to-one. So what does the world of HAMP's commitment to distressed mortgages and foreclosures look like? Brace yourself (see chart below):
Distressed homeowners looking for a way out of their mortgage that doesn't involve foreclosure may find relief is on the way from a new bill introduced in the U.S. House. The legislation would impose a deadline on lenders to respond to short sale requests, requiring them to return an answer to the borrower within 45 days.
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