hafa: HAMP...Massive Flop According to Treasury...More Short Sales
- 03/03/11 08:01 AM
Breaking news from the Treasury…. Obama’s HAMP is a Flop! Over 800.000 homeowners “booted” from the Home Affordable Modification Program. Where do these homeowners turn? Short sales or foreclosures…that’s the option. Here’s the article from Arthur Delaney via HuffPost.com:
WASHINGTON — The U.S. Treasury Department announced Wednesday that more than 600,000 homeowners across the country have been granted “permanent” mortgage modifications under the Obama administration’s signature anti-foreclosure effort, the Home Affordable Modification Program. The latest monthly release shows, however, that more than 800,000 homeowners have been bounced out of HAMP as of January. So-called permanent modifications, which last for five years, typically reduce struggling … (0 comments)
hafa: HAFA Sucks!
- 02/10/11 10:46 AM
Well...at least that's what the Republicans think...Some of these same House of Representatives have banned together to "shoot this lame horse"... Republican Congressman…Representatives Jim Jordan (R-OH), Darrell Issa (R-CA), and Patrick T. McHenry (R-NC), announced the introduction of H.R. 430, a bill to repeal the Home Affordable Modification Program (HAMP). Why? because it’s a colossal flop! According to the Treasury Department: “Despite record levels of new foreclosures, 2.9 million in 2010 and a projected 3 million in 2011, as of December 21, 2010, there were only 522,000 homes still in the program undergoing permanent modification. More than 792,000 trial modifications have been … (7 comments)
hafa: HAFA Horrors! Traditional Short Sales Offer Homeowners “Like” Incentives..No Approvals Necessary!
- 02/10/11 09:22 AM
Not to say HAFA is a complete failure…there are a select group of homeowners that have made it through the “hoops” of the treasury guidelines and have been able to wait out the long approval process to finally be approved. From first hand experience with our own clients… EVERY homeowner that has been approved for HAFA has declined the ultimate offer! Here are a few reasons: Homeowner to make mortgage payments during the duration of the 120 Day contract to sell the home with HAFA guidelines. Pre Approved Sales price is not market value, typically 5 yo 10% above true sales in the … (1 comments)
hafa: Stop Spamming My Fax With Bogus Offers!
- 11/01/10 06:39 AM
I rarely voice frustration on a public forum regarding fellow real estate agents, but I'm compelled to share my perception today of the "Real Estate Agent" that does not value their services. It makes it extremely difficult for those of us who do value our time and services and don't make a habit out of "working for Free". Over the past several years our business has been focused on listing and processing short sales, we very rarely work with buyers. But, when we do assist a buyer in this market we are sure to have the buyer pre-qualified with a major lender … (2 comments)
hafa: Understanding HAFA
- 07/12/10 09:08 AM
Home Affordable Foreclosure Alternative HAFA HAFA (Home Affordable Foreclosure Alternative) was established (April 5, 2010) to assist America’s Homeowners through these troubled times of decreasing home values and finding a “graceful exit” from a bad financial situation. The HAFA program allows you to sell your primary residence if you are “upside down” or in a “negative equity” position. What Does HAFA cost me? Nothing, your mortgage company pays your Real Estate Agent. What does it do for me? The HAFA program: Allows you to sell your primary residence if you have no equity. Allows you to sell without any penalty or commitments to repay your mortgage company the difference or … (1 comments)
hafa: Napa Wineries $269 million Sale-Lease Deal…We’re Doing This for Homeowners
- 06/28/10 09:37 AM
If you’ve been to NAPA…Northern end, you have seen this beautiful villa elevating from the surrounding Oaks… Iconic Napa wineries part of $269 million sale-lease deal THE PRESS DEMOCRATSterling Vineyards near Calistoga is part of Diageo alcohol conglomerate’s $269 million sale of Napa Valley properties to a California investment group. Diageo will lease back the wineries and vineyards. By Kevin McCallumTHE PRESS DEMOCRAT Published: Thursday, June 24, 2010 at 6:40 p.m.Last Modified: Thursday, June 24, 2010 at 6:40 p.m.One of the largest California wine deals in years was announced Thursday, not that wine drinkers will ever taste the difference. Diageo, … (0 comments)
Former NBA star Antoine Walker made approximately $110 million in his 13-year pro career playing for the Boston Celtics, Miami Heat, Dallas Mavericks, Atlanta Hawks, and Minnesota Timberwolves. He was a member of the NBA All-Rookie First Team, named an NBA All-Star three times and won an NBA Championship while playing for the Miami Heat in 2006. And now he’s broke. Walker has filed for bankruptcy and faces foreclosure on the Tinley Park home (photo above) he purchased for his mother. Reportedly, Walker has missed three months of payments … (0 comments)
hafa: 30 Yr Mortgage Hits 4.58%...Creeping Ever closer to Free Money!
- 06/08/10 08:30 PM
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.58 percent, down from 4.67 percent at this same time last week. This is the lowest rate recorded since Zillow Mortgage Marketplace launched in April 2008. The 30-year fixed mortgage rate peaked Friday at 4.75 percent and fell the same day to below 4.7 percent before decreasing slowly through the weekend into today. Additionally, the 15-year fixed mortgage rate on Tuesday morning was 4.07 percent and for 5/1 ARMs, the rate was 3.48 percent. What are the rates right now? … (1 comments)
hafa: Bank Of America Prefers Short Sales to REO’s! Avoiding Foreclosure
- 06/08/10 12:04 PM
Homeowners, this is fantastic news! Bank of America, is one of the largest lenders holding mortgages here in California… Bank of America also stated they were anticipating more strategic short sales as the housing market continues to decline. They are willing to negotiate with sellers who choose to sell, for whatever reason. Bank of America seems to be saying all of the right things to help our housing market start recovery. The fact that Bank of America will now look at releasing their loans with no default judgement when there is true hardship is a huge win for homeowners. Bank of … (0 comments)
Equator, formerly known as REOTrans, has seen 200,000 short sales close on its automated platform in seven months, said Chris Saitta, CEO of Equator. Lenders can elect to enable the agent-initiated feature within Equator’s network platform, a move that the firms says will help lower call volumes and involve the correct decision makers quicker for more timely responses to short sale inquiries. Equator launched the platform in November 2009. Saitta said there has been an additional 15,000 short sales conducted on its platform through the Home Affordable Foreclosure Alternatives (HAFA) program launched … (2 comments)
hafa: Real Housewife of NJ’s in Foreclosure...More Gossip!
- 06/07/10 05:51 PM
Nearly $11 million. That’s the amount of debt that Real Housewives’ of NJ Teresa Giudice and her husband, Joe, are facing, and includes the foreclosure of their Towaco, NJ mansion (above), which is used in the Real Housewives’ series. They have filed for bankruptcy and are undergoing credit counseling. How did the Giudice’s get into this much debt? Simply, it’s a matter of spending more than they earn, which is allegedly $79,000 a year. Here’s a laundry list of some of their debt, courtesy NY Post: Credit card debt — $104,000 (including $20,000 on credit cards for Bloomingdale’s, Nordstrom and … (8 comments)
hafa: Bank Of America Starts Principal Reduction.. Forbearance In The Mix….
- 06/07/10 06:22 AM
In a recent article, Bank of America “Circles the Wagon” on principal reduction….Lot’s of “May” and “If”….nothing about how much principal “May” be written down…Until we get more information….here you go! Bank of America said it has initiated its new earned principal forgiveness program for borrowers being considered for the government’s foreclosure prevention program. Letters were mailed in mid-May to the first customers who may qualify for the new program. But there are several requirements before a borrower is considered. To qualify, homeowners must have taken out subprime, pay-option ARM or two-year hybrid ARM loans originated by Countrywide on or … (0 comments)
hafa: California Assembly Bill 1639 Requires a Foreclosure Mediation Mortgage Workout Program or “MMW”
- 06/04/10 12:40 PM
You know…the more we read about CA the less I am concerned that we are the litigious state that we have the esteemed label of being. Lot’s of new laws hitting the Halls of Sacramento for consideraton…laws that have already been in place in many other states nationwide…Is CA behind the Legal Eight Ball? Here’s another bill Coming to the CA assembly floor this week. Allows for the homeowner to have a Face to Face with their Mortgage Company with the assistance of a mediator… Process begins when the borrower receives a Notice of Default or NOD. Borrower will recieve … (0 comments)
hafa: California Senate Bill (SB) 1275 Passed This Week More Protection for Homeowners
- 06/04/10 12:21 PM
This new bill will protect home owners facing foreclosure on their Single Family residence by: Making it mandatory for mortgage servicers, mortgage companies and banks to file a “declaration of compliance” stating that they have followed the CA state foreclosure laws. These same servicers must serve the homeowner with an application to complete a loan modification. Also, if the home is sold at auction due to an error on the servicer, the homeowner has recourse and can file a suit against the servicer. What’s interesting is that there has never been a law to protect homeowners in CA…Imagine that! Off to … (2 comments)
hafa: Shadow Inventory Up 9.1% in 1st Quarter 2010 from Last Quarter 2009
- 06/04/10 11:21 AM
This information is hot off the press…Thanks to the fine folks at Housing Wire… According to SNL Financial and Morgan Stanley Foreclosed Properties…Increased to $41.5 in Q1 ‘10 up 12.4% from previous quarter. Shadow inventory up 9.1% in Q1 ‘10 to $78.6 BILLION Morgna Stanley states that for the market to clear it’s inventory of Shadow Inventory…it would tkae almost 4 years…or 47 Months! Great time to be in the Real Estate Market…lots of opportunity! **************************************************************************************** Friday, June 4th, 2010, 2:52 pm Foreclosed properties held by US banks reached $41.5bn in Q110, a 12.4% increase from the previous quarter, according … (0 comments)
hafa: Bank of America Principle Reduction Program Underway
- 06/04/10 07:46 AM
My very skeptical thoughts on this... Short Sales are successful, however, BofA does not want to pay the commissions, pay toward the 2nd and 3rd lien holders, past due taxes, etc...that is required in a Short Sale and in the HAFA program. Bank of America is going to get to these borrowers before they hire an agent to complete the short sale saving BofA these costs. BofA is seeing the writing on the wall...HAFA is mandated by the Government and now they have to complete short sales or get slapped on the hand. This is another attempt to cut out the agents. The inherent problem … (4 comments)
hafa: Rent A Home Or Buy A Home…What’s Better In This Economy?
- 06/03/10 06:10 PM
Obviously as prices come down, which obviously they have, renters who never thought they could afford a home now can. Add in a couple of government subsidies, like a tax credit and artificially low mortgage interest rates, and a touch of desperate un- or under-employed sellers, and you have the perfect buying storm. We saw that during the run up to the end of the tax credit, as sales surged. Now that the tax credit is gone, and employment is slowly improving, renters have to look at the equation again locally and see if it all adds up financially. A new report … (2 comments)
First an explanation of what a Strategic Default Short Sale really is….. You own a home that is upside down in equity. You can afford to make the monthly payments. You have made a decision to Short Sale the property and cut your losses-thinking non emotional about an investment gone bad The same type of decision the Mortgage Bankers Association made when they decided to do a Short Sale on their corporate headquarters. BofA’s credit loss mitigation executive, Jack Schakett, said today that the amount of strategic defaulters (those who can pay their loans but opt not to) are … (4 comments)
Everybody take a nice long look at today’sPending Home Sales Index from the National Association of Realtors, because it’s just about the last positive picture we’re going to see for a while. Yes, the index rose even more than expected, as buyers rushed in to take advantage of the home buyer tax credit. And yes, those numbers will show up in Existing Home Sales in May and June,but then look out. This index is based on contracts signed in August, and that’s how the credit … (0 comments)
hafa: 31% Of Foreclosures In March Strategic Defaults….Strategic Short Sale Defaults on the Rise
- 06/02/10 08:22 AM
This morning executives at Bank of America rolled out their new “Principal Reduction Enhancement” program, which is an earned principal forgiveness plan for borrowers behind on their mortgages and whose loans are at least 20 percent underwater in value. The plan is in conjunction with the government’s Home Affordable Modification Program, but the government’s principal reduction plan isn’t in place yet. What makes BofA’s plan so proactive is that it employs, “a principal reduction as the first step toward reaching HAMP’s affordable payment target of 31 percent of household income when modifying certain NHRP-eligible mortgages — ahead of lowering the interest rate … (4 comments)
Breaking news from the Treasury…. Obama’s HAMP is a Flop!
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