short sales: Here it Comes.....Fannie's Version of HAFA!
- 06/02/10 09:56 AM
Fannie Mae announced on Tuesday its own version of the Home Affordable Foreclosure Alternative (HAFA) program to apply to all conventional mortgages held in Fannie's portfolio, that are part of a qualified mortgage-backed security (MBS) pool, or are part of a shared-risk security pool marketed by Fannie Mae. The program will take effect on August 1, 2010 and will terminate on December 31, 2012. Like the Treasury's HAFA program, it is designed to further help those that were eligible for -but have failed to complete- a modification under the Home Affordable Modification Program (HAMP). In other words, the borrower must first be considered for a HAMP workout. The latest in a … (1 comments)
short sales: Bank of America Short Sales -Equator a Vast Improvement
- 05/24/10 07:37 PM
I have done a handful of short sales with Bank of America, and I am LOVIN' EQUATOR, their new automated short sale processing system. Before short sales were handled under this platform, the process was long and hard whether you checked in every few days or every month!!! Heck, I closed one with Bank of America 2 years after the process started! I inherited this particular listing from an agent who just didn't have the time to deal with it anymore. I think the deal died and resuscitated several times going back and forth with the 2nd lien holder (Chase). So … (7 comments)
short sales: Finally, Short Sales Approval Decisions in 21 Days!
- 09/17/09 12:20 PM
Governor Schwarzenegger has recently signed SB 306, which mandates lenders and loan servicing companies to respond in writing to short sale payoff requests within 21 days of receiving it. This law will be effective on January 1, 2010 in California. Wachovia Bank is ahead of the game and has already streamlined their short sale approval process -sometimes providing the short pay statements on the spot! If the lender's short-pay statement requires approval of the settlement statement or HUD-1, which is prepared by an escrow officer, the lender must provide the payoff demand statement or rejection letter no later than four days after receiving that … (5 comments)
Fannie Mae announced on Tuesday its own version of the Home Affordable Foreclosure Alternative (HAFA) program to apply to all conventional mortgages held in Fannie's portfolio, that are part of a qualified mortgage-backed security (MBS) pool, or are part of a shared-risk security pool marketed by Fannie Mae. The program will take effect on August 1, 2010 and will terminate on December 31, 2012. Like the Treasury's HAFA program, it is designed to further help those that were eligible for -but have failed to complete- a modification under the Home Affordable Modification Program (HAMP). In other words, the borrower must first be considered for a HAMP workout.
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