I need short sale information on MHA

By
Real Estate Agent with Exit IH 10 Realty

Short sale changes. I read last week that 85% of all short sales will have new guidelines. MHA was the term that was used with the guideline changes.

If you are aware of where to go to review these changes please let me know. Apparently, clients and customers will have to go through these steps before a bank will allow the short sale to move forward.

Leave a comment or email me at rickfrey@gvtc.com.

Comments (5)

Dave Humphrey, Broker
RE/MAX Marketplace - Celebration, FL
Real Estate Advice You Can TRUST!

Sorry Rick, I just finished two days of some great short sales training, but do not recall mention of MHA.

Oct 16, 2009 10:45 PM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Mmmmm.   Looks suspiciously like a "teaser". 

"Making Home Affordable"

"Making Home Affordable"

Oct 16, 2009 11:20 PM
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Rick, Here's a link to a reblog that Debbie Gill did with info on the MHA.

http://activerain.com/blogsview/1288387/forget-what-you-know-about-short-sales-

Oct 17, 2009 12:49 AM
James Miner, Esq.
Law Office of James Miner LLC - Westfield, NJ

This is part of Obama's "Making Home Affordable" program, which originally dealt with refi's and loan modifications. 

Back in May he expanded it to include provisions for Short Sales and Deed-In-Lieu programs.  I am trying to find out the effective date of the Short Sale program, and whether it is mandatory or optional for lenders.

 

 

 

Oct 19, 2009 02:40 AM
Dawn Uselding
A New Dawn Real Estate Services, LLC - Manitowoc, WI
Short Sale Assistant

This is just another hoop to jump through while doing short sales.  The bottom line is the lender is supposed to make sure that the homeowner is aware of and has hadmade available to them any modification or re-fi options.  You need to be proactive and make sure that the file is moving through the system and not snagged in the MHA/modification department. Many times they have attempted to contact the homeowner via mail or phone message and the homeowner ignores the contact.  If that happens you can be stuck for quite awhile. 

Make sure your seller knows what to expect. And always make sure not to just listen to the "your loan is being looked at by a specialist and all collection activities have been stopped" message.  You need to find out what department has your short sale package.

Nov 04, 2009 06:28 AM