Making Home Affordable Program..Will it work or be a flop?

By
Home Inspector with National Mortgage Field Services

Its is said if you are familiar with the Short Sale process, throw all that knowledge out. Purge your memory! From what I read about the program, it may take a bit of relearning. Of the several new procedures, the one(s) that stood out were: we longer have to fight the lender on commisions, what ever is agreed upon by the seller is what it shall be, with a cap of 6%, the listing period will be set by the lender loss mitigation negotiator, and lastly the lender establishes the listing price.

Comments (3)

Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Would that be nice if the banks finally woke up and realized it's cheaper to pay the Realtors to sell the property and bring in buyers than it is to hold on to the property forever and ever with the carrying costs.

Nov 04, 2009 05:34 PM
Paul Durry
National Mortgage Field Services - Lawton, OK
Former Broker Associate, CDPE, CIAS, CHMS

Thanks Jim for your thoughts and observations. It seems they just love pain and conflict, plus they pay out bonuses to those who have the worse ideas/stratergies for doing business.

Nov 05, 2009 01:40 AM
Paul Durry
National Mortgage Field Services - Lawton, OK
Former Broker Associate, CDPE, CIAS, CHMS

Here is an update on the program. I got to recommend the program to a home owner in dire need of help. So far so good, the lender responded right away to the client, and it looks like they will be approved for the program.

Nov 16, 2009 09:51 AM

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?