Wow! New Housing Guidelines announced yesterday by the Obama Administration....

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Real Estate Agent with REMAX Realty Team-Cape Coral, FL

Home Affordable Foreclosure Alternatives Program (HAFA)

Wow!  New Housing Guidelines announced yesterday by the Obama Administration....
--Allows borrowers to receive pre-approved short sale terms before they list the property
-Prohibits servicers from requiring a reduction in commission (up to a certain percent)
-Requires borrowers to be fully released from future liability for the 1st mtg debt
-Provided financial incentives: 1,500 for borrower relocation assistance, 1,000 for servicers to cover admin and processing costs, and $1,000 for investors.
Program does not take effect until 4/5/10 but servicers may implement it before then if they meet certain requirements.  Program expires 12/31/12
What do you think about them apples?...

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Rainer
12,340
Dawn Uselding
A New Dawn Real Estate Services, LLC - Manitowoc, WI
Short Sale Assistant

I just did a blog on the same wonderful news.  The only problem with the pre-approved short sale terms is that they approved sale price does not always reflect the actual value of the property.  A pre- approval doesn't mean much if you can't get an offer for that amount.

Dec 01, 2009 08:30 AM #1
Rainer
24,712
Brian K. White
RE/MAX Alliance Group - Gilbert, AZ

Thanks for posting this.  I am going to have to investigate this more thoroughly and follow the issue.

 

Thanks again,

Brian

Dec 01, 2009 08:33 AM #2
Rainer
34,769
Scott Taylor
Realty Center - Orlando - Ocoee - Orlando, FL
REALTOR

Awesome news!

Dec 01, 2009 09:13 AM #3
Rainer
123,350
Marian Pierre-Louis
Fieldstone Historic Research - Medway, MA
Metrowest Boston

Debbie, I particularly like the part that prohibits servicers from requiring a a reduction in commission!

Dec 01, 2009 09:53 AM #4
Rainmaker
1,769,162
John Novak
Keller Williams Realty The Marketplace - Las Vegas, NV
Henderson, Las Vegas and Summerlin Real Estate

At first glance, this looks good. I'll need to see how they address second mortgages. Many homeowners in Las Vegas have both a first and second on their homes, and sometimes that can really draw out the approval process.

Dec 01, 2009 10:10 AM #5
Rainmaker
1,083,042
Bob & Leilani Souza
Souza Realty 916.408.5500 - Roseville, CA
Greater Sacramento Area Homes, Land & Investments

Thanks for the update, Deb! This is the first time I'm reading about this...like John N. says, at first glance it looks good. :)

Leilani

Dec 02, 2009 04:59 PM #6
Rainmaker
194,166
Lewis Beynon
CENTURY 21 Triangle Group - Raleigh, NC
Triangle Real Estate 411

WOW, I must be living under a rock!  I haven't heard anything about this yet.  Thanks for the Post Debbie.  BTW - If you still know anyone in CP that would like a market snap shot, just let me know (always looking to feed my database!!!).  Best wishes form CP!

Dec 03, 2009 12:55 AM #7
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Debbie Cullen

Your Cape Coral, FL Specialist
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