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Treasury Drops Short Sale Requirements WOW!!!

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Real Estate Agent
  • HAFA no longer requires that servicers verify the borrowers finances
  • HAFA no longer requires servicers to determine if the borrowers monthly payment is higher than a 31 percent debt-to-income ratio.
  • HAFA no longer requires second-lien holders to agree to accept 6 percent of the unpaid principal balance owed them, up to $6,000. Servicers now decide who gets paid how much, with a cap still at $6000.
  • HAFA now requires borrowers seeking a short sale get an answer/agreement within 30 days.

WOW!  Thank you!!!

http://www.cnbc.com/id/40930787

 

Virginia Cook Realtors
KERRY THORNHILL
REALTOR, CIAS, CDPE, SFR

214.205.2056
kerrythornhill@gmail.com

www.kerrythornhill.com
www.kerryhelps.com

All the Best!!!
Show All Comments Sort:
Anonymous
Laura Reilly

That is excellent news! HAFA has not been the "promise land" for the short sale process, so any ray of sunshine or drop of hope, I'll take!  Thanks for the link, also.

Jan 05, 2011 11:29 AM
#1
David Thomas
HomeSmart Realty, Elite Group Scottsdale, Arizona - Gilbert, AZ
Phoenix,Chandler,Mesa,Gilbert,AZ

Very interesting - thanks for the info!

Jan 05, 2011 11:54 AM
Trent Chapman
Keller Williams -New Future Team - San Marcos, CA

It's progress... but even if it "doubles" the success (or failure) of the program to date, we are looking at less than 1% of 1% of all short sales working with this program.  Google search: HAFA 661 ...and you will see that in 9 months, not much has been done with the program.

Here is my prediction of what HAFA will do in 2011 and more importantly, WHY it is not working... imagine offering your teenage son $0.25 to clean up his room... a lot of work for very little compensation.  That's how banks see HAFA (which is an optional program... government incentivised).

 

Trent

TheShortSaleGenius.com

Jan 08, 2011 10:23 AM