As we all know, the Federal Government developed the MHA program as an attempt to build a dam against the flood of foreclosures that resulted from the 2007-2008 housing market crash. In a recent interview with Laurie Maggiano, the director of policy for the US Treasury, MHA program details were explained and the projected outcome was to help over 1Million Americans avoid foreclosure as well as, “streamline,” the short sale process.
However, recent data from the New York Times has showed,
“ The dropout rate from the Making Home Affordable Program to be very high: 96,000 trial modifications were canceled by lenders in July. The number of canceled trials now exceeds 616,000.Those numbers are leading some housing experts to call the program, which modestly rewards lenders for modifying mortgages, a failure.”
Furthermore, the Fed’s so called “streamline,” process has proved to be anything but, according to our negotiator Bekah Stone,
“Despite strong contacts within Fannie Mae, the escalation short sale process still took more than 2 months, which is not much of an escalation in my eyes.”
So it’s looking like it’s back to the drawing board for agents and negotiators to try and find a way to revive the country’s real estate market and make up for the short-comings of the Fed’s lacking legislation. To read our entire blog visit us here. For more information or assistance on foreclosure prevention, contact our short sale negotiator Bekah Stone at: 1-888-876-4106.
Meet Our Newest Negotiator Bekah Stone
With a 98% success rate in closing over 430 short sales, we are thrilled to have Bekah a part of the team. In addition, her super friendly personality and great smile makes her a gem to work with!
Join us for "Ask the Negotiator" on April 19
Don't miss this opportunity to get the latest information on the dynamic short sale market!
We'll discuss the most recent lender trends, government and bank programs, case studies and more. Most importantly, we'll set aside plenty of time for live Q&A. Come armed with your most difficult scenarios and we'll answer as many as we can fit in an hour.