America's Largest Social Network for Default Real Estate Professionals
Here are the basic eligibility requirements.
* The property is owner occupied.
*The mortgage loan is a first lien mortgage and originated on or before 1/1/2009.
*The mortgage is delinquent or default is reasonably forseeable.
*The current unpaid principal balanceequal to or less than $729,750.
*The borrower's total monthly mortgage payment exceeds 31% of his or her gross monthly income.
The lender must evaluate and offer a HAMP mod to borrower before…Continue
In response to an outcry for Uncle Sam to step in and provide uniform procedures for helping homeowners stay in their homes. This is how the HAFA, Home Affordable Foreclosure Alternatives Program, was born. HAFA is part of the HAMP, Home Affordable Modification Program. This provides incentives in connection with a short sale or a deed-in-lieu of foreclosure…Continue
I attended the Five Star Short Sale Summit in Vegas. What an awesome conference and certification. There are many changes coming down the pike for short sales. Now that there has been stadardization put in place for short sales the time frame from contract to close will become more reasonable.
The changes being made will force some accountability on the lenders as well as the borrowers. These distressed home owners will not be going straight into foreclosure with HAMP and HAFA in…Continue