As we all know the government is trying to help get the real estate market moving, unfortunately even with these recent changes to the HAFA program most servicers of the loans will still make more money at the end of the day by just foreclosing on the properties, so there is not much incentive to try and assist the borrower.
I feel if the government is to persuade these companies and banks to really try and help the homeowner they are going to really need to sweeten the pot! Unfortunately even with the new changes I don't feel this will be enough. Let me know what you think about the program?Here the skinny:Long on patience
Buying a house that is a short sale -- where the price is less than the owner's mortgage balance -- can take up to five months. New changes by the Treasury Department to the Home Affordable Foreclosure Alternatives Program, which took effect April 5 and runs to Dec. 31, 2012, are designed to grease the process.The changes:Gives $3,000 to help a distressed borrower relocate.
Allows borrowers to received pre-approved short sale terms before listing the property.
Uses a standard process, uniform documents, timelines and deadlines.
Provides $1,500 to loan servicers, such as banks, to cover administrative and processing costs.Source: National Association of Realtors
Posted via email from
