There appears to be considerable speculation that the IRS Mortgage Forgiveness Debt Relief Act will not be extended by Congress prior to its original expiration date of 12/31/2012. I tend to agree with this position; however, there appears to be some kindling this week in Congress regarding this issue to take action. Just what is…
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I receive many calls a month from concerned property owners wondering whether they will be liable for the difference between the value of their home and the amount they owe if they are foreclosed on. The answer to this question depends on several factors but in most cases the answer may be determined without much…
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BofA has announced changes in their short sale process. If you have a short sale in progress you must make sure that certain documents be uploaded to their Equator® platform by midnight April 13, 2012. If you have not uploaded these docs you may need to upload all docs again or the file may be…
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According to National Mortgage e-Alert, Short Sales, Foreclosures or Deed in lieu, does not make any difference. FICO treats them the same way for purposes of reducing the credit score. However, the higher your starting score, the more dramatic the effect. If the initial credit score is about 780, the drop would be 90 –…
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Be sure to read this article from housingwire.com. Servicers are moving toward a proactive approach in pursuing short sales as an alternative to foreclosure, servicers on a Mortgage Bankers Association panel said Wednesday. A component and specialty servicer, meanwhile, predicted that short sales could increase 50% industrywide this year. Buffalo, N.Y.-based AMS Servicing told HousingWire that the projected increase…
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By Arizona Department of Real Estate and Arizona Association of REALTORS. Numerous regulations have recently been enacted governing short sale negotiations. In short, these regulations generally provide that a licensed real estate broker/salesperson representing a seller in a real estate transaction may negotiate a short sale with the lender provided that the broker/salesperson does not…
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Bank of America is now processing HAFA (Home Affordable Foreclosure Alternatives) short sales on Equator’s web platform. Fannie Mae and Freddie Mac have announced that they will start the HAFA program as of August 1st. and BofA’s has a stated goal of increasing short sales this year. The use of the Equator system for HAFA transactions…
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We’ve been waiting for this news. Fannie Mae and Freddie Mac have announced they will join in the Treasury’s HAFA (Home Affordable Foreclosure Alternatives) program with some modifications. These programs allow short sales to be pre-approved for eligible borrowers. The US Treasury’s HAFA program became effective on April 1st and is now showing signs of…
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The government’s HAFA program for short sales begins today. NAR has updated its video. You can watch it at: http://link.brightcove.com/services/player/bcpid74425227001 For information on HAFA courses go to: https://hoganschool.com/hafa.php
As of April 5, 2010 HAFA is effective. HAFA (the government’s Home Affordable Foreclosure Alternatives program) promises to streamline short sales. But whether it does or doesn’t remains to be seen. Here are some of the HAFA basics. o Short sales can be pre-approved within 30 days of a request o Purchase contracts must be approved…
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