Archive for Loan Modification

Government Takes a Stronger Hold On HAMP Since the Making Home Affordable plan has been implemented, about 300,000 homeowners have enjoyed an average reduction of $500 a month. Unfortunately, however, this has done very little to improve the housing market. via Government Takes a Stronger Hold On(more…)

Seven Year Penalty for Strategic Default Strategic default is often defined as the conscious decision of a borrower to stop payments on an otherwise affordable mortgage because the property is worth less than the mortgage balance. The recent trend of strategic foreclosures has sparked concern and(more…)

The Home Affordable Foreclosure Alternatives Program Trying to reduce the rising number of foreclosures in the U.S., the Treasury Department introduced a new federal program that makes it easier to process a short sale for people unable to keep their homes. Home Affordable Foreclosure Alternatives (HAFA)(more…)

The Impact of Foreclosure The best way to avoid foreclosure is to pursue alternatives like a short sale or a loan modification. Don’t run from the obligation, but instead confront it head on with an experienced Realtor and your lender to determine the best approach.

Good News about Short Sales New rules from the U.S. Treasury could figure prominently in Central Florida’s housing market, where about one in every five existing-home purchases involves a short sale. Key Points of the New Rules: Emerges between now and April; Only banks that(more…)

Fannie Mae and Freddie Mac Loan Modification I just explored this great opportunity if you are having a hardship and you live in your primary residence. If your 1st mortgage is backed by Fannie Mae or Freddi Mac, the FED has approved the HAMP program that will(more…)