One of the many changes in our Governments new HAMP guidelines is an increase of $1,500 for homeowners to relocate. Now if a homeowner completes a successful Short Sale they may be eligible for up to $3,000 in relocation assistance previously it was only $1,500.
If you are a Maryland homeowner and would like more information on Short Sales, Loan Modifications or foreclosure prevention call me today at 301-343-7671. Remember, more options are available to you if you act quickly.
The Obama administration announced this morning massive changes to the HAMP program. Details are still coming out, but from what I can see these changes will complicate things a little more for homeowners and servicers. The good news is that it looks as if servicers will not be able to foreclose till all options have been exhausted. They also announced that servicers will increase the relocation allowance for individuals who Short Sale their property to $3,000. I will review the information over the weekend and do my best to summarize the changes on Monday. Stay tuned!
If you are a Maryland homeowner and would like more information on Short Sales, Loan Modifications or foreclosure prevention call me today at 301-343-7671. Remember, more options are available to you if you act quickly.
Housing Predictor. Com released a research report today stating that the forelcosure crisis is far from over. The research firm in predicting that 20 Million households may be affected by foreclosure in the coming years. http://www.pr.com/press-release/212780
The research report also stated that 1 in 3 homeowners may decide to “walk away” from their homes if property values continue to decline. As we all know loan modifications are not working. Here are some statistics on the HAMP program through Dec. 2009
With this being said, it seems that many lenders and government officials are now pushing short sales as another method to stem the flood of foreclosures.
Are you experiencing financial difficulties and looking for advice on the options available to you? Contact me today, I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.
Our Government loves acronyms and one of the latest is HAFA, or the Home Affordable Foreclosure Alternatives Program. I wrote about this in an earlier blog, but wanted to give a quick update. HAFA was designed for homeowners who did not qualify for a loan modification as another way to avoid foreclosure. Here are a couple of quick facts:
This program does not take effect until April 5th, 2010, but some servicers may implement this sooner.
The Treasury Dept. is scheduled to release new guidelines on the Home Affordable Modification Program (HAMP) by the end of the month. Rumors have it that there will be less paperwork needed by the homeowners to expedite the process. I would anticipate this is being done to alleviate the backlog of properties in the Loan Mod process and also streamline the short sale process.
Below is a link to the article in the New York Times
http://www.nytimes.com/2010/01/22/business/economy/22modify.html
Are you experiencing financial difficulties and looking for advice on the options available to you? Contact me today, I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.
New Treasury guidelines for banks and servicers will impose a 10 day turnaround time on “short sale” offers. The 83 participants in the Home Affordable Modification Program will have new guidelines covered under the Home Affordable Foreclosure Alternatives Program. Below is a brief summary:
Foreclosure Alternatives
Are you experiencing financial difficulties and looking for advice on the options available to you? Contact me today, I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.
Wow! I have spent the past hour or so reviewing the Home Affordable Modification Program (HAMP) guidelines for servicers and homeowners
PLEASE, PLEASE read these guidelines prior to requesting a loan modification in Maryland. You will be shocked at the amount of beneficial information that is available to you. I have taken a small piece of Supplemental Directive 09-08 and posted it below, READ WHAT IT SAYS!!!
When the borrower is not approved for a HAMP modification because the transaction is NPV negative, the notice must, in addition to an explanation of NPV, include a list of certain input fields that are considered in the NPV decision and a statement that the borrower may, within 30 calendar days of the date of the notice, request the date the NPV calculation was completed and the values used to populate the NPV input fields defined in Exhibit A. The purpose of providing this information is to allow the borrower the opportunity to correct values that may impact the analysis of the borrower’s eligibility.
If the borrower, or the borrower’s authorized representative, requests the specific NPV values orally or in writing within 30 calendar days from the date of the notice, the servicer must provide them to the borrower within 10 calendar days of the request. If the loan is scheduled for foreclosure sale when the borrower requests the NPV values, the servicer may not complete the foreclosure sale until 30 calendar days after the servicer delivers the NPV values to the borrower. This will allow the borrower time to make a request to correct any values that may have been inaccurate.
Are you experiencing financial difficulties and looking for advice on the options available to you? Contact me today, I am personally committed to helping 100 homeowners prevent foreclosure by 2011.
