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VIDEO(s) that matters:
Posted: 01/07/2010 (courtesy of 60 minutes)
..done a year ago, still true today, as for San Diego..we still have a lot of 5 & 7yr IO (interest only) loan that are ready to reset this year till 2012. We may not see the bottom just yet not till this Alt-A loans fully defaulted and cleared the market for pending short sale/foreclosures.
Posted 1/13/10: Help is FREE! Do not lose this opportunity to modify your loan permanently. HAMP allows you to do that.
If all else FAIL, do not foreclose! There is a streamline short sale or DIL (Deed in lieu of foreclosure, or turn over your property/note to your lender) available after April 5, 2010. HAFA allows you to do that.
I'm here to help!
The Home Affordable Modification Program is designed to help as many as 3 to 4 million financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term. The program provides clear and consistent loan modification guidelines that the entire mortgage industry can use.
Borrower eligibility is based on meeting specific criteria including:
1) borrower is delinquent on their mortgage or faces imminent risk of default
2) property is occupied as borrower's primary residence
3) mortgage was originated on or before Jan. 1, 2009 and unpaid principal balance must be no greater than $729,750 for one-unit properties.
After determining a borrower's eligibility, a servicer will take a series of steps to adjust the monthly mortgage payment to 31% of a borrower's total pretax monthly income:
- First, reduce the interest rate to as low as 2%,
- Next, if necessary, extend the loan term to 40 years,
- Finally, if necessary, forbear (defer) a portion of the principal until the loan is paid off and waive interest on the deferred amount.
Note: Servicers may elect to forgive principal under HAMP on a stand alone basis or before any modification step in order to achieve the target monthly mortgage payment.
IF ALL ELSE FAIL, another program is in place to help AVOID foreclosure!
HAFA is a complex program, with 43 pages of guidelines and forms, designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure.
HAFA:
- Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
- Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
- Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
- Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
- Uses standard processes, documents, and timeframes/deadlines.
- Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).
The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on December 31, 2012.
www.shortsalenurse.com
Proud member of Keller William's "SHORT SALE NURSE TEAM", to learn more about HAFA and short sale, visit our team's website at
www.HAFA.us