What could go wrong…?

After home sales in July reached one of their lowest points ever, Secretary for Housing and Urban Development Shaun Donovan says that the Obama Administration is preparing to set up a pair of programs to help the housing market.

The first initiative will be a government-run loan refinance program run through the Federal Housing Administration, which will work to try and take advantage of record-low interest rates to help lower payments for borrowers. The administration will also launch an emergency homeowners’ loan program to help keep those affected by unemployment out of foreclosure.

“The July numbers were worse than we expected, worse than the general market expected, and we are concerned,” Donovan said on CNN’s “State of the Union” program. “That’s why we are taking additional steps to move forward.”

Donovan also hinted at the possibility of reviving the first-time homebuyer tax credit, which helped bring many buyers to the market.

According to data from the National Association of Realtors released earlier this month, the sales of existing homes in July dropped 27 percent with the tax credit’s expiration. Sales of new homes also dropped 12 percent last month, reaching their lowest point ever.

Posted in: Mortgages
Tags: federal housing administration, Foreclosure, housing and urban development, Housing Market, mortgage programs, national association of realtors, tax credit

Bill Joyce starts every short sale journey with “The Speech.” In a what’s-ahead warning to home buyers, the Roseville real estate broker promises prospective buyers that they will be tested and tortured. They will endure privations beyond all expectations. And then they might fail.
“All the things you normally expect are suspended,” Joyce says of changes sweeping across the distressed housing market. “There’s a new set of rules that apply here.”

That’s because short sales are back—and bigger even than during the troubled 1990s.

Short sales are a phenomenon that reappears like clockwork when real estate sours. Alongside repo listings, short sales are defining a new reality in which banks sell most area real estate, not your mom and dad moving to San Diego.

Even this far into the housing crisis, many real estate agents barely understand short sales. Buyers often endure waits of six months or more to close a deal. Neighbors dislike their vicious hits on property values. Banks, too, find short sales difficult, a minefield of competing parties and interests. Yet the method is necessary to unload their problem houses.

It all means that any buyer serious about getting a house in 2010 is likely to reckon with them during the search. Thousands of buyers have scored fabulous deals with short sales. Thousands of others have learned the ropes the hard way.

“That was the worst nightmare,” said Pauline Huerta, describing an offer she made last year on a house in Natomas, Calif. She and her husband, Felipe, waited nearly a year for a decision. But the $175,000 home that captured her heart went into foreclosure instead. “It caused us to wait and lose out on other homes,” Huerta said.

Eventually, the Huertas bought a house the old-fashioned way. Their offer was accepted in 10 minutes, and they moved in recently.

As a new century gets on its feet, the inexplicable dimensions, frustrations and utter surprises of short sales have done more than frustrate everyone connected with them. They’ve become part of local culture. Adventures in short sales are making their way into family stories to be told for years.

Maybe the homeowner filed for bankruptcy at the last minute. Or the buyer had the truck loaded and saw no sign an angry seller was packing to leave. Or at the last moment, a secondary lender asked for an illegal payment outside of escrow and scuttled the deal. Such short sale lore is a favorite blog topic.

Consider a recent post titled “Torture!” Chelsea Irvine of Sacramento wrote about being five months into a short sale, and waiting for action on her $160,000 offer in midtown.

“Every day I drive by the place and see it sitting there, getting older and more lonely by the day,” she wrote on her “Adventures at the Disco Ball Speakeasy” blog in June. “Sometimes I try to block it from my mind by blaring a little Jamiroquai or Stevie Ray. But no matter what I try,” she said, “my eyes always wander to my little shack by the road.”

Irvine’s journey ended well. She closed escrow in July. Now in the throes of home improvement, the legislative assistant for a lobbying firm says, “I love the house. It’s one of the reasons I stuck with it.”

In short sales, lenders accept a sales price below what they’re owed. For a bank, that’s often cheaper than foreclosing and reselling the house in an unstable market. Typically, sellers in short sale situations are behind on payments and owe way more than the house is worth. Selling short is a way to move on with their lives—minus the more serious credit damage of foreclosure.

In his “speech,” Joyce warns buyers to drop any ideas about themselves as center of the universe. In short sales they’re just bit players in a larger drama.

“The buyer is really sort of along for the ride in somebody else’s transaction, this loss mitigation situation between the seller and the lender,” he said. Joyce said it’s all about “a borrower negotiating a solution with the lender. The buyer is not the primary party.”

JPMorgan Chase spokeswoman Eileen Leveckis said the primary party is the owner of the loan, usually an investor: “That’s really the No. 1.” The seller’s role “is to prove a hardship,” she said.

Beyond sellers, a secondary lender—maker of the down payment or home equity loan—is also involved and usually wants as much money as possible.

J.K. Huey, a senior Wells Fargo executive heading the bank’s short sale unit, said short sales take so long because the bank must negotiate deals with investors, secondary lenders and mortgage insurers. Amid the large-scale meltdown in U.S. housing markets, Wells Fargo stands in line to negotiate short -sales agreements with these parties alongside all the other major lenders. “Everybody is trying to minimize their losses,” Huey said.

Though banks say they want the fairest deals possible, their inner short sale workings remain mysterious, even exasperating, for front-line agents. Agents with street smarts in government short sale programs, lender eccentricities and ways to overcome obstacles are banding together to share war stories.

In Roseville, Calif., about 15 short sale specialists from El Dorado, Placer and Sacramento counties gather monthly as the “Masterminds” to discuss what works. Agents talk about rising at 4 a.m. to be first in line for their negotiating counterparts inside the banks. They share accounts of flagging e-mails to pop up on a negotiator’s screen. Anything that stands out helps.

“They’re flying by the seat of their pants. They’re overwhelmed. One told me he had 303 files on his desk,” said Sacramento agent Mary Assadi.

Among major threats to getting a deal done is a secondary lender refusing to release a lien. Agents say it happens often: The lender that financed the down payment or home equity loan balks at the short sale unless the buyer or seller kicks in a couple of thousand dollars extra. Worse, the secondary lender might want that to be kept secret from the primary lender.

Former University of California-Davis faculty member Carol Rubin encountered such a request for a secret $5,000 payment early this year when buying a short sale property in Newcastle. Without the money, the secondary lender would scuttle the short sale and push the property into foreclosure, she was told. Her agent balked at the request. The California Association of Realtors says it’s illegal for parties in a real estate transaction to withhold details from the others involved.

Rubin said the lender also asked the seller for the money. Eventually the primary lender agreed to the request when informed and saved the deal.

“I got the property at a very good price and in record time for a short sale,” said Rubin. “But it was a nerve-wracking process that was driven by forces that don’t exist in normal sales between buyer and seller.”

Most real estate agents believe short sales will continue for years as the market rebalances. But few believe they will become much easier.

Original Article

Posted in: Short Sales
Tags: fabulous deals, Foreclosure, home buyers, Housing Market, new reality, property values, prospective buyers, real estate agents, real estate broker, short sale

Some homeowners underwater on their home loan — meaning they owe more on the mortgage than the home’s current value — are turning to “strategic defaults” in which they simply walk away from mortgage debt.

But financial experts warn the cost of skipping out on mortgage debt can be high.

Wrecked credit
A foreclosure — regardless of whether it is because of a strategic default or other circumstances — also has a negative impact on a consumer’s credit score.
“A foreclosure is one of the stronger predictors of future credit risk,” says Craig Watts, public affairs director of FICO.

Foreclosures remain on a credit report for seven years, with the impact gradually lessening over time.

“For someone who has a foreclosure on (his or) her credit report, (his or) her FICO score can generally begin to recover after a couple of years, assuming the consumer stays current with (his or) her payments on all (his or) her other credit accounts,” Watts says.

Watts says the impact of a foreclosure on a credit score depends on other factors in the borrower’s credit history. The ABA says a foreclosure drops a FICO score by 100 to 400 points.

Difficulty getting new mortgage
In addition, a voluntary foreclosure can impact a homeowner’s ability to qualify for a new mortgage for years to come.
Peter Fredman, a Berkeley, Calif., consumer attorney, says Fannie Mae and Freddie Mac will not approve a mortgage within four years after foreclosure, while the ABA says it can take three to seven years to qualify for a new mortgage.

In addition, mortgage giant Fannie Mae recently announced a tough new sanction on people who deliberately default on their mortgages. Such borrowers will be ineligible for a new Fannie-backed mortgage for seven years after the date of foreclosure.

Other consequences

Tax liability is another potential danger of defaulting. Although the Mortgage Forgiveness Debt Relief Act of 2007 (extended through 2012) offers widespread protection from federal taxes following a foreclosure, state taxes still may be due on unpaid debt.
A lender can also pursue the remaining debt from an unpaid loan by obtaining a deficiency judgment against the delinquent borrower, or may work with a collection agency to recoup losses.

And of course, ethical questions surround strategic defaults. A survey by Trulia.com and RealtyTrac found that 59 percent of homeowners would not consider defaulting no matter how much their mortgage was underwater, although another 41 percent of homeowners said they would consider a default.

Read the rest

Posted in: Mortgages
Tags: credit risk, credit score, fannie mae and freddie mac, fico score, Foreclosure, freddie mac, mortgage debt, new mortgage

Is it really a good idea to purchase a distressed home? What is a distressed home anyway and why is everyone talking about it? A distressed home is a property under foreclosure or a home sold because the homeowner could no longer afford to continue paying the mortgage. Other lenders would agree to a short sale because they can earn more through this than foreclosing the home. However, most lenders would foreclose the property and have it for sale at a discounted value.

There are a lot of distressed homes sold in the country today. In fact, they take up about half of the properties sold in the market. Although this is the case, not all homebuyers are excited to make the purchase. This is because transactions related to these types of properties are longer. There are also more requirements and more paper works. The processes are even frustrating at times and no buyer would want to deal with it.

The advantages

The process is long and there are different drawbacks you might want to avoid, but there are also advantages especially in this type of market. First, you have lots of options. Not only are the properties inexpensive but there are also a lot to choose from. You do not have to worry about the condition of the homes too because most of them are in good shape. Sellers are aware of the competition, thus they know that they have to take care of their properties if they want to sell it.

Since we are in a buyers’ market, negotiation is much easier. Sellers are friendlier and are more open to different conditions set by buyer. This is because sellers are more motivated. They want to sell the property as soon as possible.

Aside from homeowners, lenders want to sell the foreclosed properties right away too. This is because they will not earn from the property while it is in their possession. They even have to spend for its maintenance. The faster they can sell the homes, the faster they can generate money.

The auction

Lenders sell foreclosed properties through an auction. This means that the property will be given to the best bidder. This can be a challenge because there are a growing number of bidders. However, if you do your homework and research about the value of the home, you can come up with a bidding strategy. This will also prevent you from bidding more than what you should.

Purchasing a distressed home

Purchasing a distressed home is not easy, which is why it is best to work with a professional. An agent can present you with all possible options as he has access to updated MLS. He will also help you with many things like finding the most suitable home, making an offer and negotiating. He will also help you with all the requirements you need. This means that the purchase will be more bearable.

It is also important that you value time when purchasing a distressed home. So make sure that you have your loan approved to avoid problems.

Purchasing a distressed home can be difficult. However, if you are prepared you will do just fine.

Original Article

Posted in: Foreclosure
Tags: auction, buyers market, foreclosed properties, Foreclosure, homebuyers

Posted in: Housing Market, Uncategorized
Tags: Foreclosure, home buyers, interest rates, mortgage rates

The actual title for this article was “Let Tax Payers Cover Your Mortgage” which makes this one deserving of a coveted FacePalm.

Unemployed? Owe more on your mortgage than your home is worth? Your state might one day pay your mortgage.

Giving people free money to cover their home loans is just one of the radical ways that four states — Florida, Michigan, California and Arizona — plan to use $1.4 billion the Obama administration is sending their way to help the unemployed and underwater avoid foreclosure.

Many consumer advocates have said the government should help cover the payments of these troubled homeowners, lest the mortgage crisis continue spinning out of control and dragging down everyone’s property values. But other housing experts warn that paying off loans creates a moral hazard and could actually dissuade people from looking for work.

Innovative programs, however, are exactly what the administration was hoping for when it unveiled the Hardest Hit Fund initiative in February. Officials are looking to help the unemployed and underwater, who are now at the heart of the crisis. Despite the administration’s best efforts to stabilize the market, home prices are still sliding and foreclosure filings are at record highs.

States have radical ideas to stop foreclosures
The federal government is doling out a total of $2.1 billion to 10 states, which also include Nevada, North Carolina, South Carolina, Rhode Island, Ohio and Oregon. The others have not yet submitted their plans to Treasury for approval or have not made them public.

To be sure, the proposals will only a touch a small percentage of the unemployed and underwater homeowners who need help. But it will provide assistance to some of those who presently don’t qualify traditional loan modifications.

Administration officials will spend the next few weeks reviewing the proposals, but Assistant Treasury Secretary Michael Barr told CNNMoney.com that they contained some good ideas.

Subsidizing troubled homeowners
The recently unveiled initiatives are not identical, but they have two common themes: Helping the unemployed by subsidizing part or all of their monthly mortgage payments for up to two years and paying down underwater homeowners’ loan balances.

The states want the loan servicers and investors to match their largess, hoping to woo them by paying down as much as $50,000 of underwater homeowners’ loan balances.

But until now, financial institutions have been reluctant to reduce principal.

These proposals may irk Americans who are keeping up with their mortgage payments or don’t want tax dollars used to help their neighbors. But Alan White, a law professor at Valparaiso University, said all homeowners will suffer if neighboring properties fall into foreclosure.

“There are benefits for all of us for stopping foreclosures any way we can,” White said.

Plus, he added, many of the people who would be helped are those capable of paying their mortgages again once they find work. By example, he pointed to a longstanding Pennsylvania program that provides loans to the unemployed, which gives them assistance while they look for new jobs.

Also, covering homeowners’ mortgages is a better use of government funds than giving incentives to the servicers and relying on them to assist borrowers, said Paul Willen, senior economist at the Federal Reserve Bank of Boston. This way, he said, states have more control over who benefits from the initiatives.

“Every dollar spent will go to families who need it,” he said.

But delinquent homeowners aren’t the only ones who would benefit from these subsidies. In fact, the banks would come away with a huge win, said Mark Calabria, director of financial regulation studies at The Cato Institute. Not only would they have government money securely in hand, but they’d avoid the time and expense of the foreclosure process.

“This is a lot more than they would have collected otherwise,” Calabria said. “The lenders should bear the losses for this. They are the one who made the loans.”

Another concern is that these proposals will dissuade the unemployed from finding work or from relocating to an area with better job prospects, said Casey Mulligan, an economics professor at the University of Chicago. Such programs incent people to maintain their financial hardships.

“Why should anybody work if you are going to be in your house either way?” he said.

Posted in: Housing Market
Tags: Foreclosure, foreclosures, free money, home loans, innovative programs, obama, property values, traditional loan

Does this even make sense? About the only thing I see this doing is changing the foreclosure stats. It is not helping the home owners and it certainly is not helping the banks. Short Sale or Foreclosure, the home owner’s credit is shot and the bank is eating a ton of money. On the other hand, I don’t see anyone tracking short sale stats like they do foreclosure stats.

“Hey, sell your house short and we’ll give you $1,500 for helping our numbers look better.”

In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.

This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.

More than five million households are behind on their mortgages and risk foreclosure. The government’s $75 billion mortgage modification plan has helped only a small slice of them. Consumer advocates, economists and even some banking industry representatives say much more needs to be done.

For the administration, there is also the concern that millions of foreclosures could delay or even reverse the economy’s tentative recovery — the last thing it wants in an election year.

Taking effect on April 5, the program could encourage hundreds of thousands of delinquent borrowers who have not been rescued by the loan modification program to shed their houses through a process known as a short sale, in which property is sold for less than the balance of the mortgage. Lenders will be compelled to accept that arrangement, forgiving the difference between the market price of the property and what they are owed.

“We want to streamline and standardize the short sale process to make it much easier on the borrower and much easier on the lender,” said Seth Wheeler, a Treasury senior adviser.

The problem is highlighted by a routine case in Phoenix. Chris Paul, a real estate agent, has a house he is trying to sell on behalf of its owner, who owes $150,000. Mr. Paul has an offer for $48,000, but the bank holding the mortgage says it wants at least $90,000. The frustrated owner is now contemplating foreclosure.

To bring the various parties to the table — the homeowner, the lender that services the loan, the investor that owns the loan, the bank that owns the second mortgage on the property — the government intends to spread its cash around.

Under the new program, the servicing bank, as with all modifications, will get $1,000. Another $1,000 can go toward a second loan, if there is one. And for the first time the government would give money to the distressed homeowners themselves. They will get $1,500 in “relocation assistance.”

Should the incentives prove successful, the short sales program could have multiple benefits. For the investment pools that own many home loans, there is the prospect of getting more money with a sale than with a foreclosure.

For the borrowers, there is the likelihood of suffering less damage to credit ratings. And as part of the transaction, they will get the lender’s assurance that they will not later be sued for an unpaid mortgage balance.

For communities, the plan will mean fewer empty foreclosed houses waiting to be sold by banks. By some estimates, as many as half of all foreclosed properties are ransacked by either the former owners or vandals, which depresses the value of the property further and pulls down the value of neighboring homes.

If short sales are about to have their moment, it has been a long time coming. At the beginning of the foreclosure crisis, lenders shunned short sales. They were not equipped to deal with the labor-intensive process and were suspicious of it.

The lenders’ thinking, said the economist Thomas Lawler, went like this: “I lend someone $200,000 to buy a house. Then he says, ‘Look, I have someone willing to pay $150,000 for it; otherwise I think I’m going to default.’ Do I really believe the borrower can’t pay it back? And is $150,000 a reasonable offer for the property?”

Short sales are “tailor-made for fraud,” said Mr. Lawler, a former executive at the mortgage finance company Fannie Mae.

Last year, short sales started to increase, although they remain relatively uncommon. Fannie Mae said preforeclosure deals on loans in its portfolio more than tripled in 2009, to 36,968. But real estate agents say many lenders still seem to disapprove of short sales.

Under the new federal program, a lender will use real estate agents to determine the value of a home and thus the minimum to accept. This figure will not be shared with the owner, but if an offer comes in that is equal to or higher than this amount, the lender must take it.

Mr. Paul, the Phoenix agent, was skeptical. “In a perfect world, this would work,” he said. “But because estimates of value are inherently subjective, it won’t. The banks don’t want to sell at a discount.”

There are myriad other potential conflicts over short sales that may not be solved by the program, which was announced on Nov. 30 but whose details are still being fine-tuned. Many would-be short sellers have second and even third mortgages on their houses. Banks that own these loans are in a position to block any sale unless they get a piece of the deal.

“You have one loan, it’s no sweat to get a short sale,” said Howard Chase, a Miami Beach agent who says he does around 20 short sales a month. “But the second mortgage often is the obstacle.”

Major lenders seem to be taking a cautious approach to the new initiative. In many cases, big banks do not actually own the mortgages; they simply administer them and collect payments. J. K. Huey, a Wells Fargo vice president, said a short sale, like a loan modification, would have to meet the requirements of the investor who owns the loan.

“This is not an opportunity for the customer to just walk away,” Ms. Huey said. “If someone doesn’t come to us saying, ‘I’ve done everything I can, I used all my savings, I borrowed money and, by the way, I’m losing my job and moving to another city, and have all the documentation,’ we’re not going to do a short sale.”

But even if lenders want to treat short sales as a last resort for desperate borrowers, in reality the standards seem to be looser.

Sree Reddy, a lawyer and commercial real estate investor who lives in Miami Beach, bought a one-bedroom condominium in 2005, spent about $30,000 on improvements and ended up owing $540,000. Three years later, the value had fallen by 40 percent.

Mr. Reddy wanted to get out from under his crushing monthly payments. He lost a lot of money in the crash but was not in default. Nevertheless, his bank let him sell the place for $360,000 last summer.

“A short sale provides peace of mind,” said Mr. Reddy, 32. “If you’re in foreclosure, you don’t know when they’re ultimately going to take the place away from you.”

Mr. Reddy still lives in the apartment complex where he bought that condo, but is now a renter paying about half of his old mortgage payment. Another benefit, he said: “The place I’m in now is nicer and a little bigger.”

Posted in: Short Sales
Tags: banking industry, delinquent borrowers, Foreclosure, foreclosures, loan modification, mortgage lenders, Mortgages, real estate agent

Short sales – when a lender sells a property for less than the full amount owed on the mortgage – are notorious for being long and painful. Some realtors even refuse to touch short sales because of the uncertainty involved. In spite of the growing backlog of distressed homes, banks have been taking up to several months to respond to short sale offers, often because they lack the staffing and know-how to process such sales faster. That is leaving many homeowners and their real estate agents in an interminable waiting game.

But homeowners who are underwater and struggling to offload their homes through a short sale may get relief soon through Home Affordable Foreclosure Alternatives (HAFA). Part of the government’s Making Home Affordable program, HAFA is designed to incentivize borrowers and lenders to avoid foreclosure. It takes effect April 5, lasts through Dec. 31, 2012, and is aimed at homeowners who are eligible for a loan modification but unable to complete the process.

What banks are doing
Already, some banks appear to be working to facilitate the short-sale process, perhaps in anticipation of HAFA. A JP Morgan Chase spokesman says the bank doubled its short-sale staff during 2009. And in response to the rise in volume, a Bank of America spokeswoman says the bank “increased the number of associates working in short sales to keep in line with the increased demand for short sales.”

Indeed, short sales jumped to 15.9% of home purchase transactions in January, from 12.4% in November, according to a monthly survey by research firm Campbell Surveys and Inside Mortgage Finance, a trade publication. Just in the last 30 to 45 days, some banks have significantly increased their staff handling short sales and the amount of short sales they’re approving, says Rob Lattas, a real estate attorney in Chicago who handles short sales. Typically, it’s taken anywhere from four to six months – and sometimes more – to complete one of these transactions. “We’re seeing short sales now come out between 30 and 60 days, which is crazy. We’re seeing banks being more cooperative,” Lattas says.

The realtor’s perspective
Realtors are echoing that sentiment. Jackie Hillman, a realtor with ReMax Premier Group in Tampa, Fla., says the short-sale transactions she handles are getting a bit easier, in part because lenders are more proactive. Last week Hillman sent a short sale listing agreement a client’s lender, usually the first step in the process. It usually takes a few days for the lender to even acknowledge they received the agreement. “But they called me the very next day and assigned me to a negotiator, which normally takes a couple of weeks,” she says.

“As soon as you tell [the bank] your client is interested in a short sale, they want to get the ball rolling. They realize they can’t make people wait around for six months – the owners might walk away,” Hillman says.

HAFA changes
Under the HAFA guidelines, borrowers receive preapproved short-sale terms before listing the property (including the minimum acceptable net proceeds). Before, sellers submitted a buyer’s offer without knowing if the lender would accept the amount. “Now we will know what the bank’s threshold is before we go through this whole rigmarole,” says Lattas.

The loan servicer must respond within 30 days of a homeowner requesting a short sale. And they must respond within 10 days of receiving a sale contract as to whether they’ll approve or deny it.

The new rules also require the lender to forgive the seller’s mortgage debt (on their first mortgage). This is a promise that the bank will not pursue the seller for the outstanding balance on the mortgage.

And financial incentives include $1,500 for the borrower for relocation assistance and $1,000 for servicers to cover administrative and processing costs.

Real estate professionals are hopeful the new guidelines and incentives will make short sales easier to accomplish. “If the HAFA guidelines are actually followed, it’s a great thing for the short-sale marketplace. The biggest frustration I have as attorney is clients saying ‘I’m still waiting to hear from the bank.’ Now banks have 10 business days to say whether they’ll approve or deny the sale,” Lattas says.

Obstacles remain
Of course, even with the new regulations, things may still get held up.

One possible obstacle: If the current buyer for a short sale decides to terminate the purchase – say, because it’s taking too long – often the real estate agent involved in the sale ends up back at square one. They have to re-submit the short-sale package to the lender and are given another negotiator (the person who negotiates the sale on behalf of the lender) – essentially forcing them to start all over again, says Stephanie Fix, a realtor with ReMax Professionals in Denver.

Another potential snag involves second-lien holders. Typically, short sales are made additionally complicated when sellers have more than one loan on their property. HAFA requires second-lien mortgage holders to drop financial claims against borrowers exceeding $3,000 (they are often owed many times more than that).

These lenders must agree to release the lien for the transaction to close. But even with the $3,000 limit, they may hold the deal ransom and demand more from the first-lien holder or seller in exchange for releasing their claims. “A lot of these short sale deals have fallen through because of the second lien,” says Fix. “It will be interesting to see how the banks – the ones participating in HAMP – will follow these guidelines.”

Posted in: Short Sales
Tags: Foreclosure, loan modification, Short Sales