government » The Art of Short Sales

3May10 Freddie Mac Short Sale Fraud: Much Ado About Nothing?

Over the weekend, Freddie Mac published an informational article discussing what it has called, “Short Payoff Fraud”. This article tipped off quite a bit of anxiety among investors and agents. Many are suggesting that this new classification of “Fraud” effectively eliminates the A to B – B to C transactions which investors often use to [...]

2 Comments Posted by Nick in Education
Tagged Disclosure, fraud, freddie mac, government, regulation, short sale, short sales

19Apr10 Fannie Mae Allows Short Sale Sellers to Get a Second Chance at Homeownership Faster

National Mortgage News Online reports: Fannie Mae has decided that certain distressed borrowers who agree to give up their homes as an alternative to foreclosure should get a second chance at homeownership sooner. The policy change, announced Wednesday, is meant to reward borrowers for cooperating with their loan servicers and to support the housing market. [...]

1 Comment Posted by Nick in Market News
Tagged fannie, fannie mae, government, homeownership, short sale, short sales

4Apr10 HAFA Short Sale Program Starts Tomorrow! Here is Everything You Need to Know!

HAFA is upon us, effective April 5th, 2010. Here are some of the posts we have featured on the Art of Short Sales over the past few months discussing HAFA and it’s impact. The HAFA Program is a Bunch of Crap This article talks about the negative feedback many are giving on the HAFA program [...]

No Comments Posted by Nick in Links, Market News
Tagged government, HAFA, HAMP, Links, short sale, short sales

26Mar10 Obama Administration’s New Plan to Cut Mortgage Balances

Boy, it sure seems like every day there is a new plan out there to help the housing market! The Wall Street Journal reported yesterday on a new plan by the Obama Administration to cut mortgage balances without actually getting the borrowers out of the home. Before we go into analysis, here are the documents [...]

2 Comments Posted by Nick in Market News
Tagged government, HAMP, incentives, mha, mortgage, refinance, second lien, short sale, short sales

23Mar10 The HAFA Program is a Bunch of Crap

The other day I was on Twitter and just generally asking people what they though of the impending HAFA (Home Affordable Foreclosure Alternatives) program, which is coming down the pike from the Obama administration on April 5th, less than two weeks from today. A lady named Sarah Stelmok, who also happens to run a fantastic [...]

11 Comments Posted by Nick in Market News
Tagged analysis, commentary, government, HAFA, HAMP, mha, modification, short sale, short sales

10Mar10 Analysis and Commentary: Secretary of HUD Releases Report to Congress on the Root Cause of the Foreclosure Crisis

Interested in reading the HUD’s nitty-gritty analysis of the foreclosure crisis? It’s definitely a detailed read, but very informative. In a nutshell (from the Executive Summary of the report); the analysis and report covers: This study of the root causes of the current extremely high levels of defaults and foreclosures among residential mortgages represents the [...]

2 Comments Posted by Nick in Market News
Tagged analysis, congress, foreclosure, government, HUD, report, short sale, short sales

8Mar10 NY Times Article on the Impending HAFA Programs

A new article yesterday from the NY Times discusses the upcoming HAFA programs in some detail: March 7, 2010 Program Will Pay Homeowners to Sell at a Loss By DAVID STREITFELD In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will [...]

No Comments Posted by Nick in Market News
Tagged government, HAFA, incentives, news, short sale, short sales

22Feb10 NAR Documents on Short Sales and the HAFA Program

Here are some quick links from the National Association of Realtors to their documents on HAFA, including their own FAQ. Brochure – About HAFA: About HAFA Color Brochure Government Guidelines Government Forms and Guidelines NAR HAFA Program FAQ NAR HAFA Program FAQ

No Comments Posted by Nick in Education, Links
Tagged Brochure, government, guidelines, HAFA, NAR, short sale, short sales

19Feb10 LA Times Discusses Short Sales as Favorable Alternative to Foreclosure

I was reading this article today in the LA Times about lenders becoming increasingly accepting of the short sale process. It mirrors what we have been saying here in this blog since November – that short sales are increasingly becoming accepted and it’s being pushed by politicians and the bank’s best interests. The reason I [...]

No Comments Posted by Nick in Market News
Tagged 2nd lien, bank of america, BofA, fannie mae, foreclosure, freddie mac, government, HAFA, HAMP, lenders, loss mitigation, mortgages, short sale, short sales, underwater

15Feb10 HUD Proposal Would Eliminate Seller Financing – Call to Action!

Short Sale Artisan Commentary: This has been spreading like wildfire on the internet, I think all investors and agents should be aware of this proposal: The following information is extremely important! HUD Issues Problematic Rules Interpreting SAFE Mortgage Licensing ACT HUD has proposed to eliminate ALL seller financing unless the seller lives in the home [...]