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Improvements to Short Sale Program Coming
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You're Now Reading:
Improvements to Short Sale Program Coming
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Improvements to Short Sale Program Coming
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mortgage-shortsale-imageApril 18, 2011 (Jeff Alan)

The Treasury Department has announced updates to the policy guidelines for the Home Affordable Foreclosure Alternatives (HAFA) program which has been followed by legislation introduced in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.) to improve the process for approving short sales in the HAFA program.

The new guidelines being implemented by the Treasury Department requires mortgage servicers to send a written confirmation to a borrower acknowledging their request for a short sale or a deed-in-lieu whether the request was initiated by the borrower or the mortgage servicer.

The mortgage servicer then has 10 business days following receipt of the request to include a description of the mortgage servicers evaluation process and a timeline for their decision on whether their request is acceptable or not.

The second part of the guideline is that the mortgage servicer must provide the borrower with a written approval, denial or alternative offer within 45 calendar days of receiving a completed request form and any other required paperwork, and if unable to do so, must provide the borrower with a written notice before the 45th day and updates every 15 days until a decision is made.

Additionally, the Treasury Department will now give mortgage servicers the ability to approve short sales to non-profit organizations for the purpose of renting and reselling the property back to the borrower, previously not allowed under the HAFA program.

Meanwhile, in the House of Representatives, Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.) introduced the bipartisan “Prompt Decision for Qualification for Short Sale Act of 2011,” which similarly calls for a 45 day deadline for lenders to respond to short sale requests.

The legislation is strongly supported by the National Association of Realtors (NAR).

“The current short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a home owner from foreclosure,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I.

According to NAR’s data, about 13 percent of recent home sales nationwide have been short sales. The latest Treasury Department data through the end of February shows 4,488 homeowners had completed a short sale or deed-in-lieu through HAFA while another 10,177 homeowners have agreements in place with their mortgage servicers to participate in the HAFA program.

The new HAFA guidelines announced by the Treasury Department take effect on June 1, 2001, but mortgage servicers are being encouraged to follow the guidelines now.

Tags: Treasury Department, HAGA, guidelines, NAR, mortgage servicers, short sales, deed-in-lieu

Sources:
National Association of Realtors
DSNews.com
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Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
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mortgage-shortsale-imageApril 18, 2011 (Jeff Alan)

The Treasury Department has announced updates to the policy guidelines for the Home Affordable Foreclosure Alternatives (HAFA) program which has been followed by legislation introduced in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.) to improve the process for approving short sales in the HAFA program.

The new guidelines being implemented by the Treasury Department requires mortgage servicers to send a written confirmation to a borrower acknowledging their request for a short sale or a deed-in-lieu whether the request was initiated by the borrower or the mortgage servicer.

The mortgage servicer then has 10 business days following receipt of the request to include a description of the mortgage servicers evaluation process and a timeline for their decision on whether their request is acceptable or not.

The second part of the guideline is that the mortgage servicer must provide the borrower with a written approval, denial or alternative offer within 45 calendar days of receiving a completed request form and any other required paperwork, and if unable to do so, must provide the borrower with a written notice before the 45th day and updates every 15 days until a decision is made.

Additionally, the Treasury Department will now give mortgage servicers the ability to approve short sales to non-profit organizations for the purpose of renting and reselling the property back to the borrower, previously not allowed under the HAFA program.

Meanwhile, in the House of Representatives, Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.) introduced the bipartisan “Prompt Decision for Qualification for Short Sale Act of 2011,” which similarly calls for a 45 day deadline for lenders to respond to short sale requests.

The legislation is strongly supported by the National Association of Realtors (NAR).

“The current short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a home owner from foreclosure,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I.

According to NAR’s data, about 13 percent of recent home sales nationwide have been short sales. The latest Treasury Department data through the end of February shows 4,488 homeowners had completed a short sale or deed-in-lieu through HAFA while another 10,177 homeowners have agreements in place with their mortgage servicers to participate in the HAFA program.

The new HAFA guidelines announced by the Treasury Department take effect on June 1, 2001, but mortgage servicers are being encouraged to follow the guidelines now.

Tags: Treasury Department, HAGA, guidelines, NAR, mortgage servicers, short sales, deed-in-lieu

Sources:
National Association of Realtors
DSNews.com
houstonrealestateoberserver (image)

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

mortgage-shortsale-imageApril 18, 2011 (Jeff Alan)

The Treasury Department has announced updates to the policy guidelines for the Home Affordable Foreclosure Alternatives (HAFA) program which has been followed by legislation introduced in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.) to improve the process for approving short sales in the HAFA program.

The new guidelines being implemented by the Treasury Department requires mortgage servicers to send a written confirmation to a borrower acknowledging their request for a short sale or a deed-in-lieu whether the request was initiated by the borrower or the mortgage servicer.

The mortgage servicer then has 10 business days following receipt of the request to include a description of the mortgage servicers evaluation process and a timeline for their decision on whether their request is acceptable or not.

The second part of the guideline is that the mortgage servicer must provide the borrower with a written approval, denial or alternative offer within 45 calendar days of receiving a completed request form and any other required paperwork, and if unable to do so, must provide the borrower with a written notice before the 45th day and updates every 15 days until a decision is made.

Additionally, the Treasury Department will now give mortgage servicers the ability to approve short sales to non-profit organizations for the purpose of renting and reselling the property back to the borrower, previously not allowed under the HAFA program.

Meanwhile, in the House of Representatives, Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.) introduced the bipartisan “Prompt Decision for Qualification for Short Sale Act of 2011,” which similarly calls for a 45 day deadline for lenders to respond to short sale requests.

The legislation is strongly supported by the National Association of Realtors (NAR).

“The current short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a home owner from foreclosure,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I.

According to NAR’s data, about 13 percent of recent home sales nationwide have been short sales. The latest Treasury Department data through the end of February shows 4,488 homeowners had completed a short sale or deed-in-lieu through HAFA while another 10,177 homeowners have agreements in place with their mortgage servicers to participate in the HAFA program.

The new HAFA guidelines announced by the Treasury Department take effect on June 1, 2001, but mortgage servicers are being encouraged to follow the guidelines now.

Tags: Treasury Department, HAGA, guidelines, NAR, mortgage servicers, short sales, deed-in-lieu

Sources:
National Association of Realtors
DSNews.com
houstonrealestateoberserver (image)

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.