Sacramento Short Sales Now 25% of Closings in Sacramento Area
Sacramento Short Sale Specialist
Sacramento Short Sale Specialist Reports Short Sale Help and Advice For Sacramento Area Homeowners Sacramento HAFA Short Sale expert Reports Short Sales In Sacramento Are INCREASING!
Sacramento Short Sale Success Rate Improves Dramatically, And HAFA Program Will Increase Sacramento Short Sale Numbers Further.
More Sacramento Short Sale Help
With the slow-down of Bank Owned homes here in Sacramento real estate, Sacramento area short sale closings have been increasing.
According to Jim Waserman at the Sacramento Bee:
DataQuick said Thursday that 50.6 percent of Sacramento County sales were bank owned REO listings. That’s down from 71 percent as 2009 opened.
So Sacramento Short Sales will surely continue, as the HAFA program rolls out in a few months. The program will take effect April 2010 and servicers already participating in the Home Affordable Modification Program (HAMP) will be required to follow guidance. Sacramento Short Sale Help is here for you, you can count on us as you Sacramento Short Sale Experts and Certified Short sale Specialists…
What if you have Bank Of America As Second Lienholder… Is $3,000.00 Enough?
To entice servicers to accept a sale on defaulted properties for less than the outstanding mortgage balance, Treasury is offering incentive payments of $1,000 per completed short sale. Servicers will also receive $1,000 for each deed-in-lieu of foreclosure.
Subordinate lien holders will be paid to release their claims on defaulted properties, up to $3,000 of the short sale proceeds as long as the primary investor agrees to share the earnings, and for this concession, the investor will also receive up to $1,000 from the Treasury. For those second lien holders who want more than the $3,000 cap to relinquish their stakes, the Treasury said they can pursue a short sale outside of the federal program.
Contact us today… Sacramento Short Sale Help can snswer your questions.
The Home Affordable Foreclosure Alternatives Program (HAFA), as it is being called by the Treasury, was initially announced back in May, but was delayed because of concerns over legalities involved in the process and the rights of second lien holders to hold claim over the property. DSNews.com reported in October that the administration was readying guidelines for the program, and yesterday, they arrived.
More Questions? Sacramento Short Sale Help is here when you need us!
HAMP Update – New Program Offers Borrowers Foreclosure Alternatives
Timing & Eligibility
– Supplemental Directive 09-09 is effective April 5, 2010, but participating servicers may elect to implement HAFA prior to April 5, 2010, in accordance with the Supplemental Directive. In order to participate in HAFA, a servicer must have executed a HAMP Servicer Participation Agreement (SPA) by December 31, 2009. (The HAMP SPA is available for review on HMPadmin.com.)
Borrowers
The HAFA program simplifies and streamlines the use of short sale and DIL (Deed in Lieu) options by incorporating the following unique features:
- Complements HAMP by providing viable alternatives for borrowers who are HAMP eligible.
- Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis.
- Allows the borrower to receive pre-approved short sale terms prior to the property listing.
- Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement.
- Requires that borrowers be fully released from future liability for the debt.
- Provides financial incentives to borrowers, servicers, and investors.
