GAO: Federal Loan Modifications Projections Overstated… HAMP Struggles
[caption id="attachment_229" align="alignright" width="250" caption="Loan Modifications Projections Were Way Overstated"][/caption] It seems that a lot of the good news about loan modifications lately have been not based on real numbers, but on assumptions made by the Obama Administration and the Treasury Department... the Home Affordable Modification Program is just getting off the ground and is struggling to get rolling. According to a story I saw today in DSNews: The Obama administration’s plan to modify unsustainable mortgages could fall short of its goal, according to a report released last week by congressional investigators at the Government Accountability Office (GAO). The watchdog agency said the administration’s projections of helping three to four million homeowners lower their monthly payments through the Home Affordable Modification Program (HAMP) “may be...
Obama’s Home Affordable Modification Program Will Be Good for Short Sales!
[caption id="attachment_61" align="alignright" width="192" caption="Obama "][/caption] Freddie Mac and Fannie Mae’s Home Affordable Modification program is Good News for Short Sales. The Home Affordable Modification Program is a key part of the Making Home Affordable Program that was announced on March 4, 2009 under Obama’s Homeowner Affordability and Stability Plan. Short sales are complex transactions that involve delicate coordination and cooperation from several, often opposing parties-- servicers, appraisers, borrowers, lenders, Real Estate Brokers, sellers, purchasers, title agencies, and some times even mortgage insurance companiesand junior lien holders. A short sale usually gives a better outcome for everyone involved, even investors and communities, but because of the complexity and time involved, some servicers just pursue foreclosure instead, even if a short sale would have provided a much...
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