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On April 2, Bank of America announced the latest round of changes to their short sale process. The changes, aimed at streamlining and expediting the process, include new requirements for initiating a short sale and changes to Equator. Beginning April 13, 2012, Bank of America will require the following five forms to be submitted to [...]
Last month, Bank of America announced a pilot program that will provide some distressed property homeowners with a new foreclosure alternative. This new “Mortgage to Lease” program will allow homeowners facing foreclosure to remain in their homes by converting from home ownership to rental. In this program, participating homeowners will transfer their home titles to [...]
ATTENTION Agents! In October’s CDPE Industry Broadcast with Bob Hora, SVP Mortgage Servicing Executive at Bank of America Home Loans, Hora affirmed Bank of America’s commitment to streamlining their short sale process. In keeping with this commitment, Bank of America is simplifying their third-party authorization process for short sales. On March 20, Bank of America [...]
Major news in the short sale and housing industry! On Friday, March 9, the Obama Administration announced updates to the Home Affordable Foreclosure Alternative (HAFA) program. Created in 2009, HAFA is a government-sponsored initiative assisting all Home Affordable Modification Program (HAMP) eligible homeowners in avoiding foreclosure through short sales and deed-in-lieus. The HAFA updates will [...]
For awhile now, we’ve instructed agents on government incentives available to distressed homeowners who opt to do short sales. Such programs include the Home Affordable Foreclosure Alternatives (HAFA) program, which provides up to $3,000 to assist the borrower with relocation fees. In recent news, major publications including USA TODAY and CNNMoney have spotlighted the incentives [...]
The Obama administration announced its latest plan to help troubled homeowners, enabling an estimated 3.5 million underwater mortgage holders to refinance at today’s historically-low interest rates. However, experts speculate the proposal—which is expected to cost up to $10 billion and would be paid for by imposing a fee on major banks—could have a difficult time [...]
There’s both good news and bad news on the foreclosure front. The good news? According to RealtyTrac’s Year-End 2011 U.S. Foreclosure Market Report™, total U.S. foreclosure activity and the foreclosure rate were both at their lowest annual level since 2007. The bad news? Foreclosure levels were artificially lowered due to delays following the robo-signing scandal. [...]
Effective Feb. 1, Freddie Mac is giving mortgage servicers expanded authority to provide six months of forbearance to unemployed mortgage holders without prior approval, and an additional six months (12 months total) with prior approval. This new policy essentially doubles the previously offered forbearance period. It’s important to note: This applies to Freddie Mac-owned or [...]
On Thursday, Veros Real Estate Solutions released its VeroFORECAST real estate market forecast for the 12-month period ending Dec. 1, 2012. Their findings indicate “the national housing recovery will continue to be gradual and slow without any significant changes in markets.” Veros predicts up to four percent appreciation in the strongest markets, including Fargo and [...]
On Jan. 4, Federal Reserve Chairman Ben Bernanke sent a letter and white paper to Congress outlining his insights and recommendations on restoring the health of the U.S. housing market. Among the key findings on current market conditions: Housing prices remain 33% below their early 2006 peak Currently, 1 in 5 mortgage holders are underwater [...]
With 1 in 10 homeowners not paying their mortgage—and Major Lenders predicting huge increases in short sale closings in 2012—savvy agents are finding new and creative ways to find and attract distressed property listings. A great place to start your outreach campaign is a list of NODs. Notices of Default, or NODs, are legal notices [...]
On Dec. 21, the Office of the Comptroller of the Currency released its latest report, which shows delinquencies remained elevated during the third quarter of 2011. The number of new foreclosures increased by 21 percent during the quarter, partly due to servicers lifting the voluntary “foreclosure freeze” implemented in late 2010 as a result of [...]
The holiday season should be a magical time of year. However, for a growing number of families, the usual holiday celebrations are trumped by financial troubles, foreclosure and the looming threat of eviction. Fannie Mae and Freddie Mac offered some relief to such families by announcing an “Eviction Moratorium” through January 2, 2012. During this [...]
In an effort to reduce cycle time and improve customer service, Bank of America (BOA) announced several changes to their Home Affordable Foreclosure Alternatives (HAFA) short sale process, which agents should be aware of. Highlights include: When a short sale is submitted with an offer and the homeowner is HAFA eligible, BOA will no longer [...]
Sometimes we reach our greatest successes when we refuse to accept our failures as just that. In a revealing profile, the Westlake Picayune’s Dale Anderson takes an in-depth look at our founders Alex and Cadey Charfen’s humbling fall into bankruptcy and triumphant rise to success. After riding high on the South Florida housing boom, the [...]
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