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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 [...]
SPECIAL REAL ESTATE INDUSTRY BROADCAST Exclusive Interview with the US Treasury’s Director of Policy for Homeownership Preservation Office, Laurie Maggiano! You and the Treasury Department Have the Same Goal … to Close More Short Sales in 2011! Join us for an exclusive interview with Laurie Maggiano, Director of Policy in the Office of Homeownership Preservation, [...]
During the holidays, we often reflect upon the year in terms of the goals we didn’t achieve or where we fell short. This holiday season we ask that you focus on the positive instead. Despite setbacks and challenges, there is much to be thankful for. Take the following story for instance. It was sent to [...]
A few months ago, we posted that Freddie Mac reported its short sale volume was up 600%. Today, REOInsider reported that “short sale volume is up more than 150% from volume in 2Q09, according to the Federal Housing Finance Agency’s second quarter government-sponsored enterprise (GSE) ‘Foreclosure Prevention & Refinance Report.’” We weren’t surprised at the [...]
We have great news for attendees of CDPE All Access! David Sunlin, Bank of America’s SVP & Operations Executive for Short Sales, Deed In Lieu and Real Estate Management, will present live at the CDPE event in Austin, Texas, September 16-18. One of the most prominent figures in the industry today, Sunlin was instrumental in [...]
Bank of America is continuing its commitment to help more homeowners and work with agents through the short sale process. Due to our close working relationship with Bank of America, we received the following message about a new program they’re testing to streamline and incentivize short sales – similar to the HAFA program. This small [...]
REO Insider recently reported on a new short sale program being tested by Bank of America. This cooperative short sale initiative has targeted just 2,000 pre-screened homeowners, mostly in the hard-hit states of California, Florida, Nevada and Arizona. Here are some more details of the program: For homeowners considered for modifications under HAMP and short [...]
Foreclosure avoidance options vary from state to state. One of the more interesting solutions we’ve seen came from a homeowner in Brooklyn, N.Y., who turned her home into a bed and breakfast in order to cover the mortgage payments. While that may work for now, New York lawmakers did pass a bill – backed by [...]
It didn’t take an official statement from Freddie Mac’s CEO to convince CDPEs — the agents helping distressed homeowners on a daily basis — that short sales have increased dramatically across the country. However, the number was still impressive and makes a big statement on a movement within the real estate industry to provide real [...]
Is there progress among servicers in the short sale world? REO Insider recently reported on how Deutsche Bank ranked top mortgage servicers based on short sale timelines. Here’s how the rankings shook out based on mortgage type and average time to complete short sales. We know there’s progress in the industry (agent education, new processes, [...]
Today, Making Home Affordable released new HAFA documents for loan servicers on how to report short sale or deed-in-lieu notifications, setups, and termination: Reporting a Short Sale or Deed-in-Lieu Notification Reporting a Short Sale or Deed-in-Lieu Loan Set-Up Reporting a Short Sale or Deed-in-Lieu Termination These documents can provide invaluable information on how lenders communicate [...]
So, our first broadcast about HAFA was over an hour long—it needed to be. HAFA is a vast, complicated program and we used every second we had to explain it in all its detail. Thanks for all who watched. However, we weren’t satisfied with one live broadcast and two HAFA Homeowner Engagement Initiative webinars. We [...]
Last week, HousingWire reported that—in the opinion of several vice presidents of major lending institutions—HAFA was fundamentally flawed because it requires borrowers to fail a HAMP Trial Period Plan before they can even be considered for HAFA. Bryan Bolton, senior VP of loss mitigation in the mortgage department over at Citigroup despaired, saying: “I think [...]
With HAFA making news across the industry, we want to keep you posted on new developments as they happen. Here’s another one: Equator just sent out a message stating that “Bank of America Home Loans will now be using Equator as the primary tool for short sales,” meaning Bank of America will no longer accept [...]
One of the challenges for short sales introduced with the new HAFA program is the requirement to have minor lien holders agree to release liens according to HAFA requirements. At this point, MI or mortgage insurance companies are probably our biggest obstacle. I’ve just reviewed MGIC’s short sale requirements, where if the borrower qualifies, it [...]
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