Short Sale Programs

Can a Deed-in-Lieu Ruin Your Short Sale?

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One of my favorite clients and a very prolific short sale agent contacted me because she has a bone to pick with our mutual friend, Fannie Mae. You see, this agent has taken a short sale listing. We have a buyer. The short sale package has been submitted to the bank and we have already [...]

January 11, 2012 0 comments CONTINUE READING THIS POST →

Will the Revamped Underwater Refi Program Actually Work?

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Survey Says….? On Thursday, November 24 (the same day that you were setting the table and basting the turkey), I was checking out an interesting article in the San Diego Union Tribune. In this article, eleven local and well-respected folks in the field of real estate were asked the following question, “Do you believe the [...]

December 14, 2011 3 comments CONTINUE READING THIS POST →

HARP 2.0 – The Latest on the New Refinance Program for Underwater Borrowers

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In early November, we learned about what sounded like a wonderful new refinance program available for responsible borrowers who are underwater (or upside down) on their mortgage loans. This program, tagged HARP 2.0, was slated to have official guidelines on November 15, 2011. You may recall that as part of this program, the prospective borrower [...]

December 7, 2011 3 comments CONTINUE READING THIS POST →

Not All Loans Qualify for the HAFA Program

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Do you remember the phrase, “If the glove doesn’t fit, you must acquit?” Most of you probably do. That wasn’t so long ago. Well, the other day, I received the following email about participation in the HAFA program, and I felt that, in this case, the HAFA glove didn’t fit. Check it out: I read [...]

November 3, 2011 1 comment CONTINUE READING THIS POST →

Are Short Sale Incentives Taxable? What About Gift Horses?

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Have you ever really thought about the phrase, “Don’t look a gift horse in the mouth”? I actually researched it and learned that as horses age, their teeth begin to project further forward each year. Because of this, their age can be estimated by checking how prominent the teeth are. So, what the proverb means is [...]

September 12, 2011 17 comments CONTINUE READING THIS POST →

Announcing Additional Changes to HAFA

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That’s right. Can you believe it? There are some new changes to HAFA, and they have been set forth in Making Home Affordable Supplemental Directive 11-08 (August 9, 2011) What Is HAFA? In March 2009, the U.S. Treasury issued guidance for loan modifications by participants in the Making Home Affordable Program and subsequently updated and [...]

September 5, 2011 5 comments CONTINUE READING THIS POST →

Citi Now Offers Big Short Sale Incentives, But Can they Process the Short Sale?

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A short sale seller contacted me last week to tell me that Citi has offered him $35,000 to sell his home. He sent me a copy of the letter he received in the mail, and it is true. Citi is offering him $35,000 (terms and conditions apply) to sell his home valued at $335,000 in [...]

August 22, 2011 4 comments CONTINUE READING THIS POST →

HAFA Transactions Up, But Are they Worth the Time?

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For some, it is time to whoop it up as HAFA is finally accomplishing something in the short sale world. Finally is definitely the operative word here. HAFA was written into the March 2009 stimulus package, but didn’t come to fruition until April of 2010. At the end of 2010, HAFA was still not making [...]

August 15, 2011 1 comment CONTINUE READING THIS POST →

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