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Home Affordable Foreclosure Alternatives (HAFA) for Non-GSE Loans

19. February 2010

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A couple weeks ago when I wrote about the Home Affordable Foreclosure Alternatives program, I got some questions about what you could do if your loan wasn’t serviced by Fannie Mae. Well, I did a bunch of searching around and found the training video below on the HAMP Admin web site…

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HAMP Update – New Program Offers Borrowers Foreclosure Alternatives

4. January 2010

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As part of the Home Affordable Modification Program (HAMP), the Home Affordable Foreclosure Alternatives Program (HAFA) provides financial incentives to servicers and borrowers who utilize a short sale or a deed-in-lieu (DIL) to avoid foreclosure on a HAMP-eligible loan. If you're eligible for a HAMP mod but can't complete it for one reason or another...you need to see the rest of this article now!

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Home Affordable Short Sale Program – Will it Help You?

30. September 2009

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I wrote a couple weeks ago about Congress’ latest change to the Home Affordable Program…they want to add incentives for lenders to offer short sales and/or deeds in lieu so they won’t actually have to foreclose. When I wrote that, there was no news out on the program, but now the Treasury Department has released the latest program update and here’s what I’ve learned.

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Home Affordable Program for Short Sale & Deed in Lieu?

11. September 2009

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According to Housingwire.com, Congress expects to put out a program similar to the Home Affordable plan to help homeowners trying to short sell their home or give it back to the bank through a deed in lieu. And they expect to have the details out by late this month...come to the site to see what it may mean for you and me as we try to short sell...

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Calling Your Servicer About Loan Mods – Is Success Possible?

8. September 2009

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A video released by Freddie Mac says that it is…and that having your documents all lined up and ready to go will help make things easier for you and your servicer. I think you'll agree the video over simplifies a very complicated and convoluted process and makes it appear as if the problem is with homeowners not being prepared when they call their servicer. Com see if you agree...

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Home Affordable Mods Come to FHA

4. August 2009

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Do you have a FHA mortgage on your home and wish you could participate in the Home Affordable Loan Modification program? Up until now, you couldn’t…but that’s changed! Come see how as well as why it's a blessing in disguise!

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How to Determine Imminent Default – Home Affordable Modifications

21. June 2009

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According to President Obama's Home Affordable Modification Program, missing payments isn't a requirement for you to qualify. As a matter of fact, one of the stated goals is to reach homeowners who are in danger of "imminent deafult." One of the problems, though, is that no one has been talking about what that actually means. For today's article, I went straight to the source...Freddie Mac...and got the answer. Now you'll know exactly how to figure out if you're in danger of imminent default from your servicer's perspective and what to do if they say you aren't.

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Home Affordable Deeds in Lieu and Short Sales

22. May 2009

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So what happens if your servicer says you don't qualify for a Home Affordable Modification or Refinance? The Treasury Department and HUD have added to the Making Home Affordable program to answer that question. If you're eligible for a Home Affordable Mod or Refinance but did not qualify, you need to check this out now...

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My Short Sale Part 5

18. March 2009

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Part 5 in the on-going series of posts about selling our home in Virginia with an underwater mortgage. As 2009 rolled around and we looked at out interest rate resetting, we were becoming concerned about what was going to happen to our payments. After looking at the options, we were pretty sure we wanted to sell. So I drafted an explanatory e-mail to our tenants explaining we were considering selling the house at the end of their lease. Come to the site to see how they responded.

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My Short Sale Part 4

14. March 2009

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Part 4 in the on-going series of posts about selling our home in Virginia with an underwater mortgage. When we bought our house in March 2006, it appraised for $310,000. We were pretty happy with that considering we were paying $303,000. We figured we had $7,000 of built-in equity. What we didn't know was we were at the very top of the market.

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My Short Sale Story…Part 3

3. March 2009

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As the date for our first mortgage ARM reset draws near, we've been increasingly concerned about what it's going to mean to our finances. Even though our interest rate will drop from 6 percent to about 4.75 percent, our payment will still go up...come see why and double-check my math...

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My Short Sale Story…Part 2

23. February 2009

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This is part 2 in the on-going saga of selling our house in Virginia with an underwater mortgage. Today's topic is the financing we got when we purchased the house. We bought our house for $303,000. Looking back, it was more than we could really afford, but I had just gotten a big raise and promotion at work and we were tired of...

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My Short Sale Story…as it happens

18. February 2009

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Last October, I wrote about the rental house we left behind in Virginia when my company moved us unexpectedly. Well, it looks like we're going to be selling it here in the next couple months...and we're upside down on the mortgage. So I thought it might be helpful and encouraging to you if I exposed our situation as we walk through it. I'll post about once a week, so come along as my team helps my family and puts itself to the test right before your eyes...

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