Short Sale Links and Information

January 10, 2011 by Steve Kornspan

A short sale is when a borrower is forced to sell their home for less than they owe on it. Typically, it is the result of some kind of hardship. Sellers are forced to ask the lender to take less than the full amount owed. Considering a Short Sale is a stressful and overwhelming process. Finding the facts and reliable information is even harder. Part of that is caused by the fact that there are many different loans, lenders and real estate agents all with their own requirements and experiences. Below is a list of links for information and sources that we trust.

The short sale process – good article

First Step Check to see if home loan is backed by Fannie / Freddie

Government info on HAFA

HAFA – Home Affordable Foreclosure Alternatives – Government Program

HAFA Guidelines – Fannie Mae, Freddie Mac Loans vs non GSE

NAR – National Association of Realtors Short Sale FAQ’s

NAR Short Sale Information

NAR – National Association of Realtors Short Sale Sellers Info Guide

Wells Fargo Short Sale Info – Good Guide

IRS Link – The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

HUD PFS Program – Utilizing the PFS Loss Mitigation Option (Net Sale Proceeds info on page 12)

HUD Preforeclosure Sales Program

HUD Information/Disclosure

HUD Approval to Participate

HUD REO Appraisal Validity Period and Second Appraisals

Disclaimer – The rules and regulations change frequently as the government and lenders work to develop better processes.

Filed Under: Distressed Sales, Feature Story, Seller Info Tagged With: KANSASCITYSHORTSALEEXPERT.COM, KCSHORTSALEEXPERT.COM

The Mortgage Foreclosure Crisis: What You Need To Know

November 1, 2010 by Steve Kornspan

Right from the MO Attorney General – Foreclosure Information

Missouri law generally allows foreclosures to take place very quickly, relative to other states. It is important for homeowners to understand their rights concerning foreclosures and to recognize the need for legal representation at the earliest possible time. In some instances, foreclosures may be stopped [Read more...]

Filed Under: Distressed Sales, Feature Story

Introduction of the Home Affordable Modification Program

October 28, 2010 by Steve Kornspan

Supplemental Directive 09-01 April 6, 2009
Introduction of the Home Affordable Modification Program

Click Here to Download pdf

Background
On February 18, 2009, President Obama announced the Homeowner Affordability and Stability Plan to help up to 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure. As part of this plan, the Treasury Department (Treasury) announced a national modification program aimed at helping 3 to 4 million at-risk homeowners – both those who are in default and those who are at imminent risk of default – by reducing monthly payments to sustainable levels. On March 4, 2009, the Treasury issued uniform guidance for loan modifications across the mortgage industry. [Read more...]

Filed Under: Distressed Sales

Making Home Affordable – Foreclosure Alternatives and Home Price Decline Protection Incentives

July 4, 2009 by Steve Kornspan

On Feb.18th the Obama Administration announced the Making Home Affordable (MHA) Program, a comprehensive plan to stabilize the US housing market and offer assistance to up to 7 to 9 million homeowners by reducing mortgage payments to affordable levels and preventing avoidable foreclosures. [Read more...]

Filed Under: Distressed Sales, Mortgage & Finance