So what’s going to be new this year?

Posted on 24. Mar, 2011 by ctlms in Foreclosures, My Blog, News, Real Estate, Short Sale

This industry in constantly changing.  So what do we expect this year?

Last year saw major changes with the addition of the HAFA short sale program to the HAMP program that was already in place.  Many of the lenders have still not gotten this program down pat which can cause extra delays in the process.

Now, congress is debating bills that would end HAMP altogether, and presumably HAFA as well since it is a subset of HAMP.  Analysts suggest that the Democratically controlled Senate will not pass this measure and President Obama has stated he would veto it anyway.

But this all does suggest that we may see changes to this program this year.  What kind?  Who knows as these things usually make no sense to those of us who are actually in the field as they are written by others who are not.

Other changes w have seen as of late are more and more lenders being proactive and reasonable.  Reasonable?  I have not said that word about a lender in quite some time.  Unfortunately these instances are more rare than common, but we have been seeing them more.

Lenders such as Chase, Bank of America and HSBC have been implementing programs along the same lines as HAFA and offering the sellers money at closing at a full release of liability, the 2 major benefits that HAFA offers.

So if we are all lucky, more of that this year would be nice.  The one down side to these programs is that unless the loans are Fannie Mae or Freddie Mac owned, commissions are often capped at 5%.  I guess we can't have it all.

Stay tuned for future updates as things continue to change.

Sean Wilder

PS.  If you our your client are considering working with us to process your short sale, check out what others have said about us on my Linked in Page by clicking the icon.  View the full profile and scroll down to the bottom to see our recommendations.

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