December 2009 Entries
One Way to Manage Your Foreclosure - Unable to Pay - Walk Away
If you're facing foreclosure, imminent default, behind on payments, and owe more than your house is worth, and cannot make your monthly payments, recent advice from Brent T. White, a University of Arizona law school professor, says stop paying and walk away. His advice also, don't feel guilty about it and think you're doing something morally wrong.
Sounds like things might be loosening up a bit? But Fannie Mae guidelines don't seem to be so consistent with this focus.
Treasury Department Announces Program to Streamline Short Sales
On November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is component of the Home Affordable Modification Program (HAMP). NAR has been urging the Obama Administration to take action to address the many problems with short sales.