March 2010 Entries
Neil Barofsky, special inspector general for the Troubled Assets Relief Program (TARP), admitted that far fewer homeowners will receive assistance under the HAMP program and other government efforts to ease foreclosure than originally estimated. Barofsky estimates that only 1.5 million to 2 million homeowners will be helped as opposed to the 4 million originally expected to receive foreclosure help from the government. Barofsky does not believe offering modifications is a meaningful goal of the foreclosure program, since so few have actually been helped and many who have received modifications are redefaulting. Herbert M. Allison, assistant Treasury secretary for financial stability...
Reflecting the extreme sensitivity of the issue, explanations, retrenchments, and denials are being voiced in response to an RMD story earlier this week about HUD’s intent – or not – to foreclose on seniors whose properties have gone into “technical” or other default.
“There will be some policy forthcoming on foreclosures and defaults, intended to be preventative,” according to Meg Burns, director, FHA Office of Single Family Program Development, speaking with RMD prior to leaving for a Central
As part of an agreement with state attorneys general to settle charges over high-risk loans made by Countrywide, Bank of America will begin writing down loan balances for homeowners that meet eligibility criteria.
Appraisers and Real Estate Agents are presently fighting it out about whether the Brokers Price Opinion is sufficiently fair and accurate compared to a full blown appraisal to be used as a Lender's primary tool in valuing a Short Sale or a Loan Modification.
Using $555 million in Recovery Act funds, the Department of Defense has expanded a program that can reimburse employees up to 90 percent of the price they paid for a primary residence to avoid a loss when they go to sell.
Just a few years ago, foreclosure, pre-foreclosures, loan modification, work-out plan, forbearance, deed in lieu, deficiency judgment, short sale were uncommon words almost never used in everyday conversation.
The program is for homestead properties in foreclosure and must be run by a proven nonprofit group and the lenders will pick up the tab of $750 cost. This third party will help the homeowner exchange financial information with the lender's representative to determine if options such as a loan modification is doable. With the inclusion of a Supreme Court certified mediator in the program it is hoped that a homeowner might get a loan modification through mediation. However, the fact is that ma
If the housing market was normal before you can be assured it will be a very long time before we return to that.