Comments on: Obama Administration Plan to Improve Short Sales

By: fannie mae short sale pilot program « Uncategorized « foreclosures web

fannie mae short sale pilot program « Uncategorized « foreclosures web — Mon, 21 Jun 2010 18:04:05 +0000

[...] 3.Obama Administration Plan to Improve Short Sales | Real Estate Short Short Sales Will be Streamlined and Encouraged by the Treasury On May 14th, 2009, the Making Home Affordable program created by the Obama administration was … Fannie Mae is proposing to have its own short sale agreement coming out soon, after they do a pilot program in Los Angeles to test it out. Thanks for asking. Tim… [...]

By: Tim Burrell

Tim Burrell — Sat, 12 Dec 2009 01:49:17 +0000

You need your short sale to be processed under a system that allows the $1,500. If you are part of an FHA short sale, the HUD Preforeclosure Sales Program allows for a payment to the seller that varies depending on when the sale closes. The new HAFA program that is part of Making Home Affordable allows the $1,500 payment, but most banks have not implemented that program, as they have until April 2010 to do so. For the regulations on this program look at https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf . Good luck.

By: Andrea

Andrea — Fri, 11 Dec 2009 18:02:20 +0000

Hello! Thanks for this great information. How does one go about getting the $1500 for the homeowner doing the shortsale? Did this go through with the Feds? Is there a resource you can point me to?
Thanks! Andrea

By: Lori

Lori — Wed, 02 Dec 2009 03:34:19 +0000

Thank you for your answer and concerns. I live in Florida and there seem to no rules to anything! I have been fighting with everyone already about the original appraisal when I purchased the home, I was upside down from that point. And with a large sum down, I have lost everything. Thank you again for listening.

Lori

By: Tim Burrell

Tim Burrell — Sat, 21 Nov 2009 02:14:06 +0000

I am so sorry that it did not work out for you. When you get a bad appraisal, the system does not work. When the appraisal is unreasonably high, it is hard to convince the people who ordered it that it is flawed. So, I go to the investor or the guarantor with an easy to understand analysis of the market value of the house and try to convince them to overturn the analysis that was ordered by the servicer. Poor price opinions have been such a problem in California that the legislature enacted a law prohibiting someone from coming in with too high a value of the house to ruin the short sale, so that they could get the listing after the bank foreclosed. In your case, the deed in lieu helps no one, although it is a negotiating opportunity to get several months of free rent and an agreement that they are taking the home in full settlement of the entire debt (with no debt relief for tax purposes).

By: Lori

Lori — Fri, 20 Nov 2009 16:08:58 +0000

Funny I had a decent short sale offer, only $10,000 short of what I owned. Bank sent bpo, that came back way to high, higher than any comp in neighborhood. My realtor even sent them recent comps. But, no lost buyers and now they are offering a deed in lieu!! Why didn’t they just accept the short sale instead of me ruining my credit even more. If it wasn’t for the apppraisal fraud to begin with when I refinanced all this would not have happened, so they screwed me again!!

By: Tim Burrell

Tim Burrell — Mon, 16 Nov 2009 05:00:33 +0000

They have not. There are draft proposals that I have copies of, but I am not supposed to release them because they are a work in progress. Fannie Mae is proposing to have its own short sale agreement coming out soon, after they do a pilot program in Los Angeles to test it out. Thanks for asking. Tim

By: Roger Sharp

Roger Sharp — Sun, 15 Nov 2009 22:14:02 +0000

Did the Obama administartion ever issue the standardized short sale agreement? How can I get my hands on one?