The government has come out with a new alternative program called the Home Affordable Foreclosure Alternatives (HAFA) program which goes into effect today, April 5, 2010 to help provide yet another default solution to this growing foreclosure market.
This program is an extension of the "Home Affordable Modification Program". With this program, a homeowner who does not qualify for a loan modification will be given the option of doing a short sale through the HAFA program.The hope with HAFA is to give lenders an initiative and follow through when no modification can be done, but unfortunately these programs are like a life boat to the titanic.
More than 5 million homes are behind on their mortgage or facing foreclosure across the US. The plans so far from the government has only helped a small amount and the foreclosure market that is growing everyday.
The Obama administration has now gone from trying to keep home owner in their homes, to saying hit the road jack and we will pay you to get out. When the short sale is completed, the borrower may receive up to $1500.00 for relocation expenses and servicers could receive up to $1,000.00. For subordinate lien holders, up to $1,000.00 for second mortgages. While this is part of the plan, lenders will also be asked to forgive the difference between the market price and what is owed on the property.
Do you think the government programs are going to work for even half the population in foreclosure?
The answer is NO and not all banks are going to follow this game plan that will release the debtor of the difference of what is owed and what is being received to pay off the debt. Much more needs to be done.
Take a look at all the Loan Modifications that did not happen with the Home Affordable Modification Program. Millions of foreclosures are out there with frustrated homeowners waiting out the time period set aside for the modification and ending months later hearing NO. By the time they hear
"No Go" on your modification, they are so deep into foreclosure, that only a short sale will help them.
Wait until you see what Bank of America (BOA) is doing to help out and why you should not be working with them.
The government is trying whatever they can throw up against the wall to see what will happen.
The popularity of short sales at the beginning of this foreclosure crisis were shunned. It was considered a labor intensive process many did not want to deal with and short sales were considered suspicious.
Today the banks are doing more short sales now than ever before and are contributing to a large part of the foreclosure solution and will be doing many many more through 2010 into 2011..
Are you ready to help distressed home owners and make a difference in this foreclosure market?
Are you ready to make BIG BUCKS?
Come and get all the facts and be on top of this game!
Join me for my 3 Days Live Short Sale Training Event in Orlando, Fl May 21-23, 2010.
I will help you understand where we are in the market today and how you can help distressed homeowners and make MONEY!
I will show you how to make Short Sales easy and close deals
I will give you awesome techniques not used anywhere else.
To Your Success,
Hunter Paschall
407-772-2274
http://www.3dayslive.com
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