In our current distressed market, there are a few avenues available to distressed, underwater homeowners: loan modification, Deed-In-Lieu, short sale or foreclosure. For those that lack the necessary income to qualify for a loan modification, a short sale is often the best choice. If the property is the homeowner’s principal residence, the debt forgiven in…
Evidently the government is serious about getting these delinquent mortgages modified – here is another positive change to HAMP: Press Release from HUD: WASHINGTON – U.S. Department of Housing and Urban Development Secretary Shaun Donovan today announced the Federal Housing Administration (FHA) has implemented changes to its loan modification program to ensure consistency with the…
I have been advising everyone in the real estate industry, that New York’s Foreclosure Prevention and Lender Responsibility Act went into effect September 1, 2008 and includes, among other items, strict requirements for those who seek to perform loss mitigation on behalf of distressed home owners. These requirements include written, notarized contracts with a right…
Kathleen Pender Sunday, November 16, 2008 Should you keep paying your mortgage? If you have significant equity in your home, absolutely. Are you an idiot to keep paying your mortgage? If you don’t, it’s getting harder to answer that question, especially when our government keeps giving people who owe more than their homes are worth…
