Hasani James

Has everyone seen the new foreclosure stats? 7% up from June

What's going in your neck of the woods?

New FHA) guidelines have been issued pertaining to the agency's implementation of FHA-HAMP, a spin-off of the federal Home Affordable Modification Program (HAMP).

The program, which the FHA expects all servicers to have up and running by Aug. 15, permanently reduces a monthly mortgage payment through the use of a partial claim, which defers the repayment of mortgage principal through an interest-free subordinate mortgage that is not due until the first mortgage is paid off.

According to Department of Housing and Urban Development (HUD) Secretary Shaun Donovan, "tens of thousands" of FHA borrowers will be able to modify their loans under FHA-HAMP.

The FHA has used partial claims, which allow lenders to advance funds on behalf of borrowers, in the past to reinstate delinquent loans. Under the new program, HUD will bring the borrower's payment down to an affordable level by bringing the mortgage current, buying down the loan by up to 30% of the unpaid principal balance and deferring these amounts in a partial claim.

Servicers participating in FHA-HAMP may receive incentive fees of up to $1,250, which includes $500 for the partial claim and $750 for the loan modification. Mortgagees may also claim up to $250 for reimbursement for a title search and/or recording fees, according to the FHA letter.

Like with the broader HAMP, borrowers will need to make three trial modification payments before being considered FHA-HAMP eligible.

Reduce your liability and put yourself in a position to attract more Short Sale listing. Send your clients to:

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Here is a link that will provide some good info for anyone who is curious about this program:

http://www.fanniemae.com/newsreleases/2009/faq/FAQ_national_REO_rental_policy_010709.pdf;jsessionid=Y3WBUTCCXK1HHJ2FQSHSFGI

Reduce your liability and put yourself in a position to attract more Short Sale listing. Send your clients to:

http://getforeclosurereliefnow.com/

I spoke with several attorneys this week about the last 2 years of the market and they are waiting for the onslaught of lawsuits coming from sellers who got "Cheated" out of their home by "Short Sales" and Loan Mod consultants. Take yourself out of the equation, lessen your liability and send all your potential clients to a 3rd party to get the information they need on foreclosure strategies and still get the listing!!

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With all the moratoriums going on, REOs are Scarce! More agents are once again going after the "Short Sale" market. One way is to provider these homeowners with credible information they can use today without worrying about being called a "Foreclosure Consultant" Check out the links below to a new tool that can help you accomplish this task.

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http://www.projecthomewatch.com/