Short Sale Incentives Coming in 2010, Treasury Says

Short sale volume at Freddie Mac grew more than 1,000 percent from 2007 to 2009, and the GSE says this upward trend in volume leaves the market ripe for incidences of short payoff fraud.

Andrew’s work before he took up this position as Chair of the Treasury Select Committee between 2010 and 2017 was infused by.

The US Treasury Department has announced plans to launch a foreclosure program aimed at encouraging borrowers, servicers and investors, to pursue short sales. Scheduled to launch in April 2010, the Home affordable foreclosure alternatives program (HAFA) will offer up to $3,500 in incentive payments to qualified borrowers, servicers and investors who complete short sale transactions for properties with loans on the verge of foreclosure.

In a short sale, the bank sells the property for a price short of the balance owed on the property’s loan. Under HAMP, the Treasury allocates capped incentives to servicers for the modification.

Short Sales – New U.S. Treasury guidelines that put a 10-day time limit on short sales, and add financial incentives for buyers and sellers could help homeowners on the verge of foreclosure.. Homeowners stuck while banks mull whether to approve short sales could benefit from new federal guidelines that give lenders a 10-day limit to respond to offers.

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March 16, 2010, Charlotte, NC – On April 5th, new rules from the U.S. treasury department governing residential real estate short sales are set to take effect. The new rules, part of the Home Affordable Foreclosure Alternatives Program, will apply to the sale of homes that have declined in value below the mortgage balance.

But Klein and others say the government may have to increase the financial incentives. The $3,000 cap on short-sale proceeds to less-senior lenders is not sitting well with second-lien holders.

He points to the movements in short-term bond yields to underline the point. In the US, two-year Treasury yields have jumped from 0.78 per cent to 1.13 per cent since the election, the highest level.

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Short sales in South Florida increased by 49% in 2010 from the year before, a sign that lenders could finally be moving focus toward the alternative to foreclosure.

The Treasury plan, which must be implemented by lenders no later than April, is meant to help sellers like Dawn Sclafani, who has been waiting since October for her lender to approve a short sale.

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