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The Foreclosure Alternatives program will help prevent costly foreclosures by providing incentives for servicers and borrowers to pursue short sales and deeds in lieu of foreclosure in cases where a borrower is eligible for a Making Home Affordable (MHA) modification but unable to complete the modification process.
The goal is to use alternatives to foreclosure to reduce the negative impact of foreclosure, on lenders, borrowers and communities. This program will assist homeowners who cannot afford to stay in their homes by helping them avoid foreclosure.
The first step is to make an effort to keep your home through the Making Home Affordable (MHA) Program. This is a comprehensive plan to stabilize the US housing market and offer assistance by reducing mortgage payments to affordable levels and preventing avoidable foreclosures. Fourteen servicers, including the five largest, have now signed contracts and begun modifications and refinancing under the Making Home Affordable (MHA).
For those unable to keep their home through the MHA program the foreclosure alternatives program is pursuing and streamlining the following:
•Establishing financial incentives for servicers, sellers, and second lien holders to encourage the completion of short-sale transactions.
•Requires that a timeline, of no fewer than 90 days, be set to allow a homeowner to sell a home, without threat of foreclosure action.
•Requires the short sale agreement to specify reasonable and customary real estate commissions and costs to be deducted from the sales prices.
•Will provide standardized documents, including short-sale agreements and offer acceptance letters.
If you or any of your friends or family is struggling to keep up on mortgage payments, behind on your payments or facing foreclosure there is help out there. You may be eligible under new programs that have recently become available. They indicate more than 75 percent of all loans in the country are now covered by the MHA program, find out if your loan qualifies.
Cynthia has been a Summit County Realtor for 26 Years and has worked in the foreclosure and short sale industry since 1983. Call or email Cynthia if you have questions about the Making Homes Afforable programs, are behind on your payments and in need of short sale assistance, or want more information on how these programs may help you. You may also request a list of upcoming foreclosures and short sale opportunities. Contact her at (970) 468-0404 or REO@cynthiagoda.com
The goal is to use alternatives to foreclosure to reduce the negative impact of foreclosure, on lenders, borrowers and communities. This program will assist homeowners who cannot afford to stay in their homes by helping them avoid foreclosure.
The first step is to make an effort to keep your home through the Making Home Affordable (MHA) Program. This is a comprehensive plan to stabilize the US housing market and offer assistance by reducing mortgage payments to affordable levels and preventing avoidable foreclosures. Fourteen servicers, including the five largest, have now signed contracts and begun modifications and refinancing under the Making Home Affordable (MHA).
For those unable to keep their home through the MHA program the foreclosure alternatives program is pursuing and streamlining the following:
•Establishing financial incentives for servicers, sellers, and second lien holders to encourage the completion of short-sale transactions.
•Requires that a timeline, of no fewer than 90 days, be set to allow a homeowner to sell a home, without threat of foreclosure action.
•Requires the short sale agreement to specify reasonable and customary real estate commissions and costs to be deducted from the sales prices.
•Will provide standardized documents, including short-sale agreements and offer acceptance letters.
If you or any of your friends or family is struggling to keep up on mortgage payments, behind on your payments or facing foreclosure there is help out there. You may be eligible under new programs that have recently become available. They indicate more than 75 percent of all loans in the country are now covered by the MHA program, find out if your loan qualifies.
Cynthia has been a Summit County Realtor for 26 Years and has worked in the foreclosure and short sale industry since 1983. Call or email Cynthia if you have questions about the Making Homes Afforable programs, are behind on your payments and in need of short sale assistance, or want more information on how these programs may help you. You may also request a list of upcoming foreclosures and short sale opportunities. Contact her at (970) 468-0404 or REO@cynthiagoda.com
