February 1, 2010

Fannie Mae Offers Subsidy for REO Purchases

Fannie Mae says it will cover the closing costs on purchases of its REO homes – an incentive the GSE hopes will help it pare down a bloated supply of repossessed foreclosed properties. The nation’s largest mortgage financier has announced a temporary seller-assistance program under which people purchasing a property through HomePath, Fannie Mae’s REO […]

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January 31, 2010

Equator Now Accepting Agent-Initiated Short Sales

Equator, a technology provider for the default servicing industry headquartered in Los Angeles, California, has announced the launch of its new agent-initiated short sale feature. The new feature gives agents the ability to request a short sale on behalf of their homeowner clients, initially bypassing the lender to open up the process on their own. […]

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January 31, 2010

FAQ’s

1. What is a short sale? A short sale is the process by which homeowners can sell their home for less money than they actually owe on the mortgage(s). This is accomplished by providing proper documentation to the lender(s) to convince them to reduce the mortgage balance to allow the sale. If the sale is […]

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January 31, 2010

Treasury Announces Documentation Changes to Expedite Permanent Mods

The Treasury Department released updated guidance Thursday for servicers participating in the Home Affordable Modification Program (HAMP) that requires them to obtain all required borrower documentation upfront, prior to evaluating the borrower for a trial modification under the government program. Until now, servicers were allowed to initiate a trial HAMP mod based on stated, not […]

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