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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