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HAMP program rejects will be required to do a short sale or deed in lieu
ShareThisSurprise! HAMP program rejects will be required to do a short sale or deed in lieu of foreclosure
HAMP, the Treasury’s program to “prevent” foreclosures, did not originally appear to have a “stick.”
Well, now it does – for those who cannot qualify for a modification, or who “blow it” while on a trial loan modification program and simply don’t get a permanent change are in fact required to offer short sale or “deed in lieu” alternatives when they make sense.
Servicers participating in HAMP must follow the guidelines set forth in a Supplemental Directive
If you’re part of HAMP, you are required to offer expedited and unified procedures for short sales and, optionally, “deed in lieu” programs.
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Effective April 2010: This goes into effect in April, although servicers can start offering these programs earlier.
New glut of homes will drive prices down further
Come the spring selling season you’re going to see the inventory of homes that were “HAMPd” and failed for whatever reason hit the market.
This is not a trivial number of houses – there are close to 750,000 homes currently under trial modifications, and only a tiny number of them – something like 30,000 – have converted to permanent payment changes.
Thank Treasury for not telling you about this until the “selling season” had ended and we were in the middle of the winter months when sales are slow – and timing the “required start” date for April 1st, right into the maw of the spring selling season.
If you need to sell your house in the next year this is something you need to take into consideration. A flood of nearly 3/4 of a million houses appear poised to hit the market as short sales and “deed in lieu” sales beginning in April.
In short it appears that Treasury has figured out that all these “extend and pretend” games are not converting delinquent loans into sustainable payments and ownership opportunities. As such the stick has now made it’s appearance.
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Source: http://www.istockanalyst.com/article/viewarticle/articleid/3749202
Before completing and sending in a loan modification package, you may want to obtain some coaching to combat the stall tactics banks/servicers are using to cut to the front of the line of other applications and get approved faster
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