Found 2 blog entries tagged as Federal Guidelines.

In Part 1, we discussed the history and development of the HAFA program, and talked about short sales.  As of June, 2012, a new version of this program has come online.  It may be of interest to Oakland and Piedmont residents whom I assist.

THE PROPOSED SOLUTION-NEWER VERSION-If the home involved is financed by Fannie Mae or Freddie Mac, the homeowner will benefit from some new guidelines:

a. Under the new rules, servicers (lenders) will have 30 days to review and respond to all short sale offers or requests.  If they find that they will need more than these 30 days, they must provide the borrower with weekly updates, and furnish a final response within 60 days.

b. During the above 60 days, the lender must tell the borrower whether a short sale will…

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THE PROBLEM: Over the last few years, Americans have been made aware of what the words "Housing Crises" means.  All over the United States, due to the sagging economy, coupled with poorly regulated lending policies, homeowners are discovering that what they supposed their home's value to be is no longer correct. 

In the past, the American dream of purchasing a house, staying in it for a while, then selling it and using it's increased equity to move up to the next level of ownership was a realistic and reasonable expectation.  The simple fact is that, for quite a while now, this has been unattainable for a disturbing segment of the Oakland-East Bay homeowners. 

Complicating this issue are the huge amount of regulations and rulings at the Federal level…

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