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5.24.10 HAFA In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program takes effect on April 5, 2010—although some servicers may implement it sooner, if they meet certain requirement--and sunsets on December 31, 2012.
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5.24.10 HAMP:If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.
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Short Sale - NEWS
All the important news from the foreclosure and Short Sale world to keep you up to date.
The latest data and market news covering all the events affecting the housing world we live in today.
We are in the worse housing market anyone has ever seen with record numbers of defaults and unprecedented falls in property values.
Shadow Inventory Variants Could Trigger Regional Price Declines:
The volume of troubled residential properties has been growing in nearly every U.S. state since 2005, but Standard & Poor's says regional inventory levels and trends will determine the detriment of this shadow supply. In the New York City metro area, for example, the company estimates that it will take 103 months for shadow inventory to clear, assuming current liquidation rates. That's nearly 3.5 times the national average of 34 months. By contrast, the Phoenix area has the lowest level of shadow inventory, at 16 months.
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Foreclosure Filings Down 3%: RealtyTrac
Foreclosure activity dropped 3 percent from April to May, according to new data from RealtyTrac. It's the second month in a row the company has recorded a decline. In May, a total of 322,920 properties received a foreclosure filing. That figure equates to one in every 400 U.S. housing units. RealtyTrac says the data confirms that foreclosure activity is leveling off, even as lenders work through the big backlog of forestalled foreclosures and delayed repossessions that have built up over the past two years.
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Loss Severity on Short Sales 13% Lower than REO
Over the past year, the mortgage risk analysis firm Clayton Holdings says it has witnessed an overall increase in short sale activity. Because of the growing emphasis on keeping borrowers out of foreclosure, servicers are becoming more inclined to employ alternative loss mitigation strategies. And Clayton says the added benefit to servicers - the one with dollar signs in front of it - is that loss severities for properties sold through short sale are 13 percent lower than loss severities for REO sales.
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