Unable To Afford an Affordable Home?

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Unable to Afford an Affordable Home what next?  The Obama Administration and The National Association of Realtors are soon to announce new procedures and uniform process for Short Sales under its new Foreclosure Alternatives Program.

This program will work with borrowers (Homeowners) who do not qualify or meet the minimum eligibility requirements fro the Home Affordable Modification Program.

Before proceeding with Foreclosure, servicers must determine if a Short Sale is appropriate.

Incentives include a $1,000 for servicers who are successful in completing a Short Sale or Deed-in-lieu of Foreclosure. The Homeowner will also receive a $1,500.00 check as relocation expense and another $1,000 to payoff any junior liens on the property.

There will also be Standardized Documents, including Short Sale Agreement and Offer Acceptance Letters. The goal is to make things simple and help speed the Short Sale Process.

Servicers will independently order Broker Price Opinions (BPO) to determine the market value and minimum Net return to the investor.

The Short Sale Agreement will give a minimum 90 days to market and sell the home and up to 1 year in more difficult markets. If the property does not sell within this time frame then the servicer would agree to a Deed-in-Lieu of foreclosure.

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