New Government Housing Program
housing program
The U.S. Dept. of Housing and Urban Development recently announced a new agreement with the nation’s top mortgage lenders to offer select state and local governments, including California, and nonprofit organizations a “first look” or right of first refusal to purchase foreclosed homes before making the properties available to private investors. Read more 
Another Obama Administration Housing Program
Obama housing foreclosure program
Today the Obama administration announced yet another housing program. Today’s plan proposes to reduce the amount some troubled borrowers owe on their home loans.
The $14 billion for the program will come from the administration’s existing $75 billion foreclosure-prevention program. Now under-water homeowners will get huge principal reductions and new loans backed by the Federal Housing Administration.
The plan will also require that mortgage companies participate in the administration’s existing foreclosure prevention program with consideration to slashing the amount borrowers owe. The lenders will get incentive payments if they do so.
Another New Government Housing Program
The latest new government housing program is intended to to make short sales easier. It’s called Home Affordable Foreclosure Alternatives (HAFA) and is set to start on April 5 2010. The program aims to standardize short sale regulations and paperwork. All servicers participating in HAMP, the federal Home Affordable Modification Program, are contractually obligated to consider those ineligible for modifications for a foreclosure alternative.
Successful short sales or deeds-in-lieu transactions will be rewarded with taxpayer-funded incentives. Non-compliance can result in monetary penalties. The Treasury Department doesn’t yet have a reliable estimate of how many people will be helped.
San Francisco real estate attorneys