HAFA the latest and greatest government fix plan and how it might work
Lenders want to look good in the news and to shareholders. The HAFA plan is being rolled out to lenders who want to continue.
Borrowers must be HAMP-eligible to qualify for HAFA and must be considered for the new program within 30 days of failing to qualify for or complete a HAMP trial. The rules and regulations are not simple or straightforward and it is going to require someone to hold your hand through the process.
I am not NOT saying to go pay some attorney or service company. Don’t waste your hard earned dough.
Here’s the skinny:
1. Clear title No tax liens no second no third no past due taxes no HOA liens.
Any subordinate liens must be paid off in full. The borrower can also negotiate with the holder to release the liens before the closing date but you would be a fool to wait until closing because these guys are not going to just smile and walk away.
2. Get a pre-approved short sale terms before the property is listed and frees them from future liability for the debt.
3. Get a great experienced and knowagable loan agent at the lender where your loan is serviced and a great experienced and long time Realtor as your listing agent. Lenders can’t make the Realtor cut the commission so you get your terms in writing with your Realtor before you apply. Servicers are prohibited from requiring a reduction in the real estate commission agreed to in the listing agreement.
4. The borrower also receives a $1,500 incentive for relocation after the transaction.
Lender also gets a little money
.
Worst Ten in the Worst Ten
SAND States: CA Florida and Nevada are up there
• The table below lists the ten metropolitan areas that had the highest rates of foreclosure in the first half of 2008 as reported by RealtyTrac (the “Worst Ten” MSAs).. Rank MSA Non-prime Mortgage Foreclosure Rate 1 Detroit 22.9% 2 Cleveland 21.6% 3 Stockton 21.5% 4 Sacramento 18.0% 5 Riverside/San Bernardino 16.1% 6 Memphis 15.6% 7 Miami/Fort Lauderdale 14.3% 8 Bakersfield 14.3% 9 Denver 14.0% 10 Las Vegas 13.9%
• For each of these metro areas, the “Worst Ten” originators were identified: the ten originators in each MSA with the largest number of non-prime mortgage foreclosures in the Loan Performance database for 2005-2007 originations.
• Only 21 companies in various combinations occupy the Worst Ten slots in the Worst Ten metro areas:
AEGIS FUNDING CORPORATION GREENPOINT MORTGAGE FUNDING AMERICAN HOME MORTGAGE CORP. INDYMAC BANK, F.S.B. AMERIQUEST MORTGAGE COMPANY LONG BEACH MORTGAGE CO. ARGENT MORTGAGE COMPANY NEW CENTURY MORTGAGE BNC MORTGAGE OPTION ONE MORTGAGE CORP COUNTRYWIDE OWNIT MORTGAGE SOLUTIONS INC. DECISION ONE MORTGAGE PEOPLE'S CHOICE FINANCIAL CORP DELTA FUNDING CORPORATION RESMAE MORTGAGE CORPORATION FIELDSTONE MORTGAGE COMPANY WELLS FARGO FIRST FRANKLIN CORPORATION WMC MORTGAGE CORP. FREMONT INVESTMENT & LOAN
• Of these 21 firms, 12 were exclusively supervised by the states; overall, such originators accounted for nearly 60 percent of non-prime mortgage loans and foreclosures in the Worst Ten metro areas in 2005-2007.
• Only three firms on the list were subject to OCC supervision at any time during 2005-2007, and those three accounted for fewer than 12 percent of foreclosures in the Worst Ten metro areas.
• Results for the U.S. as a whole are similar to those for the Worst Ten metropolitan areas. OCC-supervised institutions accounted for approximately 12 to 14 percent of the non-prime originations; moreover, foreclosure rates for OCC-supervised institutions were markedly lower on average than for other types of originators.
11/13/2008
Index to the Worst Subprime Originators
Originator Supervisor Foreclosures in Worst 10 Metro Areas, based on 2005-07 Originations
New Century Mortgage Corp. State supervised. Subsidiary of publicly-traded REIT, filed for bankruptcy in early 2007. 14,120
Long Beach Mortgage Co.
Some are owned by Chase now State and OTS supervised. Affiliate of WAMU, became a subsidiary of thrift in early 2006; closed in late 2007 / early 2008. 11,736
Argent Mortgage Co. State supervised until Citigroup acquired certain assets of Argent in 08/07. Merged into CitiMortgage (NB opsub) shortly thereafter. 10,728
WMC Mortgage Corp. State supervised. Subidiary of General Electric, closed in late 2007. 10,283
Fremont Investment & Loan
Some are owned by Chase now FDIC supervised. California state chartered industrial bank. Liquidated, terminated deposit insurance, and surrendered charter in 2008. 8,635
Option One Mortgage Corp. State supervised. Subsidiary of H&R Block, closed in late 2007. 8,344
First Franklin Corp. OCC supervised. Subsidiary of National City Bank until 12/06. Sold to Merrill Lynch, closed in 2008. 8,037
Countrywide now B OF A
Sort-of Data includes loans originated by (1) Countrywide Home Loans, an FRB supervised entity until 03/07, and an OTS supervised entity after 03/07; and (2) Countrywide Bank, an OCC supervised entity until 03/07, and an OTS supervised entity after 03/07. 4,736
Ameriquest Mortgage Co. State supervised. Citigroup acquired certain assets of Ameriquest in 08/07. Merged into CitiMortgage (NB opsub) shortly thereafter. 4,126
ResMae Mortgage Corp. State supervised. Filed for bankruptcy in late 2007. 3,558
American Home Mortgage Corp. State supervised. Filed for bankruptcy in 2007. 2,954
IndyMac Bank, FSB OTS supervised thrift. Closed in July 2008. 2,882
Greenpoint Mortgage Funding FDIC supervised. Acquired by Capital One, NA, in mid 2007 as part of conversion and merger with North Fork, a state bank. Closed immediately thereafter in 08/07. 2,815
W. F.
ONLY one still in business Data includes loans originated by (1) Wells Fargo Financial, Inc., an FRB supervised entity, and (2) W F. Bank, an OCC supervised entity. 2,697
Ownit Mortgage Solutions, Inc. State supervised. Closed in late 2006. 2,533
Aegis Funding Corp. State supervised. Filed for bankruptcy in late 2007. 2,058
People's Choice Financial Corp. State supervised. Filed for bankruptcy in early 2008. 1,783
BNC Mortgage State and OTS supervised. Subsidiary of Lehman Brothers (S&L holding company), closed in August 2007. 1,769
Fieldstone Mortgage Co. State supervised. Filed for bankruptcy in late 2007. 1,561
Decision One Mortgage State and FRB supervised. Subsidiary of HSBC Finance Corp. Closed in late 2007. 1,267
Delta Funding Corp. State supervised. Filed for bankruptcy in late 2007. 598
Your lender is bankrupt absorbed or state supervised: english translation:
Are probably not on the HAFA/ Short sale is going to work list.
You have a first second and third all different lenders---
English translation:
Your first is not going to negotiate with them. You must
Fight a very steep uphill battle
You have a first larger than $ 730000.00
English translation:
You are going to have to fight outside of the federal rules
And make common sense to the lender.
ENGLISH Translation OVERALL:
Opportunity for Real Estate Agents, Borrowers and Lenders IF they are willing to be paperwork pros.
1/04/2010
12/02/2009
$30Billion or $1Billion?
Thirty Billion Dollars MORE on an Eight Year War.
30,000 more troops to go to Afghanistan in President Obama’s
Surge and run. Or did he call it spend and split in eighteen months?
Does President Hamid Karzai think that we can stop the Taliban from taking over the country?
President Obama:
I have an alternative to your plan and it is cheaper, less in
American lives and is a permanent change to the region.
Instead of sending troops who will bomb mame and kill our mission is to take remove and adopt every seven to eleven year old boy who is poor and possibly with only one parent. IF we have to we will pay the family $5000. cash for the boy.
We are going to send them to school in United States, England and any European country that wants to continue to be our ally. The adopted boys will be legal citizens who live with a family in their adopted country. The boys will be guaranteed a college education or trade school in exchange for attending school and having a C average.
Cost of the education per child $120000. Host family will have a tax benefit of $ $ 20000. annual as if it was an additional mortgage interest deduction. Total cost per child estimated $ 200,000.
The population count of nomads, refugees, and uprooted people in country could be between 10 and 13 million. Life expectancy in Afghanistan is around 46 years old. There could be less than 500,000 boys of this age range and 250000 may be orphans or separated from their family. These are the boys the Taliban targets to bring from cities such as Kabul, Ghazni, Jalalabad, and Mazar-e Sharif. My plan is to remove the boys from harm’s way. The boys will be educated, have job skills and when they have completed college or trade school they are able to return to their country with something positive to contribute rather than hate and extremism.
Crazy? Organizations such as the Catholic Vincenzian Brothers do “adopt” boys for a cost of about $19000 per child. They can not offer the resources that I am suggesting, but imagine for a moment that the Taliban has no recruits. Imagine that a wave of permanent change could be made by reducing the number of terrorists and giving the people of these rural communities who have no alternative but fear and they could say no to terrorism.
30,000 more troops to go to Afghanistan in President Obama’s
Surge and run. Or did he call it spend and split in eighteen months?
Does President Hamid Karzai think that we can stop the Taliban from taking over the country?
President Obama:
I have an alternative to your plan and it is cheaper, less in
American lives and is a permanent change to the region.
Instead of sending troops who will bomb mame and kill our mission is to take remove and adopt every seven to eleven year old boy who is poor and possibly with only one parent. IF we have to we will pay the family $5000. cash for the boy.
We are going to send them to school in United States, England and any European country that wants to continue to be our ally. The adopted boys will be legal citizens who live with a family in their adopted country. The boys will be guaranteed a college education or trade school in exchange for attending school and having a C average.
Cost of the education per child $120000. Host family will have a tax benefit of $ $ 20000. annual as if it was an additional mortgage interest deduction. Total cost per child estimated $ 200,000.
The population count of nomads, refugees, and uprooted people in country could be between 10 and 13 million. Life expectancy in Afghanistan is around 46 years old. There could be less than 500,000 boys of this age range and 250000 may be orphans or separated from their family. These are the boys the Taliban targets to bring from cities such as Kabul, Ghazni, Jalalabad, and Mazar-e Sharif. My plan is to remove the boys from harm’s way. The boys will be educated, have job skills and when they have completed college or trade school they are able to return to their country with something positive to contribute rather than hate and extremism.
Crazy? Organizations such as the Catholic Vincenzian Brothers do “adopt” boys for a cost of about $19000 per child. They can not offer the resources that I am suggesting, but imagine for a moment that the Taliban has no recruits. Imagine that a wave of permanent change could be made by reducing the number of terrorists and giving the people of these rural communities who have no alternative but fear and they could say no to terrorism.
12/01/2009
Tiger Woods Press Release
Tiger you are truly blessed. You made it as the World's greatest golfer. The problem with being at the top in America is: everyone wants to see you fail. Maybe we all know that marriage is hard and success never comes easy but leave it to me, I will now run the true story press release on your behalf. This will get all the snoopers off your back better than your handler's camp advice to use the "no comment."
My wife and I were fighting. OK. If you go to the grocery store and see the trash rags with pictures of your husband having an affair, the media hounds sleep on your driveway waiting for you to make a mistake, and everywhere you go there is no peace... "just give a guy a break." That's what I told her that night.
It didn't go over very well and at 2:25 AM I just had enough of the pointing with that well manicured finger. So I try and sneak out but she goes and throws a nine iron at the back of my Cadillac. This would piss off any gentleman. So instead of breaking, I hit the accelerator in a rush of adrenalin.
Happy America? Does it make you feel sorry for my children who slept cozy in their beds and never heard the fight? And if I was going to have an affair, it will be with some super model OK?
My wife and I were fighting. OK. If you go to the grocery store and see the trash rags with pictures of your husband having an affair, the media hounds sleep on your driveway waiting for you to make a mistake, and everywhere you go there is no peace... "just give a guy a break." That's what I told her that night.
It didn't go over very well and at 2:25 AM I just had enough of the pointing with that well manicured finger. So I try and sneak out but she goes and throws a nine iron at the back of my Cadillac. This would piss off any gentleman. So instead of breaking, I hit the accelerator in a rush of adrenalin.
Happy America? Does it make you feel sorry for my children who slept cozy in their beds and never heard the fight? And if I was going to have an affair, it will be with some super model OK?
Subscribe to:
Posts (Atom)