For homeowners who are upside-down on their mortgage — owing more on the loan than the house is worth — foreclosure isn’t necessarily the only option.There’s also a short sale. A short sale is when a financially troubled homeowner, with the lender’s approval, sells his or her home for less than what’s owed on the …
New Dodd-Frank Requirement Issued for Making Home Affordable The U.S. Treasury Department issued a new Supplemental Directive 10-11 of the Making Home Affordable (MHA) program this week. Also known as the Dodd-Frank Certification Requirement, it provides guidance on the new borrower certification for non-GSE loans participating in the MHA program, as required under Section 1481(d) …
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Despite being able to afford their monthly mortgage payments, some borrowers are walking away from their homes based on the sheer fact that the property is currently worth less than what is owed. This phenomenon, dubbed “strategic default,” isn’t looked upon kindly, as it unnecessarily adds to the growing number of foreclosures across the nation. …
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I received an article from Housing Matrix on strategic defaults the other day; quite an informative read! Read the article below: There are many circumstances that could lead to an unavoidable default–job loss and illness head the list. One might categorize these as involuntary defaults. In years past, these defaults were infrequent and lenders were …
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