More keep up with mortgage payments
WASHINGTON – April 14, 2010 – The share of homeowners behind on their mortgages fell in the first quarter, the first drop in four years and a possible sign that the foreclosure crisis has peaked.
The portion of mortgages that were delinquent 30 days or more fell to 6.57 percent in the first quarter from 6.60 percent in the last three months of 2009, according to Equifax and Moody’s Economy.com.
That’s a drop of about 16,630 delinquent loans and, though modest, it is the first decline in the delinquency rate since early 2006.
“It will take years to work through all the troubled mortgage loans in the foreclosure pipeline, but this is the first indication that the number of loans entering the pipeline is declining,” says Mark Zandi, chief economist for Moody’s Economy.com. “It portends a peaking of the foreclosure crisis.”
Delinquencies in almost all categories – 30-, 90- and 120-day delinquencies on single-family properties – declined.
Reasons for the improvement in the foreclosure rate:
• Tougher lending standards since the housing bubble burst have kept riskier borrowers from getting mortgages.
• Mortgage modifications have helped tens of thousands of troubled homeowners stave off delinquencies.
• A more stable job market is preventing new mortgage delinquencies. The unemployment rate held steady at 9.7 percent in March, and non-farm jobs increased by 162,000.
“I wouldn’t be surprised if we’re at the peak,” says Joel Naroff of Naroff Economic Advisors.
But the foreclosure problem won’t disappear quickly. In the past two years, more than 5 million homes have received foreclosure notices, and more than 3 million are expected to get them this year, according to RealtyTrac.
One issue is strategic defaults by borrowers who walk away from their mortgages – even though they can afford to pay – because they owe more than their homes are worth.
Millions of homes have negative equity and perhaps 20 percent to 25 percent of recent defaults have been strategic, according to a new Moody’s Economy.com analysis. More strategic defaults could increase the pace of home foreclosures and hamper new borrowers’ attempts to get mortgages, it says.
“There is still a foreclosure problem that is going to cause people to lose their homes, but in terms of new delinquencies starting, those are probably at their peak,” Zandi says.
Copyright © 2010 USA TODAY
Wednesday, April 14, 2010
Tuesday, April 13, 2010
Experts aren’t ready to make the call on recession
WASHINGTON – April 13, 2010 – The recession is almost certainly over. We just don’t officially know it yet.
The National Bureau of Economic Research (NBER), the group that formally declares the beginning and end of recessions, said Monday it isn’t ready to declare that this downturn is over, though many leading economists firmly believe it is.
The NBER’s panel of erudite academics said most economic indicators “have turned up.” But noting that the data “are quite preliminary” and will be revised, it added that pinpointing the month the slump bottomed “would be premature.”
“It’s probably clearer to them that it’s over, rather than when it was over,” says Nigel Gault, chief U.S. economist of IHS Global Insight.
Nearly all signposts, including economic growth, industrial output, income and retail sales, have been trending upward in recent months. The economy grew a robust 5.6 percent in the fourth quarter and even added 162,000 jobs in March – the first significant gain since the recession started in December 2007.
In fact, several committee members recently said the recession is history. Citing March’s job growth, Jeffrey Frankel, a professor at Harvard’s Kennedy School of Government, wrote on his blog last week, “The recession is over.”
Such remarks are likely what prompted the committee to clarify Monday that it’s not prepared to officially make the call, says Conrad DeQuadros of Decision Economics. A big reason for the caution: The job market has yet to show two consecutive months of big increases. “It’s about lagging job growth,” says Allen Sinai of Decision Economics.
Another reason is this recession has been the longest and most punishing since the Great Depression. Many economists believe it ended in June, meaning it lasted 18 months. “I think we have to bear in mind we’re coming out of a very severe contraction of long duration,” Gault says.
In other words, there is still a chance the economy could slip back into recession, though economists say the risk has been shrinking. The committee pronounced the 1980 recession over in July that year, waiting a year to make the call. That might not have been long enough. The panel later declared a new slump began in July 1981, but some economists believe it was the 1980 slide’s continuation, DeQuadros says.
The committee’s prudence should not stir fears of a relapse, economists say. “We have an entrenched … and sustainable recovery,” Sinai says.
It’s not uncommon for the panel to be slow to call the start and finish of recessions. It took a year, 21 months and 20 months, respectively, to declare the 1980, 1991 and 2001 skids history. The latter two, like the current slide, were plagued by job markets that lagged overall recoveries as employers learned to produce more with fewer workers.
© Copyright 2010 USA TODAY
WASHINGTON – April 13, 2010 – The recession is almost certainly over. We just don’t officially know it yet.
The National Bureau of Economic Research (NBER), the group that formally declares the beginning and end of recessions, said Monday it isn’t ready to declare that this downturn is over, though many leading economists firmly believe it is.
The NBER’s panel of erudite academics said most economic indicators “have turned up.” But noting that the data “are quite preliminary” and will be revised, it added that pinpointing the month the slump bottomed “would be premature.”
“It’s probably clearer to them that it’s over, rather than when it was over,” says Nigel Gault, chief U.S. economist of IHS Global Insight.
Nearly all signposts, including economic growth, industrial output, income and retail sales, have been trending upward in recent months. The economy grew a robust 5.6 percent in the fourth quarter and even added 162,000 jobs in March – the first significant gain since the recession started in December 2007.
In fact, several committee members recently said the recession is history. Citing March’s job growth, Jeffrey Frankel, a professor at Harvard’s Kennedy School of Government, wrote on his blog last week, “The recession is over.”
Such remarks are likely what prompted the committee to clarify Monday that it’s not prepared to officially make the call, says Conrad DeQuadros of Decision Economics. A big reason for the caution: The job market has yet to show two consecutive months of big increases. “It’s about lagging job growth,” says Allen Sinai of Decision Economics.
Another reason is this recession has been the longest and most punishing since the Great Depression. Many economists believe it ended in June, meaning it lasted 18 months. “I think we have to bear in mind we’re coming out of a very severe contraction of long duration,” Gault says.
In other words, there is still a chance the economy could slip back into recession, though economists say the risk has been shrinking. The committee pronounced the 1980 recession over in July that year, waiting a year to make the call. That might not have been long enough. The panel later declared a new slump began in July 1981, but some economists believe it was the 1980 slide’s continuation, DeQuadros says.
The committee’s prudence should not stir fears of a relapse, economists say. “We have an entrenched … and sustainable recovery,” Sinai says.
It’s not uncommon for the panel to be slow to call the start and finish of recessions. It took a year, 21 months and 20 months, respectively, to declare the 1980, 1991 and 2001 skids history. The latter two, like the current slide, were plagued by job markets that lagged overall recoveries as employers learned to produce more with fewer workers.
© Copyright 2010 USA TODAY
Monday, April 12, 2010
Fed: Low rates likely through 2010
WASHINGTON – April 12, 2010 – Interest rates are likely to remain low into 2011, Federal Reserve policymakers hinted this week in at least two presentations. These indications came one week after the Fed shut down its program to buy mortgage-backed securities, which had kept rates at or near record lows in recent months.
In a speech Thursday, Fed Governor Daniel Tarullo said, “The relatively modest pace of recovery, the continued high rate of unemployment, subdued inflation trends, and well-anchored inflation expectations together suggest that the need for highly accommodative monetary policies will not diminish soon.”
Likewise, Donald Kohn, Fed vice chairman in a speech in San Francisco, said the Fed would raise rates, “in due course,” but he also noted that low rates “help offset the lingering restraining effects on economic activity and prices.”
So far, rates have risen modestly, but analysts speculate they will likely become much more volatile down the road.
“It’s an uncertain type of market,” says Keith Gumbinger of HSH.com.
Michael Fratantoni, vice president of research and economics for the Mortgage Bankers Association, predicts that the Fed will have created a situation where there are days or weeks of low-rate opportunities, and other days and weeks when rates rise significantly.
Sources: The Wall Street Journal
WASHINGTON – April 12, 2010 – Interest rates are likely to remain low into 2011, Federal Reserve policymakers hinted this week in at least two presentations. These indications came one week after the Fed shut down its program to buy mortgage-backed securities, which had kept rates at or near record lows in recent months.
In a speech Thursday, Fed Governor Daniel Tarullo said, “The relatively modest pace of recovery, the continued high rate of unemployment, subdued inflation trends, and well-anchored inflation expectations together suggest that the need for highly accommodative monetary policies will not diminish soon.”
Likewise, Donald Kohn, Fed vice chairman in a speech in San Francisco, said the Fed would raise rates, “in due course,” but he also noted that low rates “help offset the lingering restraining effects on economic activity and prices.”
So far, rates have risen modestly, but analysts speculate they will likely become much more volatile down the road.
“It’s an uncertain type of market,” says Keith Gumbinger of HSH.com.
Michael Fratantoni, vice president of research and economics for the Mortgage Bankers Association, predicts that the Fed will have created a situation where there are days or weeks of low-rate opportunities, and other days and weeks when rates rise significantly.
Sources: The Wall Street Journal
Friday, April 9, 2010
Rates on 30-year home loans rise to 5.21 pct
Mortgage Rate Trend Index
Industry experts polled by Bankrate.com this week are evenly divided on what will happen over the short term: 38% predict further increases, 31% foresee no change and 31% expect a decline.
WASHINGTON (AP) – April 9, 2010 – Rates for 30-year home loans surged last week, rising to the highest level in eight months due to the improving economy and the end of a government push to keep rates low.
The average rate on a 30-year fixed rate mortgage was 5.21 percent this week, up from 5.08 percent a week earlier, Freddie Mac said Thursday. That’s the highest since mid-August, when the average rate was 5.29 percent.
Rates had dropped to a record low of 4.71 percent in December, pushed down by a campaign by the Federal Reserve to reduce borrowing costs for consumers. The program ended last week, but the Fed left the door open to reviving the program if the economy weakens.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often tracking the interest rate paid on long-term Treasury bonds.
Treasury yields have climbed steadily in recent weeks because of weak demand. The government has had to offer a better interest rate to sell its bonds as investors shift toward stocks and riskier corporate debt.
The 10-year yield rose above 4 percent on Monday for the first time since June, but fell back to 3.85 percent on Thursday.
This week, the average rate on a 15-year fixed-rate mortgage was 4.52 percent, up from 4.39 percent last week.
Rates on five-year, adjustable-rate mortgages averaged 4.25 percent, up from 4.1 percent a week earlier. Rates on one-year, adjustable-rate mortgages rose to 4.14 percent from 4.05 percent.
The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.
The nationwide fee for loans in Freddie Mac’s survey averaged 0.6 of a point for 30-year, 15-year and 5-year loans and 0.5 of a point for 1-year-loans.
Copyright © 2010 The Associated Press
Mortgage Rate Trend Index
Industry experts polled by Bankrate.com this week are evenly divided on what will happen over the short term: 38% predict further increases, 31% foresee no change and 31% expect a decline.
WASHINGTON (AP) – April 9, 2010 – Rates for 30-year home loans surged last week, rising to the highest level in eight months due to the improving economy and the end of a government push to keep rates low.
The average rate on a 30-year fixed rate mortgage was 5.21 percent this week, up from 5.08 percent a week earlier, Freddie Mac said Thursday. That’s the highest since mid-August, when the average rate was 5.29 percent.
Rates had dropped to a record low of 4.71 percent in December, pushed down by a campaign by the Federal Reserve to reduce borrowing costs for consumers. The program ended last week, but the Fed left the door open to reviving the program if the economy weakens.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often tracking the interest rate paid on long-term Treasury bonds.
Treasury yields have climbed steadily in recent weeks because of weak demand. The government has had to offer a better interest rate to sell its bonds as investors shift toward stocks and riskier corporate debt.
The 10-year yield rose above 4 percent on Monday for the first time since June, but fell back to 3.85 percent on Thursday.
This week, the average rate on a 15-year fixed-rate mortgage was 4.52 percent, up from 4.39 percent last week.
Rates on five-year, adjustable-rate mortgages averaged 4.25 percent, up from 4.1 percent a week earlier. Rates on one-year, adjustable-rate mortgages rose to 4.14 percent from 4.05 percent.
The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.
The nationwide fee for loans in Freddie Mac’s survey averaged 0.6 of a point for 30-year, 15-year and 5-year loans and 0.5 of a point for 1-year-loans.
Copyright © 2010 The Associated Press
Thursday, April 8, 2010
Homebuyers scramble as mortgage rates jump
WASHINGTON – April 8, 2010 – The era of record-low mortgage rates is over.
The average rate on a 30-year loan has jumped from about 5 percent to more than 5.3 percent in just the past week. As mortgages get more expensive, more would-be homeowners are priced out of the market – a threat to the fragile recovery in the housing market.
And if you wanted to refinance at a super-low rate, you may have missed your chance. Mortgages under 4 percent are still available, but only for loans that reset in five or seven years, probably to higher rates.
Rates are going up because of the improving economy and the end of a government push to make mortgages cheaper.
For people putting their homes on the market this spring, rising rates may actually be a good thing. Buyers are racing to complete their purchases and lock in something decent before rates go even higher.
“We are seeing some panic among potential buyers who have not found houses yet,” said Craig Strent, co-founder of Apex Home Loans in Bethesda, Md. “They’re saying: Man, I should have found a house three weeks ago or last month when rates were lower.”
It’s all about affordability. For every 1-percentage point rise in rates, 300,000 to 400,000 would-be buyers are priced out of the market in a given year, according to the National Association of Realtors.
The rule of thumb is that every 1-percentage point increase in mortgage rates reduces a buyer’s purchasing power by about 10 percent.
For example, taking out a 30-year mortgage for $300,000 at a rate of 5 percent will cost you about $1,600 a month, not including taxes and insurance. But the same monthly payment at a rate of 6 percent will only get you a loan of $270,000.
Good economic news is the first reason rates are rising: U.S. government debt, a safe haven during the recession, is losing its appeal as investors turn to stocks and riskier corporate bonds.
Lower demand for debt means the government has to offer a better interest rate to sell its bonds. The yield on the 10-year Treasury note, which is closely tracked by mortgage rates, hovered above 4 percent this week, the highest since June, before falling back slightly.
The second reason is the Federal Reserve. Last week, the Fed ended its program to push mortgage rates down by buying up mortgage-backed securities. When demand from the central bank was high, rates plummeted to about 4.7 percent for much of last year. And business boomed for mortgage lenders as homeowners raced to refinance out of adjustable-rate mortgages and into fixed loans.
As of Wednesday, the Mortgage Bankers Association put the national average for a 30-year fixed-rate mortgage at 5.31 percent. One week ago, it was 5.04 percent.
Many analysts forecast rates will rise as high as 6 percent by early next year. If they go much higher, the already shaky housing recovery could stall. And that could slow the broader economic rebound.
In a normal market, with home prices steadily rising, a jump in rates doesn’t cause a big dip in demand. That’s because people know their homes will eventually rise in value, and are willing to accept a higher mortgage payment.
But now home prices are flat nationally and still falling in some places. Potential buyers are nervous about jumping in.
“In this environment, any rise in mortgage rates does significant damage because people don’t think they’re going to get their money back” if prices fall, said Mark Zandi, chief economist at Moody’s Analytics.
For people who bought their first home in the 1980s, when rates stayed over 10 percent for several years, paying 6 percent for a home loan may seem like a steal. But it’s coming as a shock to many first-time homebuyers this spring.
In Overland Park, Kan., Sirena Barlow checks mortgage rates online once a day. She’s been shopping for a something around $130,000 and wants to sign a contract this month, to take advantage of a tax credit for first-time homebuyers.
Barlow, a legal assistant, has already told her landlord she’s moving, so her stress level is high. Her real estate agent, Michael Maher, has been doing his best to calm Barlow and other clients, but rising rates are making them anxious.
“It’s like giving hyperactive kids ice cream,” he said. “It has really taken the ones who are focused on buying and amped them up a little bit.”
Copyright © USA TODAY 2010
WASHINGTON – April 8, 2010 – The era of record-low mortgage rates is over.
The average rate on a 30-year loan has jumped from about 5 percent to more than 5.3 percent in just the past week. As mortgages get more expensive, more would-be homeowners are priced out of the market – a threat to the fragile recovery in the housing market.
And if you wanted to refinance at a super-low rate, you may have missed your chance. Mortgages under 4 percent are still available, but only for loans that reset in five or seven years, probably to higher rates.
Rates are going up because of the improving economy and the end of a government push to make mortgages cheaper.
For people putting their homes on the market this spring, rising rates may actually be a good thing. Buyers are racing to complete their purchases and lock in something decent before rates go even higher.
“We are seeing some panic among potential buyers who have not found houses yet,” said Craig Strent, co-founder of Apex Home Loans in Bethesda, Md. “They’re saying: Man, I should have found a house three weeks ago or last month when rates were lower.”
It’s all about affordability. For every 1-percentage point rise in rates, 300,000 to 400,000 would-be buyers are priced out of the market in a given year, according to the National Association of Realtors.
The rule of thumb is that every 1-percentage point increase in mortgage rates reduces a buyer’s purchasing power by about 10 percent.
For example, taking out a 30-year mortgage for $300,000 at a rate of 5 percent will cost you about $1,600 a month, not including taxes and insurance. But the same monthly payment at a rate of 6 percent will only get you a loan of $270,000.
Good economic news is the first reason rates are rising: U.S. government debt, a safe haven during the recession, is losing its appeal as investors turn to stocks and riskier corporate bonds.
Lower demand for debt means the government has to offer a better interest rate to sell its bonds. The yield on the 10-year Treasury note, which is closely tracked by mortgage rates, hovered above 4 percent this week, the highest since June, before falling back slightly.
The second reason is the Federal Reserve. Last week, the Fed ended its program to push mortgage rates down by buying up mortgage-backed securities. When demand from the central bank was high, rates plummeted to about 4.7 percent for much of last year. And business boomed for mortgage lenders as homeowners raced to refinance out of adjustable-rate mortgages and into fixed loans.
As of Wednesday, the Mortgage Bankers Association put the national average for a 30-year fixed-rate mortgage at 5.31 percent. One week ago, it was 5.04 percent.
Many analysts forecast rates will rise as high as 6 percent by early next year. If they go much higher, the already shaky housing recovery could stall. And that could slow the broader economic rebound.
In a normal market, with home prices steadily rising, a jump in rates doesn’t cause a big dip in demand. That’s because people know their homes will eventually rise in value, and are willing to accept a higher mortgage payment.
But now home prices are flat nationally and still falling in some places. Potential buyers are nervous about jumping in.
“In this environment, any rise in mortgage rates does significant damage because people don’t think they’re going to get their money back” if prices fall, said Mark Zandi, chief economist at Moody’s Analytics.
For people who bought their first home in the 1980s, when rates stayed over 10 percent for several years, paying 6 percent for a home loan may seem like a steal. But it’s coming as a shock to many first-time homebuyers this spring.
In Overland Park, Kan., Sirena Barlow checks mortgage rates online once a day. She’s been shopping for a something around $130,000 and wants to sign a contract this month, to take advantage of a tax credit for first-time homebuyers.
Barlow, a legal assistant, has already told her landlord she’s moving, so her stress level is high. Her real estate agent, Michael Maher, has been doing his best to calm Barlow and other clients, but rising rates are making them anxious.
“It’s like giving hyperactive kids ice cream,” he said. “It has really taken the ones who are focused on buying and amped them up a little bit.”
Copyright © USA TODAY 2010
Tuesday, April 6, 2010
April is Fair Housing Month
WASHINGTON – April 6, 2010 – A Massachusetts family is billed by the landlord because their children played in an outdoor common area, and then fines the family when they file a fair housing complaint. An Alabama landlord is charged with turning off the water and evicting a white family because one tenant has an African-American boyfriend. An Illinois university student who is vision impaired and epileptic is refused dormitory housing because she has a trained service dog.
The U.S. Department of Housing and Urban Development (HUD) and private groups investigate these and other discrimination cases under the Fair Housing Act, 42 years after it became law in April 1968. In honor of Fair Housing Month, celebrated each April, HUD has declared 2010 a “Time to Act!”
The Fair Housing Act makes it illegal to discriminate in housing transactions based on race, color, national origin, religion, gender, disability or familial status. Each year HUD and communities and organizations across the country recognize Fair Housing Month by hosting an array of activities that enhance the public’s awareness of their fair housing rights. The theme for this year’s activities is “Fair Housing in 2010: Time to Act.”
HUD’s fair housing initiatives include an expanded effort to work with states and local communities to reinforce a federal requirement that they promote diverse, inclusive housing opportunities when spending federal funds. And for the first time, the Department is examining the prevalence of housing discrimination based on sexual orientation and gender identity, and discrimination based on a tenant’s use of government assistance to pay rent.
© 2010 Florida Realtors®
WASHINGTON – April 6, 2010 – A Massachusetts family is billed by the landlord because their children played in an outdoor common area, and then fines the family when they file a fair housing complaint. An Alabama landlord is charged with turning off the water and evicting a white family because one tenant has an African-American boyfriend. An Illinois university student who is vision impaired and epileptic is refused dormitory housing because she has a trained service dog.
The U.S. Department of Housing and Urban Development (HUD) and private groups investigate these and other discrimination cases under the Fair Housing Act, 42 years after it became law in April 1968. In honor of Fair Housing Month, celebrated each April, HUD has declared 2010 a “Time to Act!”
The Fair Housing Act makes it illegal to discriminate in housing transactions based on race, color, national origin, religion, gender, disability or familial status. Each year HUD and communities and organizations across the country recognize Fair Housing Month by hosting an array of activities that enhance the public’s awareness of their fair housing rights. The theme for this year’s activities is “Fair Housing in 2010: Time to Act.”
HUD’s fair housing initiatives include an expanded effort to work with states and local communities to reinforce a federal requirement that they promote diverse, inclusive housing opportunities when spending federal funds. And for the first time, the Department is examining the prevalence of housing discrimination based on sexual orientation and gender identity, and discrimination based on a tenant’s use of government assistance to pay rent.
© 2010 Florida Realtors®
Monday, April 5, 2010
New federal program for short home sales starts today
WASHINGTON – April 5, 2010 – Effective today, the short sale process is simplified. The only problem: Many lenders don’t know it, and Realtors may have to convince them.
The Home Affordable Foreclosure Alternatives (HAFA) program gives $3,000 to borrowers for relocation assistance, $1,500 to servicers for administrative and processing costs, and up to $2,000 to investors who allow up to $6,000 in short sale proceeds to be distributed to subordinate lien holders. The program was created to help stabilize distressed inventory such as underwater homes.
Some lenders have already adopted HAFA rules, but April 5 was the deadline for participating servicers to implement HAFA. The program reportedly covers servicers handling more than 90 percent of all mortgages.
However, the National Association of Realtors (NAR) says that it’s already hearing complaints from members. Many servicers say they haven’t even heard about the program, Realtors claim, so it’s clear that they won’t “hit the ground running.”
NAR says it will carefully monitor HAFA implementation and report delays and other program problems to the Treasury Department. However, “patience will be needed.” Realtors can negotiate faster short sales by urging lenders to comply with the new procedures and deadlines.
NAR offers a webpage with information on how HAFA works at: www.realtor.org/shortsales.
NAR also offers other short-sale info (including links to a 45 minute Webinar and a 15 minute video on a separate webpage: http://www.realtor.org/realtors/basics_short_sales?wt.mc_id=rd0041.
NAR also produced a four-page HAFA informational brochure.
U.S. Treasury Department guidelines and forms (updated March 26, 2010):
https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html.
© 2010 Florida Realtors®
WASHINGTON – April 5, 2010 – Effective today, the short sale process is simplified. The only problem: Many lenders don’t know it, and Realtors may have to convince them.
The Home Affordable Foreclosure Alternatives (HAFA) program gives $3,000 to borrowers for relocation assistance, $1,500 to servicers for administrative and processing costs, and up to $2,000 to investors who allow up to $6,000 in short sale proceeds to be distributed to subordinate lien holders. The program was created to help stabilize distressed inventory such as underwater homes.
Some lenders have already adopted HAFA rules, but April 5 was the deadline for participating servicers to implement HAFA. The program reportedly covers servicers handling more than 90 percent of all mortgages.
However, the National Association of Realtors (NAR) says that it’s already hearing complaints from members. Many servicers say they haven’t even heard about the program, Realtors claim, so it’s clear that they won’t “hit the ground running.”
NAR says it will carefully monitor HAFA implementation and report delays and other program problems to the Treasury Department. However, “patience will be needed.” Realtors can negotiate faster short sales by urging lenders to comply with the new procedures and deadlines.
NAR offers a webpage with information on how HAFA works at: www.realtor.org/shortsales.
NAR also offers other short-sale info (including links to a 45 minute Webinar and a 15 minute video on a separate webpage: http://www.realtor.org/realtors/basics_short_sales?wt.mc_id=rd0041.
NAR also produced a four-page HAFA informational brochure.
U.S. Treasury Department guidelines and forms (updated March 26, 2010):
https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html.
© 2010 Florida Realtors®
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