What is a Deficiency Judgment Deficiency judgments are court orders that make you personally liable for unpaid debt. They are often associated with foreclosures (and less often times short sale), when a home’s selling price is not enough to cover the loan balance. Let’s take a closer look at what deficiency judgments are, and if […]
Category Archives: Short Sales
Recourse vs. Non-Recourse Loans
Recourse loans are loans that permit the lender to come after you in case you default on the loan. You can contrast recourse loans with non-recourse loans, which create more risk for lenders. Let’s take a look at recourse loans, how they work, and how to identify them. Recourse Loans – The Recourse Recourse loans […]
Home Affordable Foreclosure Alternatives Program (HAFA)
In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP), that is through a mortgage modification. HAFA aims to step in where HAMP fails, in other words when homeowners are so far behind or […]
List of Servicers Partcipating in Home Affordable Foreclosure Alternatives Program (HAFA)
Name Web Site Phone Service Address Fax Allstate Mortgage Loans & Investments, Inc. http://www.allstateocala.com/ 866-351-0200 P.O. 1201, Crystal River, FL 34423 352-351-4557 American Home Mortage Servicing, Inc. www.ahmsi3.com 877-304-3100 Attn: HAMP Processing 1525 S. Beltline Road Coppell, TX 75019 866-452-1837 AMS Servicing, LLC www.ams-servicing.com 866-919-5608 3374 Walden Avenue Buffalo, NY 14043 716-204-3875 Aurora Loan Services […]
Non-Recourse States
Non-recourse loans are written in non-recourse states and in these states lenders may not pursue you for anything other than the collateral. The following are non-recourse states: Alaska Arizona Connecticut Florida Idaho Minnesota North Carolina North Dakota Texas Utah Washington The following states allow non-judicial foreclosure: Michigan Minnesota North Carolina Rhode Island […]
Short Sale Q&A | For Buyers
Buyers . . . Reap . . . Create Reward from the Benefit of A Short Sale Before buying a property marketed in a “short sale” context, consider the following: Q. How much less should I offer on a property once I learn that the real estate agent has “labeled it to fellow agents” […]
Q&A Short Sales | For Sellers
Q. What are my options as a home seller when my property is in or heading toward default (foreclosure)? A. In the event that you have been delinquent in paying your mortgage or anticipate that you will not be able to make payments moving forward, your options will vary based upon several factors or variables […]
Fair Debt Collection Practices
For quick answers about debt collectors and the law, click on the question below. What is the Fair Debt Collection Practices Act? What kinds of debts are covered by the Act? Who is a debt collector? How, when, and where can a debt collector contact you? Is there anything that the debt collector must tell […]
Loan Modification Efforts Helping Few Borrowers
Despite efforts by the federal government and banks to stop the home foreclosure disaster, frustrated borrowers are still battling red tape and delays in their attempts to negotiate lower payments, even as hundreds of thousands of them lose their homes every month. Banks say they’re swamped with inquiries and are just now completing the first […]
Feds get behind short sales
Making Home Affordable Plan Expanded – Adminstration Pushes Short SalesThe Obama administration is encouraging troubled borrowers who don’t qualify for loan modifications or can’t keep up payments on a modified loan to pursue a short sale in order to avoid foreclosure. While the main thrust of the administration’s Making Home Affordableinitiative remains loan modifications and […]
