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Short Sales: The New Rules
IMF Publications, April 2010
After taking a backseat to foreclosure sales for the past two years, short sales have suddenly become the most popular approach for selling distressed properties. In fact, the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions reveals that short sales now account for more than 17 percent of home purchase transactions.
Short sales are on everyone’s radar screen. In an effort to boost short sale activity, the government has launched the Home Affordable Foreclosure Alternatives (HAFA) program and a streamlined approach for handling short sales as a “Plan B” for its Home Affordable Modification Program (HAMP). And lenders are scrambling to incorporate HAFA into their foreclosure avoidance product lineup for 2010.
Will short sales volume continue to grow in 2010? Will HAFA with its incentive payments for borrowers, servicers and even second lien holders become the preferred way to handle short sales?
This event featured an expert panel that knows and understands short sales.
These Experts Shared Their Insights and Answered Questions:
- Robert Kimble, Senior Director, NPL Servicing & Pre-foreclosure Sale Liquidations, Freddie Mac
- Tom Popik, Research Director of the Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions
- Justin Rand, SVP of Loss Mitigation for Short Sales, CitiMortgage
- Chris Saitta, CEO, Equator Financial Solutions
- Guy Cecala, Publisher, Inside Mortgage Finance will moderate.
This 90-minute Session Covered:
- The most up-to-date data on short sales activity and trends in 2010.
- How HAFA is changing the way lenders approach and handle short sales.
- The best strategies and tactics for dealing with short sales.
- How deed-in-lieu of foreclosure fits into the loss mitigation mix.
- When it makes sense to pursue short sales outside of HAFA.
- Are incentive payments attractive enough for investors, borrowers and second lien holders in the HAFA program?
- What you should consider when deciding whether to pursue or accept a short sale.
- Key processes and requirements for handling short sales.
- What steps can be taken to avoid fraud with short sales?
- Will MIs and others agree to release borrowers from repaying debt?
- Are the timelines in HAFA realistic and workable?
- Are subordinate lien holders the biggest obstacle to successful short sales?
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