It’s not everyday that we get such amazing news from the White House….today the Obama administration announced new and updated details regarding the Making Homes Affordable (MHA).
Program updates include details on Foreclosure Alternatives. These alternative will help to prevent costly foreclosures by providing incentives for servicers and borrowers to pursue Short Sales.
Some Highlights:
- Borrower incentives to cover relocation expenses to homes that are affordable.
- Incentives for servicers to pursue alternatives to foreclosure.
- Servicer must give borrowers/homeowners at least 90 days before any foreclosure measures are initiated if home is listed for sale.
A streamlined and standardized way that lenders will process these Short Sales are hopefully going to minimize the complexity of the transaction. What this means for you the homeowner?…..A shorter time to get the approval!
It’s a mixed bag of emotions as I put all of this down in words. Loosing a home is emotionally devastating, it knocks the wind out of you. If you don’t control that emotion it can completely permeate every aspect of your life…
Having experienced that loss a few years ago, I am excited to know that there is real help for people that need it now. There was no help when we were going through it. So, if your reading this thinking I feel excitement about this news; your right-but I am excited because the recovery for anyone facing the hard decision to do what is necessary to survive and move forward will now be much easier and recovery will be much faster….
