HAMP-eligible homeowners who seek a short sale or deed in lieu of foreclosure alternative solution with their lender. HAFA provides servicers, sellers and junior lien holders incentives for short sales or deeds in lieu of foreclosure and simplifies and streamlines the formerly unorganized process.
Borrowers can benefit from a short sale or deed in lieu of foreclosure by avoiding the stress and embarrassment of a foreclosure. It also prevents the credit damage of a foreclosure, so you can recover faster. Many lenders are even offering cash incentives for short sales and deed in lieu of foreclosure options.
Benefits. Deeds in lieu may also supply certain benefits. For one, Fannie Mae, the government-sponsored entity specializing in purchasing mortgages from lenders, offers a number of incentives to consider one instead of a foreclosure. For homeowners, these include reducing the wait time after a deed in lieu to qualify for a new home loan,
The mortgage servicing industry in coming weeks will see details of an incentive program aimed to prevent foreclosures by encouraging servicers to pursue short sales and deeds-in-lieu of foreclosure.
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In short sale your lender allows you to sell your house at a price which is less than the amount of mortgages that you still owe. Again, in case of deed in lieu of foreclosure, your deed the property to the mortgage lender under the condition that all your outstanding mortgages will be forgiven.
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king Home Affordable program (MHA) is once again adding to its stable of incentives, this time encouraging lenders and servicers to explore short sales and deeds-in-lieu of foreclosures as well as restructuring the compensation rate for modifications on loans in areas where home values have seen the steepest declines.
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