Orlando Short Sale Expert | Orlando Short Sales, Orlando Short Sale Realtor / Agent

According to officials administering the initiative, the Treasury Department is considering more changes to the Home Affordable Foreclosure Alternatives (HAFA) program in order to boost short sales and deeds-in-lieu of foreclosure.  In May, the Treasury hosted a HAFA summit with representatives from the mortgage industry. They included mortgage servicers, investors, real estate professionals and insurers – the direct stakeholders in a short sale decision.  A Treasury spokesperson said they are looking at making “modest changes and clarifications to program guidance,” but no details could immediately be given.

HAFA launched in April 2010 to provide servicers an incentive to boost short sales and DILs for loans that fell out of the larger Home Affordable Modification Program. Through May, participating servicers started 17,781 agreements under HAFA and completed 8,541.  JPMorgan Chase started nearly one-third of the agreements already in the process.  In January, the Treasury eliminated some HAFA rules that constricted eligibility. For instance, servicers are no longer required to verify a borrower’s financial information or determine if the borrower’s total monthly mortgage payment exceeds a 31% debt-to-income ratio.  But through April, the top-10 servicers provided more than 113,000 short sales and DILs through their own private programs. That’s nearly 10 times the amount of HAFA.

A wider HAFA program could cut into the 2.1 million trial modifications the top-10 servicers denied or canceled due to insufficient documentation, redefault or the borrower was deemed ineligible through April. Roughly 646,000 of these loans received an alternative modification, but servicers started another 307,000 and completed 136,000 foreclosures through April, according to the Treasury.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert and Foreclosure Specialist who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area.

Please visit:

Avoid Foreclosure / Short Sale Help  http://OrlandoShortSaleExpert.com, or http://ShortSellMyOrlandoHome.com

Our Website http://JerryLaRose.com or www.JerrySellsOrlando.com,  or http://OrlandoRealEstateVoice.com ,

If you’re a Buyer looking for Great Deals –  http://InvestmentPropertyDealsOrlando.com

Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake, Osceola and Brevard County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent and realtor who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.

We also have now expanded to help homeowners to Stop Foreclosure in Brevard County Florida. Servicing Melbourne, Coco, Coco Beach, Satellite Beach, Palm Bay, Indian Harbour Beach, South Patrick Shores, Palm Shores, Rockledge, Cocoa West, Merritt Island, Port Saint John and Titusville Florida

Call us at 407-580-7011 or email at jerry@JerryLaRose.com  to find out more about Orange County Short Sales and Orlando Area Short Sales.

Orlando Short Sales, expert, specialist, Realtor, Keller Williams Realty, agent, broker, short sale, stop foreclosure

A mortgage modification program aimed at saving homeowners from foreclosure has failed because regulators are “afraid to rein in or impose penalties on the mortgage servicers” whose record “has been nothing short of abysmal,” the program’s watchdog told Congress Wednesday.

As a result, some House Republicans moved to scrap the 2-year-old program.

Neil Barofsky, the special inspector general for the government’s bank bailouts, bluntly labeled the mortgage program a “failure” in testimony before the House oversight committee.

“And I think that if Treasury doesn’t respond to some of these things in a quick manner,” he said, the call to dismantle the Home Affordable Modification Program (HAMP) “is just going to become a louder and louder chorus, and understandably so.”

Three Republicans, led by Rep. Jim Jordan, R-Ohio, introduced a bill Tuesday to end the program, saving up to $30 billion in unspent bailout funds.

“We think any objective look at this, it doesn’t warrant continued spending of taxpayer dollars,” Jordan said. He did not say what, if anything, he would replace the program with.

Consumer advocates said HAMP should be given a chance. “It’s far from perfect, but it’s the only thing going,” said Kathleen Day, a spokeswoman for the Center for Responsible Lending.

Blame for HAMP’s poor performance rests not with the Treasury Department, but with a mortgage-servicing industry that “can’t distinguish between the foreclosures that are inevitable and those that are avoidable,” Day said.

Indeed, Democrats on the House Oversight Committee urged Chairman Darrell Issa, R-Calif., to call executives at major mortgage servicers to testify – especially JPMorgan Chase, which has modified just 67,722 of 203,594 eligible mortgages, according to the most recent Treasury statistics.

Issa said Chase could be called to a subcommittee hearing. Chase spokesman Thomas Kelly would not say whether the company would make executives available to testify.

Barofsky’s report said the $341 billion bank bailout has largely been a success, with Wall Street banks repaying taxpayer money more quickly than anticipated.

But the mortgage program, he said, “was the program that was supposed to be of help to Main Street.”

“We’re running out of hope,” he said. With only 549,620 permanent mortgage modifications started, “there’s no way we’re going to ever get close to the 3 million to 4 million” homeowners who were supposed to be helped.

The Treasury Department defended its handling of the program Wednesday.

“I agree that the servicer performance has been abysmal and that’s something that we have been trying to fix,” said Timothy Massad, the Treasury official in charge of bank bailouts. “Let me first make it clear, this is a voluntary program. Congress didn’t give us the tools to impose fines.

Wednesday’s hearing was the first by the House Oversight Committee since the GOP took control this month. Issa said the program “was conceived by a Republican administration, approved by a Democratic Congress” and is “a fitting subject for bipartisan oversight.”

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area.

Please visit:

Avoid Foreclosure / Short Sale Help  http://OrlandoShortSaleExpert.com, or http://ShortSellMyOrlandoHome.com

Our Website http://JerryLaRose.com or www.JerrySellsOrlando.com,  or http://OrlandoRealEstateVoice.com ,

If you’re a Buyer looking for Great Deals –  http://InvestmentPropertyDealsOrlando.com

Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake  or Osceola County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.

Call us at 407-580-7011 or email at jerry@JerryLaRose.com to find out more about Orange County Short Sales and Orlando Area Short Sales.

“It’s safe to say that HAMP isn’t meeting its goal of preventing foreclosures,” Representative Maxine Waters said at a House Financial Services subcommittee hearing after the Treasury provided a preview of a report by the U.S. Treasury Department. According to the report, homeowners are dropping out of the Obama administration’s foreclosure prevention program at a faster rate than they are joining it. Bankers, housing regulators and members of Congress agreed on this much in the week’s second congressional hearing on foreclosure problems: The system needs fixing. Borrowers aided by the Home Affordable Modification Program grew to nearly 520,000 in October, up 23,750 from a month earlier, the Treasury said in its monthly report. The increase was less than five percent. A total of 36,300 borrowers have dropped out of the plan for failing to make their payments, an increase of 24 percent from a month earlier.

The Treasury and the Department of Housing and Urban Development issue monthly progress reports on HAMP, a $50 billion program authorized by Congress in 2009. The program was targeted to reach more than 3 million homeowners by paying mortgage servicers $1,000 to rewrite loan terms and $1,000 annually as long as the borrower participates, up to three years. The program has been faulted by lawmakers and watchdogs including Neil Barofsky, special inspector general for the Troubled Asset Relief Program, for the high number of recipients who default on mortgages after getting the government aid. Banks seized more than 93,000 homes in October, according to Irvine, California-based data seller RealtyTrac Inc.

There were nearly 3.3 million foreclosure starts from September 2009 through September 2010, according to LPS Applied Analytics in Jacksonville, Florida. Mortgage servicers say they are trying to balance the needs of borrowers and the demands of investors who own their loans. “We’ve reached a crossroad between modification efforts now and the reality of foreclosure. Despite our best efforts and numerous programs, for some customers foreclosure will be unavoidable,” said Rebecca Mairone, default servicing executive for Bank of America Corp. home loans, at today’s House hearing.

Nearly everyone that I’ve spoken with has tried to a loan modification but has failed for one reason or another. If you are in this situation, don’t let the bank foreclose. The next step is to do a short sale. Call or contact me for information on what it is and how to get started.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area.
Please visit:
Avoid Foreclosure / Short Sale Help http://OrlandoShortSaleExpert.com, or http://ShortSellMyOrlandoHome.com
Our Website http://JerryLaRose.com or www.JerrySellsOrlando.com, or http://OrlandoRealEstateVoice.com ,
If you’re a Buyer looking for Great Deals – http://InvestmentPropertyDealsOrlando.com
Please give me a call if you have questions about the Orlando and Central Florida real estate market.
P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake or Osceola County Florida and Orlando, East Orlando, St. Cloud, Davenport, Clermont, Longwood, Windermere, Winter Garden, Kissimmee, Winter Park, Altamonte Springs, Maitland, Apopka, Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.
Call us at 407-580-7011 or email at jerry@JerryLaRose.com to find out more about Orange County Short Sales and Orlando Area Short Sales.

HAFA (which means “I have HAFA mind to never pay another mortgage payment again!”) Kidding!!! Actually it is part of the Home Affordable Modification Program (HAMP) that aims to help homeowners who are unable to qualify for a loan modification under HAMP by providing them with the option to pursue a short sale or deed-in-lieu. Under the program, financial incentives are provided to servicers (banks) and borrowers (now you’re talking!) who utilize these foreclosure alternatives.

As of April 5, 2010, the program is now in action and according to the guidelines, once a borrower is determined to be ineligible for a HAMP modification, the bank must consider that borrower for HAFA within 30 days. Every potential eligible borrower must be considered for the program before the borrower’s loan is referred to foreclosure or the bank allows a pending foreclosure sale to be conducted. If the bank determines that the borrower is eligible, the short sale or deed-in-lieu process will begin. Qualified borrowers will be given pre-approved short sale terms before the property is listed, and once an offer is made, banks/mortgage servicers will have 10 days to approve or reject the sale.

HAFA Government Program

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit http://OrlandoShortSaleExpert.com or www.JerrySellsOrlando.com for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange or Osceola County Florida and Orlando, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland, Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.