This latest article from CNN Money makes it very clear that the lenders are not letting people off the hook when the house goes to foreclosure OR short sales. Homeowners who have lost their homes since the current mortgage crisis began are now finding themselves the target of collections companies and lenders pursuing deficiencies [...]
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US Treasury Announcement of May 14, 2009 Details of MHA program update on Short Sales and Deeds in Lieu. Find the full text of the update at US Treasury Press Page
Foreclosure Alternatives and Home Price Decline Protection Incentives
1. Foreclosure Alternatives for Borrowers Eligible for MHA but Unable to Sustain a Modification: For eligible borrowers unable to retain their homes through a Home Affordable Modification, MHA will provide incentives to borrowers, servicers and investors to encourage short sales and deeds-in-lieu. Both allow families and servicers to avoid the costly foreclosure process, and to minimize the negative impact of foreclosures on borrowers, financial institutions and communities.
Continue reading about Treasury Announces New Foreclosure Alternatives Update to MHA Program
