Home Affordable Mod Program = Short Sale

sgip

sgip

Well-known member
Per HAMP guidelines if you've told your lender you cannot afford your home AND if the mod is not granted, your lender will likely refer you to a short sale specialist to suggest ways to dispose of your property.

I don't believe many people who started the HAMP process thought far enough in advance and asked the question: "what if I don't get the Mod the program says I might?". This will make for a very interesting April when the HAMP mods in process come to an end.

Do you think the Admin will encourage lenders to SS people out of their homes since they've already said they can't afford them, or will some other "extend and pretend" scheme come up?
 
I think people that don't get a loan mod will just squat because they believe they are entitled to a loan mod.

Some will give up and short sale though.

Extend and pretend seems to be the popular choice in this "economic rebound"
 
I think most people stay in their homes and don't want to short sale because where will they go? If they can't afford their current mortgage do you think they will be able to afford to buy another place? Most homeowners will balk at the idea of becoming a renter and will probably hold on until kicked out or bailed out.

And the banks are doing very much kicking as of late because they are waiting for more bailing themselves.
 
[quote author="irvinehomeowner"]I think most people stay in their homes and don't want to short sale because where will they go? If they can't afford their current mortgage do you think they will be able to afford to buy another place? Most homeowners will balk at the idea of becoming a renter and will probably hold on until kicked out or bailed out.

And the banks are doing very much kicking as of late because they are waiting for more bailing themselves.[/quote]
Extend and pretend in full effect baby. Don't expect to see REO supply levels to increase anytime soon.
 
I know someone that is thinking of a Short Sale because they just want to plain move away from where they are. With the housing market these days and their home not being the value that it once was and not being worth more (currently) than what they owe, they feel stuck.

Now, this person isn't living in OC at the moment, but somewhere out of state, but I sympathize with their situation and they may have to opt for renting before getting another house in their ideal area to live.

I still think that Short Sales are pretty rough, though. It would be better to just wait it out if you can.
 
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