Michael Schneider's Blog (2)

Fannie HAFA: Foreclosure Alternative or Foreclosure Inducement?

Colleagues,

I read through the Fannie/Freddie HAFA programs released yesterday afternoon.

Overall, on first (and quick) read, the program reads like it was designed by analysts without a deep understanding of the issues and realities of the short sale process.

A program designed in the clouds for implementation here on planet Earth.

It may have the effect of reducing the return for transacting a short sale property, and therefore…

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Added by Michael Schneider on June 2, 2010 at 7:22am — 1 Comment

Payment to a subordinate lien holder to secure release

Team,

There is lots of discussion regarding payments to secure release of various subordinate liens. Second mortgage, tax lien, HOA, water etc.

Anyone who works with short sales knows the problem.

And, one hears quite frequently: "It's illegal!! Clearly, a violation of RESPA."

I am not an attorney nor a RESPA expert, by any means, but I have actually read RESPA and parts of the CFR. I find no reference nor have I seen anyone cite a…

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Added by Michael Schneider on May 1, 2010 at 1:18pm — 5 Comments

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