Through April of this year servicers reported 1,666 short sales and deeds-in-lieu of foreclosure under the Home Affordable Foreclosure Alternative program, which constitutes a 74 percent jump from the number reported in March (959). The program has accounted for 7,113 short sales and deeds-in-lieu since its inception in April 2010.
The latest Treasury data shows that the 10 largest servicers participating in federal foreclosure prevention programs have completed a short sale or deed-in-lieu for nearly 83,000 borrowers who did not qualify for the Home Affordable Modification Program and over 31,000 borrowers who had HAMP trials cancelled. Low payout to servicers, other investors and lien holders was cited as the reason lenders have sought their own method of short sale.
As a borrower, competent representation by an attorney can make the difference between what may be good or bad deal in a short sale or loan modification. To have your deed-in-lieu or short sale contact reviewed by a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today.
