Thursday, April 22, 2010

Short Sales Will Increase

Short Sales Will Increase

According to this Diana Olick CNBC article, Let the Short Sales Begin, the Obama Administration's Home Affordable Foreclosure Alternatives Plan (aka HAFA) (effective April 5, 2010), which is offering financial "incentives to borrowers, servicers, investors and second lien holders" to encourage short sales, plus the coming wave of foreclosures (shadow foreclosures, Option ARM and related foreclosures) will result in a substantial increase in the number of short sales. I absolutely agree. The question is whether the increase will be enough. The article goes on to state that the "Administration increased the incentives such as "doubling the amount of cash to $3000 offered as borrower "relocation expenses" and juicing the payoffs to the others as well. Of course they want to push short sales because of course they know that their modification program isn't working as planned." That is no surprise. Very few people I talk to are granted loan modifications and even the ones that are know that the loan modification it is a band-aid, not a solution.

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