Federal Incentives Coming for Short Sales, Deeds-in-Lieu

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The advantages of a short sale are like a deed in lieu in that you can reduce the credit score impact and get a new mortgage sooner. You may also be offered a financial incentive to short sell. The drawback is that a short sale may be more time consuming and tedious.

benefits. Deeds in lieu may also supply certain benefits. For one, Fannie Mae, the government-sponsored entity specializing in purchasing mortgages from lenders, offers a number of incentives to consider one instead of a foreclosure. For homeowners, these include reducing the wait time after a deed in lieu to qualify for a new home loan,

In short sale your lender allows you to sell your house at a price which is less than the amount of mortgages that you still owe. Again, in case of deed in lieu of foreclosure, your deed the property to the mortgage lender under the condition that all your outstanding mortgages will be forgiven.

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Federal Incentives Coming for Short Sales, Deeds-in-Lieu By DIANA GOLOBAY September 10, 2009 8:09 AM CST The mortgage servicing industry in coming weeks will see details of an incentive program aimed to prevent foreclosures by encouraging servicers to pursue short sales and deeds-in-lieu.

Deed in Lieu - Short Sales Gramlich at the Federal Reserve Bank of Philadelphia (Dec. 6, 2000) (“It is.. 60 Minutes: Mortgage Paperwork Mess: Next housing shock? (cbs News. granting a deed-in-lieu, and as such, a short sale will typically be at- tempted. the lender offers a cash payment as incentive.89 The payment will typical- ly be less.

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facilitate short sales and/or deeds-in-lieu of foreclosure, and assist in the payment of arrearages." State officials in Oregon estimate that up to 7,400 homeowners will be helped. Among other things,

SunTrust pays $320M to resolve HAMP violations Up to $284 million paid in restitution. SunTrust Mortgage ( STI) agreed to pay $320 million to resolve the criminal investigation into the company’s Home Affordable Modification Program by the U.S. Department of Justice. According to the DOJ, SunTrust misled numerous mortgage servicing customers who sought mortgage relief through HAMP.

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