Treasury Department Changes Highlight Evolution of the Hawaii Short Sale Industry
The Treasury Department and Obama administration introduced Making Home Affordable (MHA) program in 2009. The MHA program created uniform guidelines for loan modifications, HAFA short sales, and foreclosure prevention. The MHA program has helped thousands of homeowners across the country avoid foreclosure by offering numerous loan modification options, or options like a short sale.
Laurie Maggiano’s Treasury Department Interview
Laurie Maggiano is the Director of Policy for this office at the US Treasury. Laurie has a background as a real estate broker and has worked for FHA, and there is no one single person who has been as influential in this area.
Laurie goes through the recent changes for 2013 for HAFA short sales and all short sales, which are very important for the real estate industry as there have been some drastic changes to guidelines and procedures that both Realtors® and consumers need to be aware of. Many procedures have changed on short sale time lines, occupancy restrictions, increase of payments to second mortgages, and relocation assistance to sellers.
In this interview Laurie discusses:
- An escalation tool agents and consumers can use if they are having an issue on a short sale, that can help you if you get “stuck” and the servicer or investor are not responding.
- A detailed explanation of how to use the escalation tool with a link to where to find it on Treasury’s website.
- How you can access a plethora of FREE marketing materials from the US Treasury to help you with clients in these situations.
You can find the full interview here.
Hawaii Short Sale Advice
In our island market, both on Kauai where I live and statewide where I work, we still have plenty of short sales. We have an inventory shortage too, partly because many “underwater” homeowners do NOT want to sell at a loss so they are waiting as the market continues to rebound.
If you are looking for a great deal in Hawaii, you may often find short sale listings. Whether you are a homeowner needing help, or a buyer wanting to understand the fine points of short sales, an experienced agent can make the process less stressful and insure your success.
As always, feel free to email me with your short sale questions…