The always excellent Calculated Risk goes into the simple reasons why 2nd mortgage holders are unlikely to embrace HAFA.When a 2nd mortgage holder can only recover 3% of the loan or $3000, whichever is LESS, and they have to release the seller from all future liability, I can see why they will not be ...
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Minnesota Home Ownership Center does a great job of helping struggling homeowners determine and exercise their options. Their blog post yesterday introduced me to a short article from Public Citizen that explains a large part of our problems in negotiating loan mods and short sales.
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