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THE FAP Program - Hope on the Horizon?

Dateline Asheville, North Carolina, August, 2009
Real Estate News and Views from Green Asheville's "Stay-in-Your-Home" Eco-Steward 

THE FAP Program Foreclosure Alternatives Program (FAP) program is , geared to go  into effect about HOPE on the Horizonthe time that  Congress returns from summer break. With standardized forms, we can expect faster responses for distressed homeowners. Are we looking at Hope on the Horizon?

To get a better picture, I checked in with a longtime friend of mine on the subject of hopeful prospects earlier today. 

Researching the Foreclosure Alternatives Program (FAP) ,  I spoke with a systems designer who is involved in the design  and implementation process of the very forms to be used in the FAP Program. He characterizes the effort as one which will streamline loan mitigation/modification procedures and paperwork by standardizing documents, including the Short Sale Agreement and Offer Acceptance Letter. 

You can give credit to the National Association of REALTORS® for championing incentivesand uniform procedures for short sales with the Obama Administration. Under the new Foreclosure Alternatives Program (FAP) hopefully we will see the goal of minimizing complexity more obtainable. We should also see an increase use of the Short Saleoption. Expect property valuation by appraisal or BPO, and a scenario whereby loan servicers independently will establish both property value and minimum acceptable net return, in accordance with investor requirements. 

Hope on the Horizon?

The National Association of REALTORS® Government Affairs Division  says, " For borrowers who are unable to retain their home under the Making Home Affordable Loan Modification Program, the servicer may consider a short sale or, if that is not successful, a deed-in-lieu of foreclosure. Participating servicers must comply with program requirements so long as they do not conflict with contractual agreements with investors." 

Read more HERE  and let me know what YOU think.

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Comments

JANE-ANNE,

This seems to have two things that will derail any significant progress. In reading the link provided it seems this program will be voluntary and it cannot go against investor/lender contracts. Those two items have killed all the other Programs from this and and the the prior administration.

Until they are FORCED to do something, we going to be stuck taking what they give us. That's unfortunate!

 

Posted by Sidney Jimenez, CDPE, Short Sale Expert, 954-665-9449, (Keller Williams) almost 9 years ago

janeAnne - once the loan mitigators are trained and following these guidelines, life should be easier for us and our clients, and the housing market should be closer to a rebound.

Posted by Sharon Simms, St. Petersburg FL - CRS CIPS CLHMS RSPS (Coastal Properties Group International - Christie's International) almost 9 years ago

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