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To survive in this market we have all added short sales to our listings. If it wasn’t for the market necessity, many agents would rather avoid them. The most common reason for avoiding them is that you may work twice as hard only to have your commission cut by the lenders. Instead of rewarding the agents for bringing in a fair market offer that will net the lender more than they would earn selling as a REO, certain lenders and …

Not known for speed, Freddie Mac and Fannie Mae finally released their versions of HAFA (Home Affordable Foreclosure Alternatives) last week.

The Freddie Mac program will take off August 1, 2010, but servicers can start using their initiative version right away.  Just like the HAFA we already know, servicers will have to offer homeowners a HAMP modification first and borrowers can receive up to 00 in relocation assistance.

How are Freddie HAFA sales different from the standard program?

• Freddie’s program
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Earlier this week Freddie Mac released the delinquency break-down with job loss as the number one reason for missed payments  among borrowers who had good credit.  In fact, 58% of borrowers who went delinquent last year blamed reduced income or unemployment.

For the rest of the delinquent borrowers, 16% said their payments were too high to bear, 11% pointed to illness or death, 5% blamed marital problems, 3% said the property was unable to sell, 2% due to job transfer, …