I need help with my lender concerning HAMP and HAFA rules. What do I do?

The Wells Team is very fortunate to be part of The Norton Agency. Our Norton Agency broker, Krista Holloway, has taught and researched new federal programs to assist homeowners. In this email she gives us some guideance for us to share with our clients.


" Many of you are having challenges with several lending institutions not following HAFA guidelines. Because of this, I’ve researched whose responsibility it is to enforce this Federal program. The following are sites your clients/customers can visit to file official complaints against their lender. One caveat to this is…they MUST know what kind of loan they have and, in some cases, whether or not they are dealing with a national bank.



1. The MakingHomeAffordable helpline: 888-995-HOPE, they must request MHA help with their particular lender.

2. OCC (Office of the Controller of the Currency) Customer Assistance Group: www.occ.gov/customer.htm. This site has a complaint form that can be completed on line.

3. HUD at www.hud.gov or 800-569-4287 and ask to speak with a Foreclosure Avoidance Counselor.

4. U. S. Treasury Department (who initiated the HAFA Program) at 202-622-2000. Your client will probably be redirected to the HAFA Helpline. (See #1)



Unfortunately, the MakingHomeAffordable program is just that a program with “guidelines” not a law. However, the Federal Gov’t is “interested” in its success and will individually recognize and reprimand those lenders not following the guidelines IF THEY ARE MADE AWARE OF THE PROBLEM. In other words, the borrower must complain (I suggest in writing) in order to be heard. I hope this helps your clients."

If you have questions about short sales or preforeclosures give Barb and I a call. We have been involved with 15 short sale/foreclosure transactions!

www.randywellsteam.com

HAFA and HAMP, Federal Guidelines to Help Homebuyers in Trouble

In April 2010 the US Treasury Department implemented the HAFA (Home Affordable Foreclosure Alternative Program) and HAMP (Home Affordable Modification Program).

If homeowner is having problems making mortgage payments they need to contact their lending institution to discuss options.

One of the first questions the homeowner needs to ask the lender is if they have signed up for HAFA.

If the lender has signed up for HAFA then they have agreed to abide to federal guidelines in relation to a short sale.

Before the homeowner works under the HAFA program they need to have been considered for the HAMP program. The HAMP program is a loan modification program.

Confusing? It is not a complicated process but a process that takes time, research, and perseverance.

Bottom line: If you find yourself in a tough situation with your mortgage contact your lender.

Barb and Randy make up The Wells Team of The Norton Agency. We have been involved in 15 foreclosure/short sale transactions. We have undergone training in this real estate field and have the support of The Norton Agency.

Give us a call! We are here to help!

www.randywellsteam.com

Upgraded home in a golf course/Lake Lanier Community

http://homesite.obeo.com/600965

On the 16th hole of the Chestatee Golf Course

http://homesite.obeo.com/394798

Custom Built Home in Golf Course/Lake Lanier Community

http://homesite.obeo.com/382813

The Best Boat Slip in the Chestatee/Lake Lanier Community Marina

http://homesite.obeo.com/595646

What are you Looking at in your Next Home?

You are looking at houses. Over the weeks you have seen many of them and they start to look the same.

How do you remmember the difference? Stainless Steel appliances, Crown Molding in the Dining Room, nice furniture, or maybe a built in television.

If that is how you remember one house vs another you need to look at the houses in a different way.

What is the square footage of the home?

Does the floor plan work?

Is the driveway/lot acceptable?

How is the location?

How is the price compared to others in the neighborhood?

Is it propane, all electric, all gas or a combination?

What will HAVE to be done on the home ie, new air conditioner, new roof, new furnace, etc.

We have seen too many people get zoned into the superficial part of the home. We all like the latest upgardes when we find a home. Unfortunately this is not the case with a resale home.

Bottom line: Be realistic!

If we can help you find a home in the North Atlanta area please let us know.

We are The Wells Team of The Norton Agency. www.randywellsteam.com

What do you know About Short Sales?

You have seen the term on the television, internet, and in the newspaper. You read it but do you really understand what it means? Are you familiar with the acronyms FHMLC, HAMP, SAFE, and HAFA (just to name a few)?

This year we have seen a lot of regulatory changes in terms of the Short Sale. The Short Sale is an option for the homeowner prior to going into foreclosure.

The Norton Agency prides itself on the education of its agents.

Barb and Randy, of The Wells Team, have recently completed a class on Short Sales and Foreclosure properties. The class introduced some new laws that builds on our experience in this field.

The Wells Team has been involved in 15 Foreclousre/Short Sale Transactions.

If you find yourself in a situation where a short sale or foreclosure is being considered give us a call.

We are The Wells Team of The Norton Agency. With over $3 million in total sales in 2010 we continue to be successful in this crazy market.

Please see our website at www.randywellsteam.com