Federal Incentives Coming for Short Sales, Deeds-in-Lieu

The mortgage servicing industry in coming weeks will see details of an incentive program aimed to prevent foreclosures by encouraging servicers to pursue short sales and deeds-in-lieu of foreclosure.

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U.S. Treasury Sweetens Deal For Short Sales Details about incentives to servicers and troubled homeowners to accept short sales are expected soon.. on the house–short sales and deeds-in-lieu.

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Freddie and now Fannie seem to have figured out that if they actually pay servicers to do workouts and short sales they might increase their popularity with the companies responsible for handling these operations. Before going.

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 · New short-sale push may speed up bank loan losses By. Short sales and deeds in lieu can be cheaper than foreclosure.. If the holder of the second mortgage gets an incentive.

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If the borrower expresses interest in a short sale and the servicer determines that the borrower meets the eligibility criteria for a Fannie Mae short sale as stated above, it must place a property valuation order directly with Fannie Mae to determine the market value of.

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Currently, people who sell their homes back to the bank for less than what they owe on their mortgages are being hit with tax bills counting the difference between the mortgage balance and sale price as income. The bill would apply to short sales, foreclosures, deeds in lieu of foreclosure and loan modifications that reduce the principal due.

 · HAFA, which will help homeowners who are unable to retain their home under the Home Affordable Modification Program (HAMP), provides incentives in connection with short sales and deeds-in-lieu of foreclosure.