Short Sales: Can't We All Just Get Along? (Servicing‪)‬

President Barack Obama unveiled the much-anticipated Making Home Affordable plan in February ... and confusion followed. The plan includes so many stipulations and specifications that it is difficult for many to understand. Under the terms of the program, borrowers may refinance their primary residence if their loan is both conforming and controlled by Fannie Mae or Freddie Mac; they are current on the mortgage payment; and they have sufficient income to support a new mortgage. This plan is more restrictive than previous rescue attempts in that, if a loan modification is unsuccessful the first time, the borrower will not be eligible for another modification. With the plan expected to assist 4 million to 5 million homeowners in refinancing their loans, the program is certainly not going to save all homeowners who are currently underwater.