Obama’s standardized short-sale plan could help troubled homeowners
The U.S. Dept. of the Treasury recently announced the Home Affordable Foreclosure Alternatives Program (HAFA), which provides instructions for lenders and servicers participating in the Making Home Affordable Program and Home Affordable Modification Program (HAMP). The purpose of HAFA is to create an alternative to foreclosures for homeowners unable to successfully modify their troubled mortgage under HAMP, and to streamline...

Bank owned properties are edging into the higher end markets. For example, this home located on the top of Shepherd Canyon in Montclair, just closed escrow today. The selling price was $870,000. This is a 4 bedroom, 4.5 bath, with 3990 square feet. This makes the sales price per square feet $218. Even though, larger homes average a lower price per square foot than mid-size or smaller homes, this is still a great price. Take into consideration that according to Trendgraphix, the average sales price...